husband went bankrupt in may 09. OR has asked it i want to buy beneficial interest in our home which is sole owned by my husband unfortunately i will be going bankrupt later as i was also a partner in the failed business. he has asked for £470 + £1 which could go in my daugthers name. if we do this what would happen if our house becomes no longer in negitive interest or we decide to sell? before his bankruptcy ends. (can we still sell it if in her name?) What does it mean for her? and will this mean the debtors can't touch it? read somewhere he can buy it back?
If your daughter buys the BI, then the house is taken out of the bankruptcy, and provided you continue to make the mortgage payments, will be quite safe.
Your names will still be on the mortgage. I think you can buy it back, but not 100% on that.
OR has asked it i want to buy beneficial interest
Posted - 02 July 2009 : 14:19:46
