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| T O P I C R E V I E W |
| kevywevy |
Posted - 18 May 2008 : 08:06:44
Hi
Ive got to the stage where i am thinking the only way of keeping my head above water is to go br,i have been in payment arrangments with my creditors but with all my outgoings outside of these payments i am really struggling to pay my priorty debts.
My wife gave up work 2 years ago to have our child and since then we have slowly slipped deep in debt as i am the only earner and my income isnt enough .
My question is ,is there any benefit to me signing the house into my wifes name only as its me thats filing for br ? So we dont lose the house
My mortage balance is £251,000 and the house value is approx £240,000 .
Am i in a position that i might lose the house if i dont sign my share to my wife ?.
My personnal debts are approx £80,000.With £50,000 of that being a personnal loan that runs along side my mortgage but makes up part of my total payment to my mortgae company each month
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| 3 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 18 May 2008 : 12:52:09
Sorry Kevin,
I was reading the figures the wrong way.
On a property in negative equity the trustee still has to sell your beneficial interest and would offer this to your wife as before, however the amount would be for £1 plus the trustee's legal costs.
You say you have a £50k loan running alongside your mortgage is this secured or unsecured?
and does this form part of your mortgage redemption figure?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| kevywevy |
Posted - 18 May 2008 : 12:42:01
Hi julian
Thanks for your advice ,im a little confused as i dont have any equity as far as i know in the property as the mortgage owed is £11k more than what i think my house is worth.
What happens in such a case when there is negative equity ? What chances are there i would lose my house ,obviously with a 18 month year old son this would be devasting to me.
Im thinking as all the debts are solely in my name and not tied to the property ,im thinking ,hoping my house might be saved .
As with most peope im scared of the future and do appreciate any help given by forums like this one .
regards kevin |
| JulianDonnelly |
Posted - 18 May 2008 : 12:16:49
Hi Kevywevy,
Welcome to the forum.
The worst possible thing you can do at this point is transfer the house into your wife’s name!!
This will be considered a Transaction at an Undervalue and will be undone by the trustee.
The likelihood is you would loose the house if you do sign the house over to her.
The trustee would need to calculate your beneficial interest in the property, from the figures you have given there is approx £11k equity in the property, If the house is currently in joint names then the trustee would be looking for £5500 for your share in the property.
The trustee would offer this share to your wife first of all, but if your wife can not afford this then you could nominate a third party i.e. parents, friends or siblings, this would stop you losing your home.
I think the first thing you need to do is get a realistic valuation of your property by paying for a surveyor to value your home.
Due to the current market you may find your property is worth less than your estimations, that way you interest in the property would also be less.
May I suggest you have a chat with one of the experts regarding your situation as they will be able to advise you further on your best course of action.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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