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jay1975
Starting Member
United Kingdom
10 Posts |
 Posted - 15 December 2010 : 22:05:11
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Joint property problem?
Hi, sorry to send this as a new post, i cant remember how to continue on the same thread as before :( i have a joint property (with my sister) in negative equity, ive been made bankrupt, neither of us live in the property (it was rented out)and its been vacant since jan 2010, so mortgage is in arrears,i dont know whether my sister should buy out my share of interest, neither of us intends to live in it!, what are the implications for me and my sister, im aware that if i dont do anything it will be repossessed anyway, any help is greatly appreciated x |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 16 December 2010 : 00:26:28
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Hi Jay,
basically, as you don't live in the property, and it is in negative equity, it can't be much longer before the lender begins repossession proceedings, which would inevitably lead to a shortfall.
If neither of you intend to live in it, and by the sounds of it haven't managed to get a tenant in, there seems to be little point in your sister buying out your BI( even though it is not the family home, but jointly owned your BI could be bought out), however in the event of repossession and forced sale, responsibility for the shortfall would fall on your sister being the solvent joint owner.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 December 2010 : 00:35:46
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In reality it is your sister that needs to obtain advice about her options here as there is the possibility that if the property was reposessed and sold that there may be a shortfall on the mortgage which would be her sole responsibility.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
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Joint property problem?
