What would happen with the house when i own 99% and my husband just 1% ( this was done when we married in 1994 and i bought into the house) He is currently in a partnership and it looks as though the bank are about to foreclose so the only alternative might be to declare bankruptcy
Firstly welcome to the forum If it is just your husband going BR then it is only his asset that theOR will have an interest in. If it can be confirmed that he only owns 1% of the property then the OR will then owns 1% and it will be made available for you or husband to buy it back.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
The good news is that if this was done through a solicitor in 1994 and you have the documents it puts you in a really good position because of the 15 year time lag between action and insolvency.
A trading partnership is different to a sole trader or Ltd company so you need to do your research about the procedure etc.
What would happen with the house when i own 99%
Posted - 30 April 2009 : 16:49:53
