will the or seek undervalue transactions even if the person flees before BR?

peachyprice

I think you need to seek legal advice before you pay her anything.

If you do pay her, it now needs to be official. Otherwise when the OR comes after you he'll want the whole lot back, at least if you can prove you've paid some back you can reduce the amount they can take.

On the other hand if she's plannning on doing a runner and leaving you to sort out her deep !!!!!! why bother paying her anything. You'll need that money yourselves to cover legal fees for advice you now need to take.

skylight

You need LEGAL advice. Find a good solicitor, one that offers free first appointment etc.

A charge cannot be put on a house in relation to her debts as the house is not hers. If her name was on the mortgage or deeds however that would be a possibility - but you have said its not.

And I have never heard of an OR petitioning for bankruptcy either. I suppose theroetically it is possible if you owed them money as they would be a creditor - and thats the bit, about whether you can/do owe them money.

She is not BR yet and she may not go down that route. All her financial dealings will be investigated and she may not want that. Its also possible that she only told you she may go BR too scare you into paying her money sooner than you can?


The Insolvency site (you did use insolvency.gov.uk, not the org.uk one??) is giving you a worse case scenario I guess - but its also possible that both places did not have the full details etc anyway perhaps.

IF all goes wrong and you do have to give the money back, you could sell up - leaving you in no worse position than you were before you bought the place. Thats a big *if* though. And although I will tell you again to seek legal advice and not to lose sleep over it, I know the latter is easier said than done.

monkfish_3

thanks so much for the replies

i am more than happy to give the money back to the OR if they request it I just need time to remortgage the house myself (as its very difficult because of lenders and phd incomes and they want you to have been in the house 6 months), i hope the OR will give me that time before taking the house (if they can)

and obviously if we have to sell the house if its gone down in value we will lose the money that we put towards it (30k)

skylight

monkfish wrote: »

and obviously if we have to sell the house if its gone down in value we will lose the money that we put towards it (30k)

No - you wont.

*IF* (that big if), you had to sell, then all fees are deducted, all your costs are deducted and the OR gets whats left. BR is a personal thing and should not affect you at all - its her BR, so its her who is out of pocket, not you. This would take you back to the forcing you into debt situation which they cannot do.


Please come back and let us know what the solicitors think though. Make sure you find one with some understanding of the insolvency laws!

And hope it all works out for you.

peachyprice

Monkfish, everything in BR takes time. If someone else makes her BR it will not happen overnight, they will have to try to get her to pay otherways first, by debt collection etc., Making her bankrupt will be the last resort and will be a few months down the line.

Even once she's bankrupt and the worst happens (which it may not) the OR would give you time to sort things out, and would probably be more than happy for you to re-mortgage to raise the money, and may even do a deal on the amount. It saves them the hassle of reposesssing the house and having to sell it.

monkfish_3

jesus i hope you guys are right, maybe i will get some sleep tonight

peachyprice

Just had another thought, which wouldn't effect you as an innocent party, but this rather smacks of money laundering.

monkfish_3

it can't be because she remortgaged her house to release the money to us, i went with her to the mortgage meeting and i even witness signed the documents

peachyprice

Sorry I'd forgotten that bit, I thought for a moment she'd given you cash!

maxmycardagain

gives yoy £100k? does she need a toyboy (cough) ahem, if so, heres my phone number....

if the OR swallows that then id be very suprised...