- Wed Mar 02, 2005 10:21 pm
Technically with pre April 2004 bankruptcies the beneficial interest in a bankrupt's property vested in the Official Receiver or Trustee indefinitely until they decided to sell or the discharged bankrupt bought it back.
When the law changed on April 1st last year the beneficial interest for the family home vested in the Trustee for three years only. If nothing were done about the beneficial interest within three years, the beneficial interest would revert to the ex bankrupt. This meant that old cases with beneficial interest previous to this had to have done something by 31st March 2007 so suddenly the Protracted Realisations Unit reared its ugly head and people are having to buy back beneficial interest from bankruptcies as early as 1987. The ORs costs have gone up as has the equity - remember how many people were in negative equity in the late 80s?
One of the reasons for probate I thought was to ensure that all debts etc were paid and therefore it looks as if the solicitor missed this. Technically, yes, they can take possession so you will need to find out exactly where you stand and I would get in touch with your solicitor very quickly.