Hi, myself and a friend purchased a property together 2 years ago. last month he was declared bankrupt and the goverment now owns his half of the house. Where do i stand on this. As far as i am aware i still own half of the property. How does mortgage payments, repairs and updating work? Is there a way i can purchase the other half off of them? Kind Regards Jack
hi and welcome to the forum as long as the mortgage or deeds show you as part owner then your Beneficial Interest is untouched your friends BI is now in the hands of the Official Receiver. if there is equity in the property the OR will want to release it by sale, if the property is in zero or neg equity the OR will likely offer the BI to your friend
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
Chester has set out the position so far as your interest in the property is concerned.
Just to add that if there is border line/negative equity which is possible if you purchased 2 years ago the cost of buying the BI from the OR is (generally) £211.00, plus £1.00.
Post bacdk again, if you need more detail - it is set out on the Insolvency Service website - good luck, Richard
Hi, myself and a friend purchased a property
Posted - 22 November 2009 : 20:30:45
