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 I am not going bankrupt but my ex-partner is

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T O P I C    R E V I E W
a_bx Posted - 07 December 2008 : 22:35:40
Hi there. I am not going bankrupt but my ex-partner is, and the issue of the property we used to own may come up with the OR and the key facts are:

- The property was transferred into my sole name 1 year ago and my ex received no money for this.
- The deposit and all monthly mortgage payments were paid soley by myself.
- Mortgage fees, stamp duty, and legal fees were paid by myself.
- DIY upgrades were paid for by myself.
- There is an additional secured loan on the house which my Ex received all money to pay off her earlier unsecured debts.
- After costs of sales are allowed for its probably in neg-equity.

Theres a chance the OR might consider the transfer to have been below value and come sniffing around my house, so any useful tips on keeping them at bay would be most welcome ......?
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a_bx Posted - 08 December 2008 : 20:48:15
Thanks for the welcome, Julian.

There was no agreement on the transfer and neither were we ever married (thank goodness....but thats another story!).

My 2nd line of defense is about 60% equity left after repaying the original mortgage has been recieved solely by herself in the form of the secured loan- something called "Exoneration of equity" I believe.

My 3rd line is after the mortgage and secured loan are paid off and exit fees paid, if the house was sold be the reciever at auction it would be in negative equity anyway. Not too mention within the OR's window of the next three years house prices are only going one way.....



In theory i hold all the cards but, my concern is I have never dealt with a OR before so how they operate and think is my weakness...which hopefully folks here could fill me in, please?

Is it even possible i will have to argue my case vs the OR before a judge even?
JulianDonnelly Posted - 08 December 2008 : 12:21:48
Hi A BX and welcome to the forum.

When the property was transferred into your sole name, did the solicitor produce a Deed of Trust?

In these situations, property is dealt with in a similar fashion as a divorce. Are you married? If not, it is likely the property will be fine.

Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367

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