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 what will happen to the house in bankruptcy?
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i.o
New Member



75 Posts

Posted - 18 September 2008 :  16:09:25  Show Profile  Visit i.o's Homepage  Reply with Quote
I am considering going bankrupt. We have a joint mortgage with no equity in the property. What will happen to the house?

Suzanne
Average Member



United Kingdom
869 Posts

Posted - 18 September 2008 :  16:37:42  Show Profile  Visit Suzanne's Homepage  Reply with Quote
Hi

The OR will ask if you have a third party who was willing to buy the beneficial interest for the nominal sum of £1 plus conveyancing costs. On the assumption you wish to remain at the house, you would of course have to keep paying the secured lending.

Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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