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michael.hl
Starting Member
1 Posts |
 Posted - 21 September 2009 : 19:33:35
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| if i put are house in the wifes name will it stop them from taking it to cover my debt |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 21 September 2009 : 19:51:33
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No, the OR will check the Land Registry over the past 5 yrs to see if it was signed over to anyone else.
Is there equity in the property? If so then the OR would want 50% of this (your half) to pay to your creditors. If there isn't equity then you can buy the beneficial interest from the OR for £1 + £211 fees. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 21 September 2009 : 20:02:38
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hello Michael
I do not reply to this question as an expert - simply as someone who is BR and will try to make comments that assist other posters to this forum.
I am not sure from what you say whether you are a sole owner of own the property jointly.
If you own it soley, then the OR would undo any transfer of ownership so close to declaring BR.
If you own it jointly, the situation may be different, depending if there is any equity there.
If you are in negative equity (or approaching negative equity) and want to keep the property, then the Beneficial Interest (BI) could be transferred to your wife for £1.00, plus legal fees (£211 in most parts of the country).
If it is jointly owned and has a good deal of equity, then the OR may bring about a sale and pass the share that was yours before BR (ownership of your share will become the ORs after BR).
The OR has a lot of power and as such, he will not allow behind the scenes dealings - He will find out, if the matter is concealed from his/her office. He has the power to add sanctions to your BR that will make life awkward for you
I wish you luck - I am sure on the the Forum experts will make more helpful comments/advice for you.
Richard
"There are no problems - only solutions..." |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 September 2009 : 21:25:46
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That's excellent advice from Housing, and I can't add anything else apart from to say please don't try and hide anything from the OR. It can only backfire and make your situation worse.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
26 IPA payments made, 10 to go - on the home straight! |
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if i put are house in the wifes name
