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Dan1011
Starting Member
United Kingdom
5 Posts |
 Posted - 24 January 2011 : 18:15:17
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Hi,
My partner bought a house with her ex-partner 4Years ago in a joint mortgage.
Since then they split up and he paid all the bills, but they agreed to that. Now he ex-partner lost his job and declared himself br.
So my partner now is left with a house and a £15k loan to pay.
She spoke to a br advice line earlier and they said that if she could sell the house for a better price, then she wouldnt have alot more to pay off. But Would it be possible for her to sell it for alot less than its worth to me and then declare herself br?
Many Thanx |
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RHB
Senior Member
1159 Posts |
Posted - 24 January 2011 : 18:27:00
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| In a word, no. |
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RHB
Senior Member
1159 Posts |
Posted - 24 January 2011 : 18:29:26
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| Also, if her ex is already BR your girlfriend won't be able to sell the house because the OR will have p-laced a restriction on it. |
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Dan1011
Starting Member
United Kingdom
5 Posts |
Posted - 24 January 2011 : 18:32:35
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| Yes he has already gone br, But the advice line said that if she asked to sell to get a better price than auction, then they might let her. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 January 2011 : 18:41:24
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if she declares BR shortly after selling the property they can reverse the sale if it is sold under market value
If she does not have to declare BR, and you can afford mortgage and loan you may jointly be able to purchase ex partners BI. (beneficial interest)
The OR or Trustees are tasked with obtaining best price for the creditors but may be reluctant to sell to a family member.
A) what is value of property ? (predicted value 2 yrs after bankruptcy)
b) value of mortgage ?
C) the 15K loan is that a charge on the property ?
the beneficial interest is roughly a - b - c
Richard |
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Dan1011
Starting Member
United Kingdom
5 Posts |
Posted - 24 January 2011 : 18:54:11
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Oh right ok,
Yea they paid £98k for the house in 2006 and now its worth around £75-80k. The loan was to furnish the house. So now will she be given the bill to pay off all the house on her own or will the bank have paid her ex's half?
If she ends up going br, will she get a mortgage after 6years? Would she need to say that she hasnt been br? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 January 2011 : 19:06:54
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Whether she would get a mortgage after six years is debatable - it depends upon the lenders at the time.
If asked if she has ever been bankrupt I'm afraid she would have to say yes.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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Dan1011
Starting Member
United Kingdom
5 Posts |
Posted - 24 January 2011 : 19:10:14
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| but I thought that the lenders would not know after 6 years? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 January 2011 : 20:16:15
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The BR would have dropped off her credit file, but as Jan says if she is asked if she has ever been BR she will have to answer yes.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Dan1011
Starting Member
United Kingdom
5 Posts |
Posted - 24 January 2011 : 20:35:50
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| Do the lenders charge a higher interest rate when they know that one of you has been br? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 January 2011 : 20:53:07
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I've never tried to get a mortgage, but I would imagine they would - if you can find a lender to give you a mortgage. They are more choosy who they lend to these days so it might be difficult to borrow.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 January 2011 : 10:20:34
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Quite agree with Tracey. People with perfect credit records are finding it difficult. She would also need a very good deposit, probably about 25%
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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Topic |
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Girlfriend going br and Could I buy her house?
