My partner was made bankrupt two years ago and the creditors are now pushing for the sale of the property. The trustees have given us a date by which we must vacate the property, however i have been advised by their acting solicitor that this date may be extended if the house hasn't sold. As i have have half of the remaining interest in the property, what happens if we are forced to vacate on the date with regards the mortgage i currently pay and half the value of the property which would be owed to me.
I have no idea as to what would happen in this situation - I take it that the mortgage etc is in joint names?
We do have an IP who posts on here so hopefully she will be on to give further advice tomorrow.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Thank you for the welcome and quick reply. You are correct in assuming the mortgage is in joint names although it is i who have always paid this. The fact that she has not financially contributed to any mortgage payment is irrelevant as far as the creditors are concerned.
Unfortunately that is the way they look at things especially if you have no proof that she has not contributed.
I take it you are not able to buy out her share of the equity?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
I do have proof that all of the mortgage payments have come from my account via my bank statements although possibly not all the way back some twenty years, although i guess the lender may have records all the way back. Sadly there is no way i can raise her share of the equity with all of the fees etc included. We remortgaged once already on a small amount of debt she managed to accumulated which i have paid for over the years and sadly it has come to this. Once bitten twice shy as they say.
So sorry about this - speak to the OR to see what can be done and also, hopefully, Lisa Thomas (IP) will be on to help tomorrow. I will alert her to this
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
If you do not move by the set date the Trustee will apply for a repossession order and you can be physically forced to leave the property if they haven't already obtained this.
If they have Court Enforcement Officers can evict you.
A share of the costs for the repossession might be deducted form your interest.
It is much more sensible to cooperate and get your affairs in order to leave the property by the date set.
When it comes to a settlement you do not have to offer all of the interest as the Trustee has to consider how much it will cost for the Court Orders and work involved in repossessing the property so you can always offer less but it sounds like an Order might already have been granted in which case a lot of those costs have been incurred already.
That doesn't mean it is too late to reach an agreement to buy out the Trustees interest - even over time.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
My partner is a bankrupt. What happens to my half of property value if we are forced to vacate it ?
Posted - 23 October 2016 : 17:19:50
