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Matt.02
Starting Member
3 Posts |
 Posted - 02 September 2012 : 13:28:26
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| I purchased a house, no mortgage and put it in mine and my partners name. She also has another house but it is increasingly likely that this may need to be repossessed. If so, could this affect our joint home and should I remove her from our deeds? We have has private backing for the house but the money to buy was paid directly from my personal account. Thanks |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 September 2012 : 15:55:34
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Hi Matt.02,
How much shortfall is there going to be from the repossession?
How much equity do you have in your home?
Does she have any other debts, and is she struggling?
If you don't want to post again, please speak to an expert.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 September 2012 : 18:37:05
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Hi and welcome.
I agree with Viki that we need some more info.
It is always best to speak to an expert as well - we have several posting on here who will be happy to give you some free advice. Their details can be found under the experts link on the left hand side of the page. |
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Matt.02
Starting Member
3 Posts |
Posted - 02 September 2012 : 20:12:28
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Hi Viki,
She brought her first home in 2006 before we were together. As it stands it is in about 30k negative equity. She has had it for sale for 2 yrs and it just won’t sell.
She has about 3k personal loan that was used for a car but she is ok financially and has a ft job.
Will a repossession on this 1st house effect the house i brought outright (no mortgage) because it has her name on the deeds?
No money has come from her account to my house to pay towards its purchase.
Thanks
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 03 September 2012 : 06:28:00
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Hi Matt,
The creditor could eventually go for a charging order on the property.
Has your partner contributed to this property at all? You mentioned "we" had private backing, can you give some more details if you can.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Matt.02
Starting Member
3 Posts |
Posted - 03 September 2012 : 08:09:30
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Hi Viki, no, the money was loaned to me by my dad and she has never paid anything directly for the house, she is just listed on the deeds. All money has gone from my bank account to pay for the property etc. as there is no link to the property, other than being listed, surely nobody could try to take anything from it etc? Thanks
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 September 2012 : 09:28:44
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Hi Matt,
In bankruptcy, she will be able to prove that she has no interest in this property. Is she thinking of declaring bankruptcy? Will she be able to come to an arrangement with the mortgage company?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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If my partners house is repossessed would it affect our joint home ?
