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 When a house is part of the asset for a debt, is it possible to sell before a forced sale ?
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Dandt96
Starting Member



1 Posts

Posted - 15 January 2017 :  11:31:07  Show Profile  Visit Dandt96's Homepage  Reply with Quote
When a house is part of the asset for a debt, is it possible to sell it before the OR forces the sale , to ensure a fair price and more money towards the debt? And secondly, in a joint ownership, if the wife is not involved in the debt is she allowed to keep her share of the house and what percentage would that be?

Niobe
Administrator



United Kingdom
4582 Posts

Posted - 15 January 2017 :  17:30:15  Show Profile  Reply with Quote
Hi and welcome,

You will have to speak to the OR obviously, to tell them of your intentions as there will no doubt be a restriction lodged at Land Registry.

Hopefully Lisa Thomas will be along to help but I would suggest you speak to a solicitor for some advice.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant


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Lisa Thomas
forum expert



United Kingdom
35 Posts

Posted - 17 January 2017 :  09:52:45  Show Profile  Visit Lisa Thomas's Homepage  Reply with Quote
Hi - are you referring to a Bankruptcy situation?

If so then yes you can agree with the Official receiver/Trustee to voluntarily sell the property rather than go through the stress and hassle and costs of a forced repossession.

Your wife will receive her share of interest from the net proceeds.

Most joint properties are assumed 50:50 ownership unless you can prove otherwise.

Contact me on 01752 786800 or Lisa@nevilleco.co.uk

Edited by - Lisa Thomas on 17 January 2017 09:57:16
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