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T O P I C R E V I E W
H.6
Posted - 12 September 2008 : 17:48:15 My partner sold her flat in jan 2008 and the equity she had she gave to me to put down on our new home. The house is in my name only. She is now looking at bankruptcy. What can happen?? What if she owed me that money?? The house has lost £10k in value since then due to the economy, and she put less than that down, towards the property. Any ideas please??
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 12 September 2008 : 20:27:08 Hi
I suspect that the Official receivers office will see more and more of this in the coming months.
It is not unheard of that they will look to you for the money that was used as a deposit as effectively she is your creditor.
If you don't have the money the OR may be able to put a fixed charge on the property and wait until you remortgage or sell.
you would be well advised to have a long conversation with an expert before moving forward.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
John
Posted - 12 September 2008 : 20:19:09 Hi if the property is in negative equity you should be ok. If not, it depends on exactly how much your partner gave you towards the deposit and how much you put in as well.
So current value, your deposit contribution and your partner's deposit contribution, these figures are all required before icould advise you. I would also need to know who contributes what to the total monthly household expenditure.
If there is equity the OR will look at the property as your partner has a proprietary interest in it. Not being on the mortgage or deeds does not necessarily mean your partner has no interest in the property I'm afraid.
If you wanted to claim that the deposit money provided by your partner was repayment of a loan to you then you may have to evidence that the debt existed in the first place.
Posted - 12 September 2008 : 17:57:57 Hi H6 and welcome to the forum!
I didn't want to read and run, but I don't know the answer to that one, sorry. I'm sure someone will be along soon who can help though, so hang on in there!
