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| hammy0107 |
Posted - 15 May 2008 : 09:18:32
I am about to propose voluntary br and have a couple of questions i could do with help on:
I have read on here about the Coop account so i went to apply for an account yesterday. Reading more i am now wondering whether i should of waited until after i go br as my understanding now is that if the account is open pre br it will be frozen. Am i best to call the Coop now and ask them to cancel the application? and then apply again once i am br?
My house is solely in my name as is the mortgage. As my wife has lived in this house for the full 4 years i have owned it, does she have a right to claim half the equity? i.e if there is £10k equity in the property and it is only me going br, does that mean i only have £5k equity and if so will the OR allow my wife to buy my share?
Hope both questions make sense as i am in a bit of a flap about it all at the moment. |
| 3 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 15 May 2008 : 12:02:46
Hi Hammy,
If you have proof of your wife contributing funds to your account enabling you to cover the costs of the mortgage and bills then this should show a proprietary interest in the property.
With either the 50% or 100% equity your wife will be able to purchase the beneficial interest, but by proving the proprietary interest this would lower the sum to be paid.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| hammy0107 |
Posted - 15 May 2008 : 10:51:53
My wife paid me half of her wages from April 2004 to September 2005 when she started maternity leave. Since then she has not worked and therefore not contributed financially, she has however maintained a clean home since having our child. Prior to going on maternity leave the money she contributed was used on small renovations to the property, decorating, a new bathroom, a new garden etc. Although over an 18 month period is was this work that provided a good increase in value. As for a deposit, i had a 100% mortgage. I have no way of proving this as i had no reason to believe i would be in the position i am in now and having to prove it. All bills have always been paid in my name, this was purely for ease of coming out of one account etc but without my wifes monthly contribution i wouldn't have been able to afford to pay all the bills. If i cannot prove any of this, would 100% equity in the property go to my creditors? If so would my wife be able to purchase this equity and allow us to keep our home? |
| Helpful Advice |
Posted - 15 May 2008 : 09:37:06
Hi Hammy,
As far as the account is concerned once you have declared Bankruptcy you can inform the OR that you have this account and that you require the use of it for wages payments.
So long as the bank is not a creditor then you will likely be given permission for the continued use of the account and will need to telephone the co-op to inform them of this.
As far as the property is concerned your wife will not have an automatic right to half the equity.
The Trustee in Bankruptcy will use the entry at Land Registry to determine the ownership of the property if this is registered in your sole name then your wife will have to produce evidence that she is entitled to a proprietary interest over the property.
She can do this in a number of ways.
The easiest is by proving that she contributed towards the deposit for the purchase of the property.
If this is not the case then she will have to identify that she has contributed towards the mortgage or utility payments on the property.
If this again is not the case has she made any contributions towards the improvement of the property i.e. Decoration, Building work, new windows etc?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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