i have joint buy to let properties with my partner, around 17 mortgages in total. but i have a personal creditor who is pursuing me for a debt, which they are saying will ask to petition a bunkruptcy order. Can the lenders of the mortgages transfer the mortgages to my partners name, and remove mine. Due to a potential bunkruptcy order. Or is that soley a desceion for the lenders themselves. Look forward to your replies. Thanks in Advance. Mark
Often creditors threaten bankruptcy to encourage payment / repayment. Only about 15% of statutory demands ( the first step to being made Br ) are actually followed through and the majority of these are from HMRC.
It is possible to transfer the properties into your partners name - depending upon the mortgage company etc, HOWEVER if there is any equity in the BTL properties the official receiver can reverse these transactions and view it is a dom light.
I would suggest you take careful professional advice from either the forum helpline or one of the forum experts to go over your position very carefully.
i have joint buy to let properties with my partner
Posted - 04 October 2009 : 20:55:23
