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deanc
Starting Member
5 Posts |
 Posted - 10 January 2009 : 10:07:15
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| Hi, I am considering bankruptcy, the only problem i can see is that i have beneficial interest in the property i live in. I pay half the mortgage and bills in a house owned by my girlfriend (it is solely in her name) Can any one tell me if the receiver could reposses the house? Many thanks |
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John
New Member
United Kingdom
73 Posts |
Posted - 10 January 2009 : 10:52:17
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Hi
you already appreciate that the likelihood is that you have an "interest" in a property you do not own.
This comes as a shock to many.
The property can only be repossessed by the lender, not the OR, but the OR can force a sale to realise your interest if it would benefit the creditors.
So the answer is the property could be at risk, the question is what level of "interest" do you have in the property. You pay half of everything now but who paid the deposit and when. What is the current value of the property, and current mortgage amount. What was the value of the property, and the level of equity in it, prior to your moving in.
All these aspects need to be considered to determine how much of an interest you have.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 10 January 2009 : 14:53:23
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| Sorry to hijack this post but could someone please advise me. I wrongly thought that if property was not in your name then you had no financial interest in it. I have been with my partner for 5 years and she sold her house as we were struggling and only had £40K equity and in may last year we moved to a holiday park and bought a lovely lodge (to live in) of which she put the whole deposit down which was £35K as I was unable contribute due to other reasons. I was also advised by my solicitor not to have my name on anything. She has a bank loan in her name for £40K and as these cabins are legally classed as 'caravans' there is no equity as such to speak of. I pay her a minimal amount per month to help with bills. My question is, when i go BR can the OR force a sale or any other financial impact I may not be aware of. My partner has absolutely nothing to do with my problems as these were all before I met her. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 15:48:02
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Hi
Scenario :-
If a married couple got divorced they would typically share their assets.
If the same couple got divorced but the house was only in Mr's name then the wife would have a claim on the house even though her name was not on the deeds.
The level of interest will vary depending upon what contribution has been made towards the property over time.
If as a partner you are paying rent then this is different ( and you have a tenancy agreement).If however you are paying directly towards the mortgage then the situation has implications.
With many situations the site is a wonderful place to get support, guidance, help and advice. However when matters get a little more complicated it is very difficult to give proper advice through the forum.
You should really make contact with either the helpline or one of the forum experts to have a decent conversation about the whole situation. These are free but you do need to get it right.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 10 January 2009 : 21:58:49
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Thanks paul
However, if I have been ill for a long period of time and can demonstrate I have had very low inconsistent earnings sometimes only £50 per week and so could no way contribute to half of the household bills then surely this would change things. This has been the norm for nearly 2 years. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 22:25:11
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That would certainly make your potential benefical interest in the property significantly less, especially as she purchased it with ALL of her deposit
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 11 January 2009 : 15:09:38
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Thanks paul
With no equity in the lodge, inconsistent low earnings and the deposit and remaining loan on the lodge all in my partners name, I assume I should be ok as I can demonstrate my self employed earnings for the whole of last year were as little as £850 after costs and this year will only be £5-6,ooo which is really very low for anyone. |
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deanc
Starting Member
5 Posts |
Posted - 11 January 2009 : 22:43:34
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Thanks John for replying to the original posting.
Myself and my partner moved from another part of the country a couple of years ago and instead of renting she suggested buying a property in her name and with a deposit paid for from her savings.
The property will definately be worth less now than when she bought it, so there is no equity.
Is it possible to speak to somenone, somewhere who could define the level of interest i have in the property. It seems mad that it is so hard to find out and a shame that even though I pay half of the mortgage and bills that she stands to lose everything she has worked hard for, because of my financial problems which were around long before she came along.
Any help much appreciated.
D
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 12 January 2009 : 01:14:21
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Hey dean
As I said earlier, sorry for hijacking your post. Looks like we are in a similar situation.
Best wishes
Andy |
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Almost there
Junior Member
United Kingdom
288 Posts |
Posted - 12 January 2009 : 09:36:53
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I am also hijacking this post, sorry, What about my situation, my partner died years ago and in his Will it states that I may live in the property for as long as I wish providing I pay the monthly outstanding mortgage which is now about £68.00 per month, like a sort of rent. When I give up the property the house is to be sold and shared amongst my late partners's 5 grandchildren. As far as I am concerned I have no interest in the property at all, but after reading the above I am a little worried as I am about to go BR soon.
Thanks
Sandie |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 12 January 2009 : 10:02:05
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Dean
Give the helpline a call its free and they can go through your case with you.
Call 0800 078 9367 and if they cant speak straight away as they are very busy as you can imagine then leave a name and a contact number and someone will get back to you. 
Best of luck
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Hi, I am considering bankruptcy, the only problem
