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Joozee
Junior Member
199 Posts |
 Posted - 18 July 2008 : 12:48:13
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Hi, some of you maye have read my previous posts about being made bankrupt...all went pretty well...I've agreed my IPA agreement and have been able to keep my car...all that remains is the house.
I am little concerned about what to do about the house. I've got a couple of weeks left to respond to the OR about what I want to do...here in brief is my dilemma.
Our house is a shared equity house...we bought our share for £108,000 and it now valued around £120,000. We have a joint mortgage for aropund £100,000. This leaves on paper around £20,000 equity. In reality my Bankruptcy order makes mention of the fact our deposit was paid by Parents (10,800) so in reality there is more like £10,000 equity.
Of that £10,000 (or £20,000 if they fail to agree aboput the parental loan) I guess it's split 50-50 with my wife and she has been offered the chance to buy my share.
The problem is, if she agrees to try and buy my share, I presume that I will no longer be on the mortgage so will she need to find a new mortgage? She doesn't work (looks after our kids) so she is really paniccing about my name going off the house.
Any advice would be gratefully recieved. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 18 July 2008 : 14:45:47
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Hi joozee
She is not buying the house from you just your beneficial interest, so the mortgage and house can remain in joint names. Usually people only transfer into one or others name to avoid issues should there be a further bankruptcy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Joozee
Junior Member
199 Posts |
Posted - 18 July 2008 : 17:21:34
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Thanks for taking the time to reply Suzanne.
I was hoping that might be the case. Will she have the choice then, to keep it in joint names or to switch it into her name.
Is it better to get it out of my name, i.e. if she does take my beneficial interest can anyone come after me for the house at a later date? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 18 July 2008 : 21:38:32
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She can keep the property in both names if she buys your BI, but you would need to have a deed drawn up that you have no further financial interest in the property.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Joozee
Junior Member
199 Posts |
Posted - 19 July 2008 : 08:42:43
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Thanks Melanie, always value your opinion :o)
Is that quite a normal thing? I'm guessing it's best for her to speak to a specialist solicitor for that. Should we suggest to the OR thats what she intends to do? She rang them yesterday and they seemed to suggest that ehrn she bought my beneficial interest my name had to o off the house, he didn't suggest any way this could be avoided. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 19 July 2008 : 11:17:57
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This is a very easy transaction which any conveyancing solicitor ought to be able to draw up for you. You do not need to take your name off the house at all.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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House Questions
