| T O P I C R E V I E W |
| paula.01 |
Posted - 11 September 2010 : 14:09:46
My ex-husband has recently gone bankrupt, i want to know where i stand where beneficial interest is concerned. my ex-husband and i bought the house arount 8 years agoon a joint ownership scheme, which meant we had no deposit to pay and a low mortgage of £28,000. After 2 years we re-mortgaged to buy back the part of the property owned by the other party. our mortgage was then £68,000. 4 months after this my partner and i seperated and i took over the full mortgage payments. he has since made no payments towards the mortgage, does this affect his beneficial interest as i have been approached by the receivers to buy his beneficial interest. |
| 15 L A T E S T R E P L I E S (Newest First) |
| Mike62 |
Posted - 13 September 2010 : 01:00:26
Thanks for your reply, I guess it was too good!
Mike. |
| Bigal4787 |
Posted - 13 September 2010 : 00:30:18
Re the reply from Mike 62, if as joint owners you are both bankrupt, then you would have to find 100% of the equity, my original post referred to where just one of the joint owners is bankrupt.
Big Al |
| paula.01 |
Posted - 12 September 2010 : 12:13:25
thanks so much for your reply, i will certainly try that.
|
| debtinfo |
Posted - 12 September 2010 : 12:11:38
Basically if more of the equity has been contributed by you then you can get his share reduced. If you have had interest only mortgage then that wont count. You also have the problem that due to the economy, the equity in the property has probably reduced since he left.
But you dont get if you dont ask, so i would put all the details regarding payments and mortgages down on paper and tell the Trustee that you think your share should be bigger than his |
| paula.01 |
Posted - 12 September 2010 : 09:35:06
thankyou big al,thats all very helpful....im actually wanting to dispute my ex's beneficial interest in the property as i dont think he is entitled to 50%, being that he hasnt contributed to mortgage payments, a deposit or home improvements....I have paid the full mortgage myself for some time now and im sure iv heard somewhere that if i can prove he hasnt contributed then i can claim a bigger share of the beneficial interest....would realy like to know if this is true....maybe i should refine my question...thanks for your reply....
|
| RHB |
Posted - 12 September 2010 : 08:25:36
If you bith are bankrupt it would be 100%, if just one of you is bankrupt it would be 50%. HTH |
| Mike62 |
Posted - 12 September 2010 : 01:02:49
Hi,
After reading through the above thread,could you clarify a point for me please?. we have about £30K equity in our home, we would really like to buy the BI back using money from family etc. I was under the impression that we would have to find the full amount, but are we able to put an offer in of 50% to obtain the BI, that almost seems too good to be true.....
After all this hassle it would be nice to get a break!
Regards, Mike. |
| Bigal4787 |
Posted - 12 September 2010 : 00:29:13
When the BI is dealt with in a jointly owned property, your ex should have received a letter (subject to contract) for someone to purchase his beneficial interest in the property.
If there is equity (as there is in yours) then the OR will need ;
An up to date valuation carried out by a proper valuer(estate agent etc)
An up to date mortgage balance
The lenders agreement for the BI to be dealt with
The OR's fee of £211 to deal with the conveyancing.
An offer based on the equity.
The OR's solicitors are TLT in Bristol, so you'll probably need to get your own solicitor to do your conveyancing.
Also bear in mind, that dealing with your ex's BI does not affect the title at Land Registry, the property will still be jointly owned, it just means that having been dealt with, the OR will not appoint a trustee to deal with the property. If you want to get your ex off the title that is something you'd have to ask a solicitor about.
Big Al |
| paula.01 |
Posted - 11 September 2010 : 19:50:13
well im actually not sure what one of those is but i will look into it once this mess is all sorted....thankyou.
|
| RHB |
Posted - 11 September 2010 : 19:46:56
BTW< I would also see about getting a consent order drawn up so nothing like this comes to bit you on the bum again! |
| paula.01 |
Posted - 11 September 2010 : 19:45:23
thats good to hear, feeling a little more hopeful now than i did this morning anyway....thanks again for your help, especially on a saturday night!
|
| RHB |
Posted - 11 September 2010 : 19:42:51
Yes, you will get to say what you can afford. |
| paula.01 |
Posted - 11 September 2010 : 18:25:18
oh, so i do get to haggle then??? Il need to, Half of £15,000 is a great deal to me as its money i just havent got...thanks so much for your input, i do appreciate it.
|
| RHB |
Posted - 11 September 2010 : 18:22:45
Shame. But seems like there is only approx half of 15, 000 to haggle over so try not to worry. |
| paula.01 |
Posted - 11 September 2010 : 18:20:32
unfortunately not. There was no financial settlement at all.....silly me!!!
|
