Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
alexm
Posted - 02 April 2009 : 16:54:43 Hi. My sister is being made bankrupt. She is a part owner of our house with me and my other brother. Can the court force us to sell our house to pay the debt?
1 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 02 April 2009 : 17:23:03 Hi there and welcome to the forum. with regard to your wuestion it all depends on the value of the property less your mortgage and potential equity available.
If there is equity the other parties (you and your brother would be given the opportunity to 'purchase' her share of the equity.
If no equity you will be able to remove the Beneficial Interest (OR's name automatically recorded on the property when your sister is made bankrupt) the costs to remove the Beneficial Interest is £1 plus £211 costs.
Try to get a few local agents out to value the property, pretned to be putting it on the market, and request the 'quick sale figure' - the figure they reduce to, after 6 weeks. This will give you the value and obtain the mortgage balance (including any early repayment penalty) take the one from the other and you will have the equity (or negative equity figure)
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
