I am a joint owner of a commercial property and in November 2008 the other owner signed across his beneficial interest and share to another individual as part of an out of court settlement between themselves.
I have just purchased this beneficial share and interest from the third party but have also just found out that my original joint owner is entering bankruptcy proceedings (though he thinks they will not proceed and have been applied in error).
Does this mean my transaction is invalid or am i not affected given the previous transfer between him and the third party?
Legal title of the property still remains between myself and the individual going into bankruptcy; though i am supposed to own 100% beneficial share and interest in the property a this point.
This is most of my life savings so please can you help advise me.
If you have paid the market value for the property I can't see the problem tbh BUT I think you would need documents to prove it or it could be seen thast the individual in question could be hiding assets.
Property Purchase & Co-owner entering Bankruptcy
Posted - 17 February 2009 : 02:35:56
