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T O P I C R E V I E W
mark.ia
Posted - 04 October 2009 : 20:55:23 i have joint buy to let properties with my partner, around 17 mortgages in total. but i have a personal creditor who is pursuing me for a debt, which they are saying will ask to petition a bunkruptcy order. Can the lenders of the mortgages transfer the mortgages to my partners name, and remove mine. Due to a potential bunkruptcy order. Or is that soley a desceion for the lenders themselves. Look forward to your replies. Thanks in Advance. Mark
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 04 October 2009 : 21:09:57 Hi Mark and welcome to the forum
Often creditors threaten bankruptcy to encourage payment / repayment. Only about 15% of statutory demands ( the first step to being made Br ) are actually followed through and the majority of these are from HMRC.
It is possible to transfer the properties into your partners name - depending upon the mortgage company etc, HOWEVER if there is any equity in the BTL properties the official receiver can reverse these transactions and view it is a dom light.
I would suggest you take careful professional advice from either the forum helpline or one of the forum experts to go over your position very carefully.
