- Mon Jun 10, 2013 10:54 pm
Always a difficult one to answer, becasue so much depends on you.
If you do not want the property, the you have two options
Hand the keys back just before bankruptcy BUT DO NOT SIGN ANYTHING the mortgage company ask you to. But the property really need to be vacant, if there are still tenants, then a whole raft of other legislation comes into play, which will leave you liable. So if you are going this option make sure the tenants are out.
Hand the keys to the OR, and let him deal with it, BUT again the property need vacant possession.
Now look at it this way, if the property is handed to the OR, he wil take time handing back to the lenders, who will take time selling at auction, who will be ....
It you hand it to the Lender. then the sale will take place sooner..
The aim is to get rid of it sooner rather than later, so the balance goes into the bankruptcy pot.
I am also goign to suggest giving the Insolvency Service Helpline a call, and as a HYPOTHETICAL question on which option THEY prefer, as that should be your director in this matter.
You can contact them via the phone on
0845 602 9848
Or via a secure online web mail athttp://www.insolvencydirect.bis.gov.uk/ ... eneral.htm
Remember these are the contacts for the Insolvency Service itself, not an advice line, so pleas be guided by what they infer, as they will not give you a direct answer (well what do you expect they are a government department).
So ask hypothetical questions such as "For ease of work for the Official Receiver, would they prefer if I handed the keys to them or handed them to the lender. I know you cant tell me definitively, but from experience which is more preferable", and so on