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TAZ
Starting Member
15 Posts |
 Posted - 03 March 2010 : 09:30:00
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| I am just considering going bankrupt, if myself goes br and my house is in both my wifes and my name, when they sell it will my wife get any money back from the sale? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 03 March 2010 : 09:37:55
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If there is equity in the property then 50% of this will be yours and the OR will want to release this. In a worst case scenario the property would be sold to release your equity your wife would get her 50% of the equity.
If the property is in negative equity then your wife could buy the Beneficial Interest (BI) for £1 + £211 fees. |
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TAZ
Starting Member
15 Posts |
Posted - 03 March 2010 : 09:44:02
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| The property has about £20000 equaty on it would they normally sell the house in this case and how long do you normally have to move out after you have made yourself BR |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 03 March 2010 : 10:13:54
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Good morning,
Do you have an up to date valuation on the property?
If not, get a couple of valuations for a "quick sale" from local inderpendent estate agents - say to them you are re-locating for a new job. They will not charge you and make sure you ask them for a written valuation.
Then you can test the equity between what is owed and what it may be worth.
Hope this assists, Richard
quote:
Originally posted by TAZ
The property has about £20000 equaty on it would they normally sell the house in this case and how long do you normally have to move out after you have made yourself BR
"There are no problems - only solutions" |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 03 March 2010 : 16:09:24
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Hiya Taz
As others have mentioned, getting an up to date valuation is very important. Any equity will be split with your wife. Thus if there is £20K equity, your 'beneficial interest' will be £10k which the OR will want to realise as soon as possible. If you have a family, this can usually be put off for a few months. Your wife or other family members will be given priority in case they want, or are prepared, to buy your beneficial interest.
Hope this helps and do not hesitate to come back to the forum if you have any further queries.
John Blackadder |
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selling the house
