B178 notice against house?????

[HOWLER]

hello peeps

my daughter declared bankrupt earlier this year and has now recieved a "B178 notice of an application to register restrictions against the land"

by this i suppose they mean the house.

can anyone explain this to me in laymans terms.?

we thought this was all done with and now this turns up.

cheers:-?:-?:-?

[debtinfo]

Who does it say is registering the restriction and is the property solely or jointly owned

[HOWLER]

application lodged by official reciever

jointly owned

[debtinfo]

Hi it is just the OR restricting anyone from selling the property without their agreement. If she was to buy the interest back from the OR this would be removed

[HOWLER]

sorry thick or what?

what is OR?

She cant buy anything shes skint

[HOWLER]

sorry worked it out how does one buy the interest back.how do they fix a price.??

thankyou for your replies.

[Dodgy Geezer]

What will happen to my home.

[HOWLER]

complicated init???

[spamheed]

Basically whe you are made bankrupt, the Official Receiver will take ownership of any interest in your property. They will automatically place a BRO on the property so that no-one can do anything with the property without the OR's knowledge or consent.

 

If your wife or another family member has the resources to do so, they can buy your interest from the OR, this is a good way to keep from losing the family home.

 

If there is equity in the property, the OR can order the sale of the house to pay off the creditors

 

If there is no equity, negative equity, or the house does not sell then normally the house qwould revert back to your ownership after three years with the exceptions as laid out in the link

[HOWLER]

thanx to all

i suppose next step is a valuation?

[HOWLER]

thank you to all for your input

got it valued by a friend of a friend

paid £1.00 for the interest

now all clear

one big headache now gone

thank you

[loobyloo85]

Hi, they also issue the same documents for an IVA. They require you to sign the restriction form, and this gets sent to the land registry. It is just so you do not sell your home without letting the OR know first x

[HOWLER]

Hi Folks

Me again, not been here in a while . let me fill you in ,,,,

thanks to all your help my debtors have all backed off , i havnt heared from anyone for quite a while now, but then again i have been a little busy. Moved house leaving me no mortgage everything now in my wifes name , tho i know that dont mean jack. Wife got cancer and over last 12 months beat it, shes hard !!!!

Debtors havnt caught up with me yet , and no i am not informing them of change of addy , ,, let em find me . haha.

 

I do hope you and yours are all ok and well ... one thing i have learned over the last 12 months debt dont mean nothing .... keep well all and take good care of u and yours. Godbless.