Hi all. We went BR a few weeks ago and are starting to deal with the OR now.
What I would like to know is what happens to jointly owned assets when a husband and wife both go BR at the same time. If the OR claims the item, how is the income distributed?
You both went BR so the case will be dealt with as such. But you will get individual letters about your assets as you went BR as seperate people, if that makes sense.
Are you looking to buy your BI in your home, if you are you will get a letter from them asking you to either sign and say you are interested and that will be a copy each or to sign and so that you are not interested in the BI and it will then go to the OR to deal with at a later date.
You must fill out anything that needs signing and return within the time specified usually 14 days. If you do decide to buy the BI they will ask that a proper valuation is sort to determine the correct value, i can recommend Allied as they might cost £400 but they are very good and will value the house with no queries then from the OR and you can then proceed with buying the BI from them.
As for other joint assets do you mean like cars etc as most things are in single names and will be dealt with as such and at the OR's disgresion. This could be within days of the BR hearing or sometimes even longer.
If you dont buy the BI in your home then the OR has a max of 3 years in order to either force a sale or ask again if you want to buy the BI, so you get a 2nd chance if you dont buy it now, the only problem with that is you take a gamble on the value for the purchase of the BI at a later stage.
I doubt very much if the OR would want to sell it on as it is such low value, they may indicate that a 3rd party could buy the BI in it but again the amount would be minimal.
For the cost of selling it on i dont really think the OR will have much interest, but if they do ask a 3rd party to make the offer if you want to keep it and usually the OR will say yes as it saves paperwork.
Joint assets
Posted - 25 October 2008 : 09:01:11
