My ex husband was made bankrupt in July 09 due to a failed business. I still live in the marital home with our twins aged 5 and have never missed a mortgage payment. My ex has been discharged but his share of the beneficial interest is still with the OR. I have enquired with staff at OR office as to what will happen in July (2 years after Ex was made bankrupt) and can’t seem to get a straight answer. I was told by one person that if house wasn’t sold the Ben Int would go back to my ex and spoke to another a month later and they said this was incorrect but still didn’t really give me an answer as to what would happen. The only letters I have had from them are about buying the interest from my ex – no letters re taking me to court etc. The mortgage is £98k, secured loan of £7k and valued at £110k-£115k although same houses on my estate have sold for between £105k-£108k in past year. My questions are can they enforce the sale? What will happen to my ex’s beneficial interest if they don’t? What will happen if the BI does go back to my EX and the house sells in (for e.g.) 3 years and makes a profit, will they still be able to claim his share?
they have 3 years from the date of the bankruptcy to deal with his interest, after 2years 3 months they will review the situation. what they do will depend on how much equity there is at that time
with the wind blowing in the right direction, an estate agent giving you a 90 day sale price. you could find that the actual price of the property is very close to the mortgage and second charge.
then make an offer to the OR to take over the BI at difference.
if it is not silly price and affordable you then have control of property
What happens after ex husband is discharged ?
Posted - 17 January 2011 : 23:01:17
