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movin on
Average Member
United Kingdom
946 Posts |
 Posted - 27 September 2008 : 22:27:39
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Basically im not sure if i need to mention this at some point - although my name is on Mortgage and Deeds to the house, my share in it would probably very little, even if there were equity in it. Here is the story.
We sold our last property with only about 5k max equity in it, and because my hubby is self employed we get a self cert mortgage and usually we have to put a higher deposit down, so he took out a loan for 15k to cover the balance of the deposit and fees etc....i have never made any contributions as i only worked part time and my money has always gone to my debts. I also finished working 10 months after we moved here.
If there was ever a suggesstion about trying to force a sale or in any other scenario do you think i should mention it? Again, i could be worrying but im really wanting to be prepared.
By the way it is just myself going bankrupt.
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 28 September 2008 : 12:29:15
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Hi Moneyworries,
The OR will always assume in the case of a matrimonial home that the equity split is 50/50, unless you can provide documentary evidence to the contrary (for example, deed of trust and bank statements).
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 28 September 2008 : 17:58:22
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Hi Julian
I will have proof that we made very little on our old house, and i still have the loan documents, in my husbands name, which he took out a week or so prior to the mortgage completing. Apart from that i think we will have very little, because my name is on mortgage and the deeds - surely they cant just presume i have a 50/50% share.
Also, my husband has been paing money into my account for years to cover bills etc - would this do ?
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 29 September 2008 : 14:32:03
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Hi Moneyworries,
As long as you have evidence to prove this, the OR will still deem you have an interest, but less than 50%. The worry is that if your interest is deemed more than £10k, the OR is likely to assign a private sector trustee who won't be as willing to negotiate. Having said that, argue your conrner at the OR meeting and provide loan documents/bank statements etc and you should be fine.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 29 September 2008 : 17:47:01
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Hi Julian....i will take all documents to prove it.
Also we are in neg equity anyway, so this shouldnt be a problem anyway, but its another of my panic moments. I know i have mentioned this previous but i probably only put about 2k max into it anyway, which is way less than 50%.
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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Should iImention this to the OR
