# House valuation 3 years post bankruptcy.



## paulgee (14 May 2020)

So,
hoping everyone is well, and avoiding this virus.   So come January 2021, I will be three years post bankruptcy.  I believe the insolvency service are due to value the family home (50% stake) anytime now.   I was hoping to get it done sooner rather than later but it appears house prices are dropping due to inactivity.  Does anyone have any experience of this procedure.

Do they knock on the door and look around, or does someone in an office look at the price register.   All houses are not the same, and it would be unrealistic to value a house, where the owners are smashed and maintenence lacking accordingly, to a house spruced up, well maintained, extention done, and sold before these uncertain times caused shockwaves through society and the market.
I am quietly hoping that mortgage will equal value  so no payment will be due.  All is quiet with my bank, half the mortgage is warehoused, and we have not asked for any sort of assistance with the covid situation.   Let sleeping dogs lie.
Any opinons and or experiences are welcome

Thank you.


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## Jim Stafford (15 May 2020)

The practice of the Official Assignee is to have the house valued at two and a half years into the bankruptcy. If he feels there is equity in the house he will seek a formal valuation, under which a valuer may visit the house.

If there is equity in the house then he will hopefully agree an amount for your spouse/partner pay over. If he does not reach agreement he must issue proceedings to have the house sold before the third anniversary of the bankruptcy is up.

If he does determine that there is equity in the house, he will offer a modest discount to aloe for auctioneers and legal fees etc.

Jim Stafford


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## michaelg (17 May 2020)

What happens if there is no equity in the house ?


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## paulgee (18 May 2020)

I understand, perhaps incorrectly, that it is returned to me.  At present, my wife has half, and the insolvency service hold the other half. 
With the current climate, it is impossible to tell what is happening with property prices so I am trying to gain insight in what may happen.   The property price register shows a semi detached sold in March for 270k, nicely done up with paved imprinted drive way and nice additions.   So what would a slightly neglected basic terraced house in the same estate be valued at, then add in the current  climate of probable recession, job losses etc etc?


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## paulgee (18 May 2020)

Outstanding mortgage is about 250k


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## paulgee (22 Nov 2020)

Update.

Got his and hers registered letters during the week.  I was trembling.   I knew it was coming, but have not had a visit or call or any contact whatsoever.  They have decided no equity in the house and none expected by my anniversary in January.  Accordingly, they are giving me back my half of the house in Jan.  I was stunned. 
Many thanks to Jim Stafford and everyone for guiding me.  Has been a horrendous time.  Best of luck everyone!


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