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Roy.re
Starting Member
1 Posts |
 Posted - 04 January 2011 : 08:39:55
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| Hello. I was declared bankrupt in 2010. Our house is on a joint mortgage, but my wife supplied the deposit from an inheritance ( provable by probate) We were also not married at the time. How do we stand on equity share as we have an interest only mortgage and like many our home hhas dropped in value. We were told by insolvency practitioner that as long as we have proof the equity remains with her and not myself. Any advice appreciated. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 January 2011 : 15:31:06
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How long have you been living in the property? If you have been contributing to the upkeep (mortgage, etc.) of the property for several years the OR may deem that you have a share in the equity.
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manxy
Starting Member
1 Posts |
Posted - 04 January 2011 : 17:10:10
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| We haved lived in house for 2.5 years. I have contributed to the mortgage. Before going bankrupt spoke to official receiver and was informed that as long as it was provable there should be no problems. However, they have sent report to creditors asking if they wish to appoint trustee as there may be an asset that needs dealing with. ( House ) When I spoke again they said that the creditors & potential trustee were also informed that my wife would contest the equity issue, but legally they had to allow the creditors decide which way to proceed. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 January 2011 : 13:42:54
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Hi,
The mortgage is a joint one, but crucially, who is shown as proprietor at Land Registry, if it's shown as jointly owned, then they will offer it to a trustee. However, if it's solely owned, but your wife provided the deposit from an inheritance, then despite the fact that you contributed to the mortgage payments, it is the intentions at the time of purchase that may determine whether there is BI, and not subsequent conduct.
Reading this link may help:
http://pntodd.users.netlink.co.uk/cases/cases_g/gissing.htm
Therefore if it looks like a trustee could be appointed,it may be worth getting legal advice, as with most things relating to case law, there could be other factors involved.
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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How do we stand with equity share ?
