Hi I am planning to go BR in the next month .My house is in joint names with my wife but it is only me going BR .Can the OR force sale on the house to release any equity there might be in it ? even though i am the only person going BR I am sure in the climate of things there is no equity but have obvious concerns that my wife and son may be without a house alongside myself . Also would the OR take in to consideration the fact that i use the workshop at the bottom of my garden for storage of tools and occasional work in line with my job as a self employed Carpenter. If you can help put my wife and myselfs mind at rest i would be grateful. regards kevywevy
If there is any equity in the property then the OR has the power to release it i.e. sell the house. As the house belongs to 2 of you, you, and therefore the OR, are only entitled to half of the profit. If there is equity in the property and you don't want to sell it then your wife should have the option of paying your share of the profit to the OR.
Before you declare BR it would be worth getting a valuation just so you can see whether there is any equity in the property or not.