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maxinededwards43
Posted - 31 August 2008 : 16:01:10 I own a property with my sister but do not live there. I live in rented accommodation. It is the residence of her and my mother. would this be considered as saleable assets should I be made bankrupt?
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Needafriend
Posted - 31 August 2008 : 17:53:53 Thanks John, For clearing that up, im getting there but as you know some things i have yet to learn. :(
if there is sufficient equity in the property then this would indeed be a saleable asset. Even in negative equity if you were to declare bankruptcy someone would need to buy your beneficial interest which would be £1 + £211 legal fees.
If that happens you are still liable for mortgage repayments, assuming you have them, as you are now. But you would no longer own any of the property.
Posted - 31 August 2008 : 16:07:57 Hi Maxine, And welcome to you. Im not 100% sure how that would work but how much equity is there in the property and also How much do you owe if any. Maybe one of the other experts may be able to offer some more advice if i cant. Thanks again Jo
