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paula.01
Starting Member
13 Posts |
 Posted - 11 September 2010 : 14:09:46
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| My ex-husband has recently gone bankrupt, i want to know where i stand where beneficial interest is concerned. my ex-husband and i bought the house arount 8 years agoon a joint ownership scheme, which meant we had no deposit to pay and a low mortgage of £28,000. After 2 years we re-mortgaged to buy back the part of the property owned by the other party. our mortgage was then £68,000. 4 months after this my partner and i seperated and i took over the full mortgage payments. he has since made no payments towards the mortgage, does this affect his beneficial interest as i have been approached by the receivers to buy his beneficial interest. |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 14:29:26
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i am realy worried that i am unable to afford to buy his beneficial interest as i am on my own with my 3 kids and have no savings, and dont want to have to sell my home when i have struggled for so long to continue paying the mortgage,so as not to uproot and unsettle my children....any help in this matter would be greatly appreciated.
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 17:04:11
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| How much do they want you to pay for his BI? |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 17:20:29
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im not actually sure until i get a valuation but i rang and spoke to receivers who said it would usually be 50% of any equity. Thanks for your reply, any feedback is most appreciated.
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 18:03:19
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| Also, is the mortgage repayment or interest only? If it were repayment I would imagine you could take 6 years worth of equity off his share too, if he wasn't paying it. Make sure you ask for a quick sale valuation. |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 18:11:50
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the mortgage is part interest only, £48,000 of it, and part repayment, £20,000 of it. There is currently about £65,700 owing on the property. Im expecting it to be valued at around the £80,000 mark.I know the equity may not seem a great deal but its a lot to me, having no savings and already struggling to make ends meet..... it seems wrong that im only entitled to half the bi when he hasnt contributed to the mortgage for so long.Thanks again, paula.
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 18:14:09
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| They can't do anything without getting court orders anyway so don't panic just yet. Were you married? |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 18:15:46
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we were married when we first bought the house but are now divorced.
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 18:18:59
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| Did you not get a financial consent order done? |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 18:20:32
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unfortunately not. There was no financial settlement at all.....silly me!!!
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 18:22:45
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| Shame. But seems like there is only approx half of 15, 000 to haggle over so try not to worry. |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 18:25:18
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oh, so i do get to haggle then??? Il need to, Half of £15,000 is a great deal to me as its money i just havent got...thanks so much for your input, i do appreciate it.
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 19:42:51
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| Yes, you will get to say what you can afford. |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 19:45:23
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thats good to hear, feeling a little more hopeful now than i did this morning anyway....thanks again for your help, especially on a saturday night!
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RHB
Senior Member
1159 Posts |
Posted - 11 September 2010 : 19:46:56
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| BTW< I would also see about getting a consent order drawn up so nothing like this comes to bit you on the bum again! |
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paula.01
Starting Member
13 Posts |
Posted - 11 September 2010 : 19:50:13
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well im actually not sure what one of those is but i will look into it once this mess is all sorted....thankyou.
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Beneficial interest
