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cochly
Starting Member
9 Posts |
 Posted - 11 April 2011 : 14:06:03
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| Morning, i am bankrupt and i jointly own a investment property with a now exgirlfriend/business partner. I understand the receiver has an equitable interest in the property but do i still have a legal right of entry to the property for maintenance reasons because the exgirlfriend has changed the locks. i am happy to sell my share in the property to help my creditors but not for a £1, thanks. |
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RHB
Senior Member
1159 Posts |
Posted - 11 April 2011 : 16:05:42
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| I can't see that you have the right to enter the property as the trustee has control now. Does our ex live in the property now? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 April 2011 : 16:58:05
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I would agree.
Actually you would have been buying back the interest for £1, not selling it. However this has now been taken out of the equation and the OR/Trustee can keep hold of the property for two years and three months before deciding what to do with it.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Edited by - Niobe on 11 April 2011 17:00:05 |
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RHB
Senior Member
1159 Posts |
Posted - 11 April 2011 : 17:29:57
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| If it is an investment property there is no time limit Jan. |
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cochly
Starting Member
9 Posts |
Posted - 11 April 2011 : 17:35:33
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| Thank you for your input guys, we have never lived in the property. It is a rental investment and the other week i received a form from the OR solicitors to sign, to transfer the deeds. I spoke to the solictors and said "what if i do not want to sign?" and they said "don't" and it is down to my ex to sort it out, what does that mean?, do i have any say in what goes into the pot. Thanks again |
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RHB
Senior Member
1159 Posts |
Posted - 11 April 2011 : 17:38:49
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| No, you don't basically. If your ex isn't going BR then they may buy your share. |
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debtinfo
forum expert
2826 Posts |
Posted - 11 April 2011 : 22:27:47
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| you do have the right to enter the property, you are still the landlord as the title to the property does not vest in a jointly owned property, only the beneficial interest. |
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cochly
Starting Member
9 Posts |
Posted - 12 April 2011 : 00:30:06
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| thank you debtinfo, so do i have the right to ask her for a set of keys to our property?, thanks again |
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RHB
Senior Member
1159 Posts |
Posted - 12 April 2011 : 07:34:53
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| You could ask but if she has changed the locks I suspect she'll say no. If it is tennanted could ou not call arrange with them to call when they are able to let you in? |
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cochly
Starting Member
9 Posts |
Posted - 12 April 2011 : 07:53:28
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| good morning, my uncle used to say to me-"little knowledge is dangerous" and boy! with all this conflicting info i could'nt sleep last night. I have no money(that is why i'm here) otherwise i would seek a solicitor's hand to guide me through this quagmire. i suppose the best route is straight!, so i will challenge her solicitor this morning, wish me luck!. thank you for your input |
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RHB
Senior Member
1159 Posts |
Posted - 12 April 2011 : 08:07:49
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| What are you wanting to enter the property for exactly? |
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cochly
Starting Member
9 Posts |
Posted - 12 April 2011 : 08:42:39
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| morning RHB, do i need a reason if i have the right?. long story! but because of her deception i find myself sitting infront of this computer talking to you. Besides, i have tools and materials now locked away in the garage. |
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RHB
Senior Member
1159 Posts |
Posted - 12 April 2011 : 08:48:02
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Thing is.if it is just that you want to establish your "rights" it could end up being more aggro than it's worth.
Is the property occupied or unoccupied? |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 12 April 2011 : 14:20:12
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Hi
A few questions:
Is the property jointly owned?
Was it purchased as a BTL?
Is there any equity in the property? (i.e. value)
If jointly owned is the other owner BR?
Are you wanting to buy the BI (if it was an option)
Are there any arrears on the mortgage?
Is there a second charge againts the property?
Is there a tenant in the property?
Sorry for lots of questions - come back and I will try to assist you
Housing
"There are no problems - only solutions" |
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cochly
Starting Member
9 Posts |
Posted - 12 April 2011 : 15:31:48
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Hi,Housing, thank you so much for your interest. The answers in order of your questions:-
yes
yes
not sure but i would say a little around £8-£10K
no
no funds at this time but yes if it was an option
not sure to my knowledge but i would say no arrears
second charge-?
yes, not to capacity though.
I called around to the property this morning and noticed damage to the rear garden wall and door, i notified the letting agency that appears to be looking after the property at this time(and as a landlord/builder i know how incompetent they can be)but they have'nt got back to me(no surprise there!).Can i go and secure the property?, thank you for your time. |
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cochly
Starting Member
9 Posts |
Posted - 14 April 2011 : 16:49:33
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| afternoon Housing, did you have a chance to look at my answers to your questions?. Thanks again |
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Topic |
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bankrupt and i jointly owning investment property
