Author Topic: 3 year property rule  (Read 2916 times)

kazza

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3 year property rule
« on: Feb 18, 2013, 02:45:53 PM »
I was declared bankrupt on 5th Feb 2010. My insolvency practitioner is taking me to court for possession and sale of my property.
The application was issued by the court on 5th feb 2013 with a court date of 8th March.
He has said previously in a letter that the property was in "Substantial negative equity and will be for the foreseeable future" but now he has said that he thinks there is at least £100k equity. (he also runs an estate agency with his wife so he will get some money as agents costs).
Can anyone tell me if:
1. the application is valid as it was issued on the day of expiry (re the 3 year rule)
2. I have 3 internet valuations, Nationwide, Halifax and Zoopla all showing massive negative equity. Would these be enough evidence for a valution? :-\

James Falla

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Re: 3 year property rule
« Reply #1 on: Jul 08, 2013, 12:43:58 PM »
Hi Kazza
 
This sounds like a very strange situation. The OR is in the right in terms of the proceedings. As long as the forced sale application is in at the court within the 3 years this is OK. However the judge will not allow the forced sale if you can prove there is substantial negative equity. There would be no point in selling the property in these circumstances and the OR knows this. I cannot understand why the OR would believe there is such significant equity in the face of all the evidence.
 
My recommendation in this situation is that you always get a local estate agent to give a quick sale valuation and take this with you to the court hearing.
 
Please let me know how you get on with this.
Debt Expert & Author
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