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Jenna.rn
Starting Member
1 Posts |
 Posted - 14 August 2010 : 14:10:55
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I own my home outright I bought it in 2006 there is no mortgage on it and was paid for from help from my family, my partner moved in with me in early 2007.
My partner has debts of £35,000 some of which he had before we met some he of when he was with me and he bought a car.
We are not married and none of the debts in question are in my name. We also have four young children.
He is now struggling with the repayments as he lost his job and now has a less paid job.
If my partner has to go bankrupt and the house is in my sole name, owned outright and was before he moved in, if he is classed as having “beneficial interest” in property can they force sale on my house if I can not afford to buy out what they calculate the interest will be.
The only real thing he has contributed cost to in the house is he helped with the cost of some new windows and basic decorating.
How do they calculate what his “beneficial interest ” is?
Can they force me to sell my house even though the debts are not in my name? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 14 August 2010 : 16:05:50
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Hi Jenna
as you can show that you owned the house before partner came with debts, it should remain yours.
since partner arrived has he shared the household bills, if share should not be a problem as long as he not paid the full bills.
Beneficial interest is the value - outstanding mortgage, the remainder is called the beneficial interest, if the total is a negative it will cost £1 to buy the BI.
they cannot force you to leave your home, it would be easier to get partner to leave ! (no did not type that but house is safe)
Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 14 August 2010 : 18:16:10
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| If you owned it outright before he moved in then he will have no claim on the property, unless he has used his credit to enhance the property, for instance by building an extension |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 14 August 2010 : 19:08:49
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Hi Jenna
You need to examine what monies your partner has put into the property to see if it could be argued he has an interest in the property, and more particular what were the enhancements. For example if he built a swimming pool which cost £10000 there would be sound argument he still has no interest because an agent may say the investment has retracted the value of the home not enhanced it, however if he added an extra bedroom which cost £10000 it could be argued his interest is greater than the £10000 if an expert says the value has increased by the said amount plus. In either situation it is the duty of the trustee to prove an interest due to the asset being in your name and from what you have said there is little chance of that, as you mention he has helped change some windows that could be argued as maintaining the property not enhancing it. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 14 August 2010 : 23:56:57
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Not completely black and white so worth speaking to an expert to go over his contributions to the mortgage repayments and home improvements.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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How do they calculate beneficial interest ?
