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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by bankruptcy9467[/i] [br]Hi there, I have a commercial property which i bought jointly on a 50/50 basis with another individual, X. He is not related to me except in a business sense. X transferred his beneficial share and interest in the property (along with some other assets/shares) to a third party by means of an out of court settlement between themselves. Though no actual judgement was made the solicitors involved have documented their settlement. No actual figure was put on the the value of the property at that time though it was disclosed there was a mortgage and a 350k valuation. This settlement took place in November 2008. It now transpires that X may be entering bankruptcy, application of which began about 1 month ago via a creditor. Given X has not been servicing the mortgage or services charges etc. since the date of his out of court settlement, I decided to purchase the full beneficial share and interest from the third party. The agreed price attempted to reflect a quick sale somewhere between the open market value and a guestimate of repossession/auction value, after outstanding service charges, mortgage settlement fees and other arrears etc.. (I would assume if an OR were to look at this purchase his concern would not be with my purchase price but that of the agreement between X and the third party. Would i also be correct to assume that the sum I paid to purchase the beneficial share from the third party would be refundable if the OR decided to reverse their deal in subsequent proceedings?) Whilst i may now own 100% beneficial share and interest in the property at this point in time, I have yet to register this with the land registry by means of an Rx1 form (as advised by the 3rd parties solicitor). I want to have 100% ownership of the property such that the legal title of the property is also only in my name. I intend to settle the outstanding mortgage and pay all arrears (a requirement of leaving the current mortgage) by means of further personal borrowing (ie leaving the joint mortgage situation). My major worry is that if i clear the existing mortgage and X should enter bankruptcy, that I will have lost this money; given we are currently jointly liable for the exisiting mortgage and as such it would have no bearing who actually clears the existing mortgage if i make settlement prior to conveyance. (There is a valuation to the sum of approximately 350k. There is a mortgage settlement fee of approximately 230k. There are other outstanding bills on the property to the sum of 25k ie service charges etc. I purchased the full beneficial share and interest from the 3rd party for £30k) Unfortuantely time is against me and I have only have a very small window in which to conclude matters before the property in its joint status enters repossession. I hope you can offer me good advice in respect to mitigating any issues a bankruptcy may bring if it affects me at all. Kind Regards, [B)] [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.