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BMV & Bankruptcy has it happened to you?

After a BMV sale - Liability?

I think really the best protection is to get a "Friendly Survey" to match your initial purchase price - thus turning a BMV into an MV. You then have documentation to show that your first purchase was at MV.

I also know of a case where a property was purchased at BMV and then the then vendor went BR 2 months after the deal. This was investigated by the Official Receiver. The BMVer called in a Surveyor to value the property, and the valuation matched the first purchase price.........deal saved.

The trouble with PAL's deal is there is a lot of time gone past.   

Yes - that is the trouble with regards to time and getting another survey done. But considering 10 months has passed since the house was bought and it can be proved that the vendor was NOT evading his creditors by selling the property to PAL which is what that section of the insolvency act was trying to protect, I feel

that PAL has an excellent line of defence with the official receiver.   I am sure he can also finde a friendly surveyor to tick the right boxes as well.

 Hope I can be of help. I am currently a mature llb law student who does buy to let as a sideline, so would be happy to give pro bono advice on the understanding that it is always given without prejudice.

 Ed

Hi Ed,

This sounds very useful thank you.  It doesn't match advice I have received elsewhere but there is no harm in trying this and it will be a good test for everyone else that may hit these problems.

The declaration was not witnessed by a solicitor or notary.  I will speak to the vendor and see if he has any other proof.

Do you mind telling me what makes you think this information is correct if you are not a lawyer.  I am not criticising here as experience is often better than a law degree but I would like to know what confidence you have in this matter. 

if all else fails you can make the IP an offer. they have the perogative to accept an offer

rather than go to court if thats the logical conclusion. 

As well meaning as these replies are, I think you at least need some sound impartial advice from one of the specialist law firms. Initial consultations are sometimes ( although not always) free, as it also serves to allow the solicitor to assess the merits of your case, and indicate whether you would simply be throwing money away, by attempting to defend the indefensible. 

As a member of the NLA I've obtained free advice from these people.

http://www.ashfords.co.uk/index.asp  

I'm not certain if the same facility exists if your not an NLA member though.

With 40k at stake, and going up against people who do this sort of thing for a living, I think you owe it to yourself to  know exactly what your going up against.

Good Luck

ps As far as dealing with solicitors is concerned, best to follow your gut feeling. If you think they are only interested in getting their fees, ditch them and spk to another firm!

I am a member of the Bankruptcy Association and they always use a company called Carrick Read Insolvency. As far as I am aware they only specialise in Insolvency issues.