Is there only one option?

diablobear

Thanks so much guys for making it a bit clearer to me. I agree with what you say and some of which, were my initial thoughts, but wanted to post here to get other peoples take on things.

I personally feel/assume............

At the moment, he has no choice, but to get a job even though it pays less which covers the mortgage and living expenses and ride out the storm waiting to see what the creditors may or not do. No point in paying for BR if someone will do it for him.

He shouldn't carry on finding a job that will enable him to pay everyone else off to keep the house. I feel that BR is invevitable and the best solution.

He is in a very difficult moral position, but if his Mum has somewhere to live and he pays for this, (hopefully allowed - hence my dependent question) this is going to have to be the best outcome.

There may be prospect of someone who may be able to purchase the BI in the house, if or when BR happens - as long as he is able to continue with the mortgage in new employment albeit on a much reduced income to what he had.

If HMRC or other decide on going for BR then that's his next bridge.

If I'm wrong with my assumptions, feel free to let me know.

diablobear

Richard_S wrote: »

There is also a very real chance that his Mother has a B.I in the property, which will make it more complex, but ultimately, and hopefully, a more acceptable outcome.


Richard

Thanks Richard, this is definatly worth looking into. Where do you start with this as the advice he's had from the debt charities did not mention this possibility. A brief conversation with a solicitor said that the OR would unpick or disregard any claim from her.
BUT, she has paid for the upkeep of the property in her name since purchase. As she would have if she had bought it herself - All insurances, minor modifications, repairs, council tax, utilities etc. etc., she's even paid the mortgage from limited savings to keep the home when times have been tough.
Is it worth speaking to different solicitor? The CAB could probably help but I feel they need someone specialist but at little cost.

Richard_S

diablobear wrote: »

Thanks Richard, this is definatly worth looking into. Where do you start with this as the advice he's had from the debt charities did not mention this possibility. A brief conversation with a solicitor said that the OR would unpick or disregard any claim from her.
BUT, she has paid for the upkeep of the property in her name since purchase. As she would have if she had bought it herself - All insurances, minor modifications, repairs, council tax, utilities etc. etc., she's even paid the mortgage from limited savings to keep the home when times have been tough.
Is it worth speaking to different solicitor? The CAB could probably help but I feel they need someone specialist but at little cost.

Hi diablobear,

Property is difficult enough even when there are no complications. I think it would be well worth the cost of consulting a solicitor or accountant who specialises in insolvency, or an insolvency practitioner, in a case as complex as this.

I would tend to go for a solicitor because there is always the chance of legal aid.

There's no doubt in my mind that the Mother does have a B.I, but it has to be established, and the O.R won't be on your friend's side in the discussions.

Rog2 had a more complex purchase of his B.I than we did, and he always advocates employing the services of a solicitor. Personally, I avoid them like the plague, but sometimes they are a necessary evil.

Richard