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 My ex is going bankrupt, we split over 4 years ago and I have been paying the mortgage		  New Topic  Reply to Topic
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conlin
Starting Member

United Kingdom
1 Posts
Posted - 18 October 2012 :  17:42:24  Show Profile  Reply with Quote
My ex is going bankrupt, we split over 4 years ago and i have been solely paying the mortgage since then. There is little to no equity in the house, i am happy to continue paying the mortgage. she has been told that they will take her part of the house. Meaning i will either have to buy them out or rent their share. Is this true? Does anyone know what the process would be?

Niobe
Administrator



United Kingdom
4590 Posts
Posted - 18 October 2012 :  23:07:05  Show Profile  Reply with Quote
Hi and welcome.

I'm hoping one of the experts can help with this one as I have no idea.
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Viki.W
forum expert



United Kingdom
2211 Posts
Posted - 19 October 2012 :  07:38:21  Show Profile  Reply with Quote
Hi Conlin,

You will be able to buy back the beneficial interest from the OR. If it's in negative equity then you will need to offer £1000 plus fees.

Once you have done this, then your home will no longer be at risk.

I suggest you get a valuation on the property based on a quick sale and an up to date mortgage balance to check that there isn't any equity.



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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