relationship split and bankruptcy.

surfwidow80

i just cannot seem to find any details on this topic.

Me and by ex split one year ago, and are just starting to solve housing issue out finally!

We jointly own a property. Mortgages £127,000 and £11,000 that i have been paying. I am currently in the process of taking over these mortgages and getting the house transferred into my name only. Technically, i am buying out his share of the equity with £14,000. £11,000 mortgage was originally a loan in his sole name, which was added to the mortgage to ease his monthly payments. And a further £3,000 in missed mortgage payments.
When the property is solely in my name, he is released from any commitments he has with regards to it.

If he decides he wants to file for bankruptcy, bearing in mind the house will then be in my name, is this going to affect me in any way?
I am worried that they will see the dates are close to each other when it comes to the title deeds for the house being transferred in my name, and his date for starting bankruptcy proceedings.

Also, if he decides to go down this route, does he have to state that he used to own a property/transferred equity/names, or is it a case that as he no longer has any commitments with the property, and therefore nothing is mentioned about it?

Your help would be gratefully recieved, as this is starting to worry me and my future.

Thanks.

lisamummytoarchieplusbump

hmm tricky one the OR might see it as disposing of assets as you do have to declare if you have sold a house,shares, cars etc on the form and may get asked how much your bought them for and what he has done to the money.
but someone more expertly wise on property will be along soon to answer fully

lisa

maxmycardagain

he may get asked what hes done with the money but if the amount paid is in line with what his share of the equity really was/is then its down to him to sort the OR - or he can expect a BRO

surfwidow80

Thanks for the speedy responses!

If he starts the proceedings, can he withdraw at any time?

lisamummytoarchieplusbump

going br takes a day to do he books an appointment at court he turns up on that day pays the br fees which are £495 hands in br forms then waits for them to process it then goes home it lasts a few hours

jellygirl_2

Hi - on the forms he will need to declare if he has disposed/sold any property/assets within the last five years - just in case you dont know = hope all goes well for you both:)

Addicted2Chocolate

The OR will have no problem with the property being put into your name, as long as he can show the OR that you paid him the correct amount for his interest in the property. In order to show this he will need to provide the OR with:
i) at least one, pref 3 valuations by local estate agents, or one valuation from an independent surveyor, to show what market value of property was at time or close to time or transfer
ii) mortgage and secured loan statements or redemption figures for the date of transfer
iii) a copy of the completton statement from solicitor that dealt with transfer
The OR will expect you to have paid half of (market value less total amount owed to secured creditors)
All the above will satisfy the OR that transaction was not at undervalue to the detriment of creditors. Ths wont affect you, but the ex will need to provide full account of how he spent money he receives from you: dates, amounts, names paid etc. Its fine for him to use it for reasonable living expenses and payments to creditors. He should not use it to repay any debts to friends or family in preference to other creditors.

surfwidow80

Just wanted to say a thankyou all to have helped me here with your advise. I have contacted a solicitor today and have an appointment booked as think thats possibly the best way forward.

Many thanks again.