| T O P I C R E V I E W |
| baguaboy |
Posted - 25 June 2010 : 15:09:31
Hi..I live with my partner ..we are not married... the house and mortgage is in her name only. I have been the main earner for the whole time we've had the house.. ( about a 3;1 earnings ratio)...aloughth her earnings would not have been enough to support the household expenses I have never made any payment from a bank account in my name to her mortgage account..mortgage was either paid in cash or from her account...and I have never been on the deeds.
I have ammassed susbtantial unsecured credit card debts (c £90k) and am considering bankruptcy . I understand that if declared bankrupt the OR would try to demand payment of beneficial interest from my partner even though the property is solely hers. House now valued at £340k with interest only £170k mortgage)
Qusetions;
1)given what ive said about the mortgage payments etc is it absoultely inevitable she will be hit for my beneficial interest ..any idea how much.. ball park? I cant even get a definitive answer..asked 2 soilitors.. on whether I have beneficial interest or not !
2)If we were to seperate and I moved out to another adddress , how many years would I need before the OR deconsidered my previous addrress and associated beneficial interest
3) If she sold the house and moved into rented accomodation would they still pursue her for any beneficial interest.
Really hope you guys can give me a definitive answer...as I said 2 solicitors have already given me contradictory answers.
Many many thanks !!! |
| 8 L A T E S T R E P L I E S (Newest First) |
| baguaboy |
Posted - 27 June 2010 : 09:32:04
Thank you so much for your time Richard..you are very kind.I am speaking with Paul next week ......................quote:
Originally posted by Richard P
Hi Baguaboy
Paul will be able to explain the question far better than i can type
2) to declare bankrupt you must show that you have lived in an area and subsequently the centre of your main interest for the best part of the last 6 months. living together for the past 15 yrs may cause an issue as in the divorce courts you would be seen as man and wife but bankruptcy courts have slightly different fresholds. your position and that of your partner would need to be clearly and professionally explained on the statement of affairs.
3) again by typing i may have confused the issue, if after fully reviewing your file the OR decides that you are a couple they may go for the equity in the property, you need this answered before you petition for bankruptcy as it will dictate how, IF and when you declare bankrupt.
Richard
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| Richard P |
Posted - 26 June 2010 : 18:39:34
Hi Baguaboy
Paul will be able to explain the question far better than i can type
2) to declare bankrupt you must show that you have lived in an area and subsequently the centre of your main interest for the best part of the last 6 months. living together for the past 15 yrs may cause an issue as in the divorce courts you would be seen as man and wife but bankruptcy courts have slightly different fresholds. your position and that of your partner would need to be clearly and professionally explained on the statement of affairs.
3) again by typing i may have confused the issue, if after fully reviewing your file the OR decides that you are a couple they may go for the equity in the property, you need this answered before you petition for bankruptcy as it will dictate how, IF and when you declare bankrupt.
Richard |
| baguaboy |
Posted - 25 June 2010 : 18:13:06
Hi Richard..thanks for your help..yes i will contact Paul at Reviva...in the meantime i'm not clear about your answers to 2 and 3..
for 2 do you mean that after 6 months at another address they will not consider beneficial interest in the house? and when you say I dont need to move out...do you mean i just need to register as living at another adddress?
3) are you sure that if my partner was to sell the house then they would not pursue her for my beneficial interest from whatever proceeds remain?
Thanks agian for your kind helpquote:
Originally posted by Richard P
Hi Baguaboy
having read through your thread, my first response is to get expert advice, I would suggest speaking to paul and his team at reviva.
solicitors are experts in their legal specialist field and I would gain my advice from an expert in the field i needed help !
1) Not inevitable if properly explained to the OR
2) 6 months but depends if you are on the deeds to the house or ties to the house (deposit) (edited after posting BUT IT IS NOT NECESSARY FOR YOU TO MOVE OUT)
3) no but if sold could be used to address your debts
sorry my answers are brief but this is one of those cases that the best answer is to speak to one of the experts before you make any decisions.
Paul at Reviva does take email messages during the weekend, so try and arange an appointment.
regards Richard
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| baguaboy |
Posted - 25 June 2010 : 18:08:49
Hi...weve been together for 15 years...she bought the house in 1998.
thanksquote:
Originally posted by RHB
Thing is, if you've been paying for everything else in order to enable her to just pay the mortgage you have been contributing to the house. How long have you been living together?
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| RHB |
Posted - 25 June 2010 : 17:30:42
Thing is, if you've been paying for everything else in order to enable her to just pay the mortgage you have been contributing to the house. How long have you been living together? |
| Bridgewood |
Posted - 25 June 2010 : 16:52:16
Hi Baguaboy
It is almost certain that the OR or a trustee would make a claim against your partner for an interest in the equity, but not certain that they would be successful
If you moved out the trustee would still try to establish a claim, and if your partner sold the property he'd go after a share of the sale proceeds
There are too many ifs buts and maybes to give definitive advice - as previous posters have said contact an expert who will be able to give a clearer opinion once they have the full details
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Richard P |
Posted - 25 June 2010 : 16:27:55
Hi Baguaboy
sorry to be rude and to the point you have posted roughly the same question on the forum a couple of times over the past 9 months.
It took me many months to finally take the decision to go BR, it was one of the best that i have made, your decision will not get easier with time, in actual fact the creditors get more aggressive and any other option except for BR may be taken out of your hands.
take the pressue away from yourself and get expert guidance so you can set a plan for the next 9 months to move forward, then you are controlling your future
regards Richard
regards Richard |
| Richard P |
Posted - 25 June 2010 : 16:12:01
Hi Baguaboy
having read through your thread, my first response is to get expert advice, I would suggest speaking to paul and his team at reviva.
solicitors are experts in their legal specialist field and I would gain my advice from an expert in the field i needed help !
1) Not inevitable if properly explained to the OR
2) 6 months but depends if you are on the deeds to the house or ties to the house (deposit) (edited after posting BUT IT IS NOT NECESSARY FOR YOU TO MOVE OUT)
3) no but if sold could be used to address your debts
sorry my answers are brief but this is one of those cases that the best answer is to speak to one of the experts before you make any decisions.
Paul at Reviva does take email messages during the weekend, so try and arange an appointment.
regards Richard
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