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 bankruptcy postbag for august
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Starting Member

4 Posts

Posted - 02 November 2010 :  09:00:24  Show Profile  Reply with Quote
my partner has got a date at court for bankruptcy.she has a house with her previous partner who is still living there.the house is in negative equity and arrears.my partner basically has not been able to pay her iva.her partner is now saying she should put off bankruptcy so his sister can take the joint mortgage off them they are saying the sister can adopt the mortgage is this possible or should she go ahead with bankruptcy? many thanks

forum expert

United Kingdom
641 Posts

Posted - 02 November 2010 :  10:47:41  Show Profile  Reply with Quote
Hi jmwlrs,
welcome to the forum, I'm sure you'll find an answer on here from one of the experts.

Firstly in answer to your question, your partner has been in an IVA, which when she proposed it is an indication of insolvency, however if she has not been able to pay it, then it would appear that bankruptcy may well be the only option available, but she should speak to the supervisor of the IVA about this.

As for the property, for the sister of your partner's ex to adopt the mortgage, she would need the agreement of both joint owners. If your partner did this, the OR could possibly view it as a transaction at an undervalue(TUV), leading to further investigation by the OR.

The sensible option would be, that once bankrupt, your partner's BI(beneficial interest) can be purchased by the sister or another 3rd party for £1 plus the OR's costs of £211. However, with the mortgage in arrears, the secured lender can insist that these be cleared before they agree to the process.

Once the BI has been dealt with, then creditors cannot make claims on the property, the only downside is that if the property was subsequently repossessed and sold at auction with a shortfall, then your partner and her ex would be liable for it, but if the sister wanted to adopt the mortgage afterwards then it shouldn't be a problem.

Big Al
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