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 When a house is part of the asset for a debt, is it possible to sell before a forced sale ?

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Dandt96 Posted - 15 January 2017 : 11:31:07
When a house is part of the asset for a debt, is it possible to sell it before the OR forces the sale , to ensure a fair price and more money towards the debt? And secondly, in a joint ownership, if the wife is not involved in the debt is she allowed to keep her share of the house and what percentage would that be?
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Lisa Thomas Posted - 17 January 2017 : 09:52:45
Hi - are you referring to a Bankruptcy situation?

If so then yes you can agree with the Official receiver/Trustee to voluntarily sell the property rather than go through the stress and hassle and costs of a forced repossession.

Your wife will receive her share of interest from the net proceeds.

Most joint properties are assumed 50:50 ownership unless you can prove otherwise.

Contact me on 01752 786800 or Lisa@nevilleco.co.uk
Niobe Posted - 15 January 2017 : 17:30:15
Hi and welcome,

You will have to speak to the OR obviously, to tell them of your intentions as there will no doubt be a restriction lodged at Land Registry.

Hopefully Lisa Thomas will be along to help but I would suggest you speak to a solicitor for some advice.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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