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outofthispoo
Starting Member
United Kingdom
4 Posts |
 Posted - 03 January 2009 : 21:14:42
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| Hello i am new to this forum.My husband was the first bankrupt of 2009 in our local court.We own a house joint mortgage have approx 50-60k equity between us my parents have offered to buy my husbands equity what is the process and will i be allowed.My husband is looking for a job he owned a leased pub for the last 7 yrs but the credit crunch has really hit.We have 2 young children.Do i put an offer of how much i pay to OR how does it work? Also our joint bills are in my name now only does OR need to see them at interview? I work and can pay bills just about i am not going bankrupt only husband.Many thanks this is all so stressful my main concern is keeping the house we have never missed a mortgage payment thanks |
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John
New Member
United Kingdom
73 Posts |
Posted - 03 January 2009 : 22:43:40
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Hi
best deal with the property first.
You estimate there is £50K to £60K of equity in the house. You need to do 2 things if you have not already done so. A) request an up to date mortgage statement (incl redemption figure) from your mortgage lender, and B) pay a surveyor for a valuation requesting the surveyor to base the valuation on a 60 - 90 day sale.
This will give you a much clearer understanding of the true equity value.
Then you will need to consider various aspects regarding the history of the initial deposit payment and the monthly mortgage repayments to date.
Have you ever realised equity since the purchase, if so when, why, who benefited from that money.
There are so many questions regarding property. The manner in which the OR determines your husband's level of interest in the property may not be as straightforward as you may be thinking. Likewise certain arguements can be put forward that may reduce your husbands legal interest in the property thus reducing your parent's costs potentially.
I would call the freephone helpline on Monday and have a free initial conversation with them as it will be easier to explain how it all works over the phone rather than on the forum.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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outofthispoo
Starting Member
United Kingdom
4 Posts |
Posted - 04 January 2009 : 08:09:48
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| Hello my husband released 30k to help the buisness and he has accounts to show this input in the buisness i have included this in the mortgage will the OR SPLIT THIS AS 50/50 or can we argue this is his equity he used and not mine. |
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John
New Member
United Kingdom
73 Posts |
Posted - 04 January 2009 : 09:55:13
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Hi
on the face of it and with the required evidence you can argue that your husband has had his share of the equity and all that is left is yours.
However, there are other contributory factors such as where did the deposit funds come from and who contributes, and has historically contributed, what sums to the household funds from which mortgage repayments and utilities etc are paid.
You certainly have the foundations for a potentially strong arguement in your favour.These arguements are quite complex and if following further investigation into your position it may (and I say MAY) be beneficial for you to engage a professional team to act on your behalf.
You are already looking at a potential saving (for your parents) of £25K to £30K if the aforementioned can be successfully argued in court. That in mind, to pay a professional firm to guide you in the gathering of evidence and support you through the process could well be a wise investment by comparison.
If you call the helpline, as previously suggested, tomorrow someone will be able to help further and if you conclude ongoing help is required they will also be able to recommend a reputable company with experience in the area.
Good Luck
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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outofthispoo
Starting Member
United Kingdom
4 Posts |
Posted - 04 January 2009 : 15:39:10
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| many thanks John for your advise |
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Hello i am new to this forum. My husband was the first bankrupt of 2009
