| T O P I C R E V I E W |
| Tracy.g |
Posted - 03 July 2015 : 22:42:24
My boyfriend lives in what was the family home with his 3 children aged 19, 16, & 3. His ex wife left the home almost 2 years ago.He was given residency/custody of the children under a Child arrangements order granted by a court.
The house was originally the ex wife's mothers council house & was bought under the Right to buy scheme. I understand that the house is in the wife's mothers and the ex wife's names. My boyfriend was granted a divorce but nothing was ever settled regarding the house. He & his ex wife got a mortgage to purchase the house in their joint names but this was paid off a few years ago.
His ex wife has now stated she has debts of £19, 000 & is considering declaring herself bankrupt. Would the house be taken as an asset?? Where would this leave my boyfriend and his children???? |
| 6 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 05 July 2015 : 14:54:57
How come the deeds are not in his and his ex's name if they bought it? Sorry I'm not sure how deeds and mortgages work.
He'd have to prove with paperwork that he jointly owns and has jointly paid for the property.
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 |
| Tracy.g |
Posted - 05 July 2015 : 10:03:49
Thanks for your reply Vicki..
Unfortunately isn't it complicated by the fact that the Title Deeds are in ex wife and her mother's name? |
| Tracy.g |
Posted - 05 July 2015 : 09:55:36
quote:
Originally posted by Tracy.g
My boyfriend lives in what was the family home with his 3 children aged 19, 16, & 3. His ex wife left the home almost 2 years ago.He was given residency/custody of the children under a Child arrangements order granted by a court.
The house was originally the ex wife's mothers council house & was bought under the Right to buy scheme. I understand that the house is in the wife's mothers and the ex wife's names. My boyfriend was granted a divorce but nothing was ever settled regarding the house. He & his ex wife got a mortgage to purchase the house in their joint names but this was paid off a few years ago.
His ex wife has now stated she has debts of £19, 000 & is considering declaring herself bankrupt. Would the house be taken as an asset?? Where would this leave my boyfriend and his children????
|
| Viki.W |
Posted - 04 July 2015 : 20:04:50
Hi Tracey,
If the house was bought by your boyfriend and his ex then it's jointly owned and yes, the official receiver can only claim 50% of the equity.
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 |
| Tracy.g |
Posted - 04 July 2015 : 18:53:11
Yes..of course. But they are still in dispute over the fact that they were together for 25+ years, he jointly paid the mortgage they had on it (paid in full approx 6 years ago) They technically "own" at least 50/50??
|
| Niobe |
Posted - 04 July 2015 : 08:44:28
Hi and welcome to the forum,
The house would be treated as an asset. The OR usually has two years and three months to decide what to do with a house and this is something that would be discussed with the OR.
I am assuming that as there is no mortgage that there is equity.
Could your boyfriend possibly find somewhere to rent privately?
Hopefully Viki can come along with some help.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
|
