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T O P I C R E V I E W
james1102
Posted - 24 August 2009 : 10:52:22 hi all
as yet i am not bankrupt but it may be an option over the coming months . my question is i am living in a rented house and we pay 600 pounds a month , however i still have a mortgage on my old house and i receive 430 pounds a month for that i would assume that there isnt any equity in my house so i do not think they would be intrested in it , what i would like to know is would they make me give up my rented house and move back in my old house ?
many thanks
2 L A T E S T R E P L I E S (Newest First)
james1102
Posted - 26 August 2009 : 12:20:55 hi
no it is not a former partner it is the partner that i am sharing the rented house with , we both share the mortgage on the property we only moved out because we wanted somewhere better for the kids.
hope this helps
Melanie.n
Posted - 24 August 2009 : 12:49:00 I'm afraid this is not a straightforward question to answer as it all depends on the circumstances under which you are paying rent whilst also have a mortgaged property.
If for example you have a mortgaged property which is jointly owned with a former partner and she now resides in the property following seperation, the OR would initially register his beneficial interest (BI)in the property (record his name on the deeds at the Land Registry) and enquiries done to ascertain market value, outstanding mortgage etc to discover equity position if no equity, you and the joint owner would be able to pay £211 plus £1 each to removess the BI (removed OR's name from deeds). If there is any equity in the property and it is jointly owned the joint owner would be given the opportunity to purchase your 'share' of the equity. If the property is in your sole name and no equity you may be able to keep property and purchase the BI (but at slightly more cost than £211) - if there is equity the OR may take steps to sell property.
Sorry if not clear as it all depends on the reasons for renting plus owning a property.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
