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| samsmith |
Posted - 30 December 2011 : 22:46:38
My father completes his bankruptcy in feb 2012. Mother and father are joint tenants in common on the mortgage. Mother has no income.
We want to keep them in the house and IP wants us to buy his equity - which is fine. The mortgage company has said they do not mind whether my father's name stays on the deeds or not (up to the IP apparently).
I do not understand however, how the allocation of equity works and which document this sits in. For instance, if his name stays on the deeds but I buy his equity, does that mean that my parents have 50:50 of the property still (or does my name need to go on the deeds). If his name comes off the deeds but stays on the mortgage, does that mean that my mum has 100% of the equity?
Are there any disadvantages to keeping him on the deeds - for instance, if someone were to come after him in the future, is it not a benefit for him to come off the deeds completely?
Kind Regards,
Sam |
| 3 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 31 December 2011 : 14:36:08
most people who buy back the beneficial interest do so with money from family so he has nothing to worry about.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| samsmith |
Posted - 31 December 2011 : 13:11:41
Thanks for the reply!
But surely - he cannot be the one that "handsover" or proposes the offer because he technically should have no money and therefore this is seen as undisclosed captial? |
| Viki.W |
Posted - 31 December 2011 : 07:38:22
Hi Sam,
You just need to give the money to your Father to buy back the beneficial interest, that way he remains on the deeds and nothing changes.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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