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T O P I C R E V I E W
dougal
Posted - 17 March 2009 : 20:37:23 pls can anyone help.? been separated almost 3 yrs and six weeks away from divorce. I live in marital home and pay all mortgage and bills although house is jointly owned. the ex has now gone bankrupt and i have been sent this form which is baffling.how am i supposed to raise money for bi if it affects my credit rating. help pls, thanks
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 17 March 2009 : 22:07:13 Hi
this will not effect your credit rating. Basically it's confirmation that due to your wife's bankruptcy any attempt to raise funds from, or sell, the property will be reported to the OR who can prevent the transaction.
If you plan to raise the funds to purchase your wife's BI from the OR via unsecured borrowing the b136 restriction having been lodged at land registry will have no effect.
However, if you plan to raise money against the property the equity in it has just halved as your wifes share vests in the OR which of course effects the LTV percentage borrowing.
