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sott1967
New Member
United Kingdom
67 Posts |
 Posted - 10 February 2009 : 08:29:02
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Hi all,
My wife and i split last october, i left the family home and she shortly after moved her new partner in i then signed over the deeds to the property to both him and her. My question is i didn,t think there was much equity in it but if for example there is 25k equity (they have now put it on the market) what would happen with that if i now go bankrupt. The house was previously in both our names so would the OR take half the equity or would he not take any or all ??
Thanks
Scott |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 08:38:13
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Moderator,
I think i have posted this in the wrong place could you please move it to forum questions.
Thanks |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 10 February 2009 : 09:15:29
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Tricky one - when you signed the deeds over - was this done via a solicitor? was any financial compensation made to you for your share of the equity? was it professionally valued at the time of transfer? was it done as part of any divorce/financial settlement?
The reason I ask is that if you just 'gave' your share to your former partner (regardless of your personal intention)- the OR could have grounds to reverse the transfer in that technically you may have been deemed to have 'transferred the property under value' - technically your creditors/OR may take the view that the property transfer was an attempt to put the property (or your share of the equity)outside the reach of your creditors and as such your former partner may be asked to pay the market value for your 'share' of the property. Your former partner may need to take legal advice as to her position.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 09:38:48
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Melanie,
Thanks for replying,
We are still married.
A solicitor was used in transfering the deeds over from me and her to her and her new partner.
We had estate agents out at the time and took the view there was 30k equity, she gave me 15k at the time but this was not drawn up legally in any way although the money could be traced through my bank account which has since gone on living expenses, gambling problem etc.
What do you think would be the situation now please ?
Also when you say "share" would the OR at worst only ask for 50% of equity ?
Thanks
Scott |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 10:10:33
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Hi,
Melanie or anyone else can you give me your opinions please i would really appreciate it as this is starting to seriously worry me now.
Thanks
scott |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 10 February 2009 : 10:38:17
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Hi Scott
I cannot give you advice, but wanted to reassure you that Melanie or someone else who can answer your question will be reply.
Please bear with them, they will not keep you hanging on.
Take care
Hindsight is a wonderful thing
Jenny
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John
New Member
United Kingdom
73 Posts |
Posted - 10 February 2009 : 10:40:01
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Hi Scott
if you can evidence the valuation at the time, the mortgage balance at the time and the £15K going into your account then that's a very good start.
This will show that approx 50% has been realised in your favour.
The question your creditors, and the OR, may then wish to ask is - "is 50% a true representative share of your interest in the property?".
To establish this they may look at who paid the deposit? How long did you live in the property together? Whose income serviced the mortgage repayments for the duration of joint occupation?
What per centage contribution towards the mortgage payments, utilities etc did each of you make?
The point being that if you paid all of the deposit and your wife did not work or contribute to the household then it could be argued that you have a much greater than 50% interest.
timendi causa est nescire
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Edited by - John on 10 February 2009 10:40:46 |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 11:02:13
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Thanks John.
The 15k she gave me was in the form of me keeping our vehicle worth 10k and 5k into my account (cheque) does this change your opinion at all ?
Mortgage balance can certainly be verified
Also not sure what you mean by evidence of house valuation, estate agents came out and valued and we took mid valuation which is probably still about same now but i have no paperwork as such for this.
What do you think ?
Thanks for comments all help would be lost without them
Scott |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 12:19:42
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Hi John,melanie anyone could you please comment for
me. Would me keeping the vehicle be proof enough ? along with the other 5k in cheque to my account sorry to repeat myself and go on but its all really stressing me out now and i would love some of your input.
Thanks
Scott |
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John
New Member
United Kingdom
73 Posts |
Posted - 10 February 2009 : 12:58:26
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Hi
evidence that the vehicle became yours will be ok as long as the vehicle in question is accepted as being worth the £10K. And the £5K can be evidenced too so no problem I think.
Just the question of your percentage interest in the property remains.
timendi causa est nescire
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 13:03:59
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| Thanks John, |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 10 February 2009 : 14:05:21
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sorry to be a pain but could i just clarify one more point. My wife seems to be under the immpresion that if i do go bankrupt then it will somehow leave a black mark on the house we used to own/share together for 10 years and also her credit rating is there any truth in this ?
Thanks so much
Scott |
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RHB
Senior Member
1159 Posts |
Posted - 10 February 2009 : 14:07:45
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| What is the house worth now? If the euity in it is less than when your ex gave you half then i can't see a problem. |
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equity problem
