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tim1010
Starting Member
16 Posts |
 Posted - 27 May 2010 : 10:46:30
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Hi,
at first, sorry for my bad english.
I am currently in a bankruptcy proceeding. In 2008 I had transfered the jointly owned house to my wife. In Feb. 2009 I live seperate from my wife. At the moment we have a good contact to each other. My wife told me, that she has got a letter from the Official Receiver that they would like some informations about the property.
In the first sentence from the letter stands some false pretences. The OR asserts that we had a martial seperation and I didnt got any consideration. At the time I had transfered the property to my wife, I had transfered to her to reduce my debts, because I was self-employed. This facts I had told to the OR in my interview with him.
Ok, now the OR would like some informations about the property.
A Current valuation of the property (about 150.000)
The current mortgage balance (about 160.000)
The value of the property in Feb. 2008 (about 150.000)
The amount of the mortgage that was outstanding in Feb. 2008 (about 170.000)
A copy of the deed of transfer
How will the OR calculate the beneficial interest ? Because, it could be happen that my wife would like buy the beneficial interest.
Hope I could explain my questions.
I look forward to your replys.
Thank you,
Tim |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 27 May 2010 : 11:11:49
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HI Tim
The OR will ask for two valuations about the property, (you will furnish these and probably best to ask for 90 day quick sale valuations)
The OR will ask for a mortgage statement.
fortuantly the price of the property has not changed so should not complicate issues.
because the house is in negative equity, it will cost your ex wife £1 to buy the interest and the solicitors cost of £211.
if the house had positive equity it would be half the difference. (value - mortgage divided by 2)
I am not certain about the difference in the two mortgage amounts asto which date they would use.
regards Richard |
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tim1010
Starting Member
16 Posts |
Posted - 27 May 2010 : 15:18:15
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Hi Richard,
thank you for your reply. One short question. If the amount from the beneficial interest is payed, no one can sell the house either the OR, Trustee or anyone else ?
Thx,
Tim
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debtinfo
forum expert
2826 Posts |
Posted - 27 May 2010 : 16:52:30
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| Hi, if the property has already been transfered then you wont have to do any of this as you dont have an interest. They are just lloking to see if it was done right at the time, and since there was no equity at the time it should not be a problem |
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tim1010
Starting Member
16 Posts |
Posted - 07 July 2010 : 10:58:33
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Hi,
my wife got now the current Informations for the OR.
Value of the mortgage in 2008 the property was given away to my wife was 168.000.
Current open mortgage is 163.000
Valuation estate expert from 05.07. is 158.000 in 2008 and current valuation is 153.000
So there is no equity.
As I had transfered the house to my wife we had self estimated my part of the house with 100.000 the notary used this value for his fees and to clarify if there some land transfer tax. But it was only a self estimate value. The OR want to see the agreement from the transfer.
Do you think the valuation is determinative for the assessment of the OR ?
I am glad to your reply´s :-D
TIM
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How will be calculate the beneficial interest ?
