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fewchprod
Junior Member
174 Posts |
 Posted - 21 August 2007 : 12:55:16
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Hi, I hope someone can help me regarding the question below. I have been everywhere including the (useless) insolvency web site for someone to answer this Q, but as yet, no joy - please help!
Both my wife and I were married in July '03 and I went on the mortgage in 04. At the time, we took out a deed of trust with me owning 2% of the property, with the remaining 98% in her name. This was done as my wife was well and truly stung by her ex husband and this was a safeguard for anything like what she endured would happen again. Me being the kind of guy I am, was not interested in her property etc. My wife bought the property in 2001 so effectively everything is hers.
However.....
We separated in 2006 and the property went back in her name. She paid me the 2% (1,500) when I left the house, to help me find accomodation etc, so I no longer own any % of the property. We signed a seperation agreement stating we both have no claim to each others income/property.
What I would like to know - Would or can the OR make a claim to my wife's property? Would they come after the 2% that I once owned (the £1500 my wife gave me)?
Sorry to drone on, but I would like to get this right before I file for bankruptcy.
Best wishes
fewch |
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Lenalena
Junior Member
United Kingdom
174 Posts |
Posted - 21 August 2007 : 23:09:35
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Hi
1.Have you been removed from the Mortgage and land reg at your previous address?
2. Was the £1500 done via a Solicitor?
3. You say you have done a seperation agreement was this done again Via a Solicitor?
KR, Lenelena
http://debthelpexpert.org |
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fewchprod
Junior Member
174 Posts |
Posted - 23 August 2007 : 09:57:10
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Hi Lenalena, thank you for responding.
1. Yes, I have been removed from the land registry and mortgage.
2. Hmm, not sure about that one, I would have to check with my ex wife.
3. Yes, the separation agreement was done through a solicitor which indicated the 2% or £1500.
I'm pretty confident that if they were to come after the property it would only be my 2% rather than the 98% my wife owns. That correct?
Many thanks for helping :) |
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Lenalena
Junior Member
United Kingdom
174 Posts |
Posted - 23 August 2007 : 11:33:51
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Hi Craig
Saw your post on the IVA site and it does look as if there will not be any claim on your Wifes property.
As you are no longer on the Mortgage or deeds.
Hope all goes well
KR, Lenelena
http://debthelpexpert.org |
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fewchprod
Junior Member
174 Posts |
Posted - 23 August 2007 : 14:26:57
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Thankyou Lenalena, you have been most helpful.
Thanks |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 26 August 2007 : 08:24:31
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| Even though you are not on the mortgage deeds. On the statement of affairs, it does ask about properties owned in the last five years. I am sure that they will look into it. Whether they would pass this onto the RTLU to investigate further....maybe. |
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fewchprod
Junior Member
174 Posts |
Posted - 29 August 2007 : 14:35:00
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Thanks for this. I would assume that they would look into the deed of trust that enabled me to have 2% of the property, as this is what I shall write on the statement of affairs. What I am trying to establish is even if they did decide to look into it further, would they only be interested in the amount of equity that I owned on the property? If so, can they only claim the 2% which equates to £1500.
I have read so many conflicting answers to this question I feel like I am going around in a circle.
Thanks for your help. |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 31 August 2007 : 06:21:08
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I would suggest that you also put this question to the solicitor that sorted this out for you. Actually thinking about it, write to him.
Also read through the legal documents that this produced.
How was the property valued at the time? |
Edited by - Johnny Debt on 31 August 2007 06:23:15 |
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fewchprod
Junior Member
174 Posts |
Posted - 31 August 2007 : 11:42:56
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Hi Johnny Debt.
It was my ex wife who sorted out all the solicitor gubbins, so I shall speak with her and try and get some information from her solicitors. I am pretty sure that valuers/solicitors was involved with the valuation of the property at the time, but again, I shall speak to ex wife who sorted all of this out.
Many thanks for your help
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 01 September 2007 : 06:20:23
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The good thing about all this, you are doing your homework!!
At least if you do decide to go bankrupt, you will feel more confident and informed of what will happen.
Well done! |
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A question on equity...
