seoarated from my husband and he is going bankcrupt

saver4321

Hello

Can anyone offer me any advice? I am separated from my husband and he is going bankcrupt.

Myself and my two young children live in the house
I am paying the mortgage, bills for the house and all costs for the children. We have a mortgage in joint names with approx £20K equity.
My husband has £50K of unsecured debt. £13K of it unfortunately is in joint names.
he is not paying his/joint debt but I am contributing to the joint debt via a debt management plan. I am struggling financially, will me and the children lose our home?

skylight

Is the £20k accurate? With house prices these days, you could easily get that down by getting realistic quotes of your own. With less equity, there is a better chance of keeping the house.

Official Receivers do not want to kick you or your children out. If there is no equity (or very low), you should be to purchase your Ex's beneficial interest in the property for £1 plus costs (£230ish I think).

As you already know, all joint debt will fall solely to you.

You mention that you are struggling. Have you considered BR yourself?? If there is no equity in the property then your share of the BI could be bought (by a trusted friend/relative) and you could still keep the property. Plus having no debt.

Something else you need to consider is that if you are able to purchase your Exs BI, then this does not automatically mean that you own the property 100%. You still need to get a solicitor to sort out removing his details from the land registry once he is off the mortgage (I say a solicitor as I think this is something you cannot do yourself). The last thing you want is for him to try to force a sale to claim some equity in a few years during a potential divorce.

saver4321

I Think the 20K is accurate-ish. My house is on the market for sale. Should I drop the price to just cover the mortgage and avoid neg equity for a quick sale before the bankcrupt proceedings start? I've been thinking that I should sell just to financially disassociate myself from OH. My worry is through that I will never be able to get on the ladder again though. I have tried to remortgage in my own name but have been turned down. I haven't considered BR myself. I thought there were more cons than pros going that route. I'm struggling financially as I am bearing all costs and my interest only mortgage repayment is over £1100 a month, but I don't qualify for housing benefits etc.
I am seeing a women's aid solictor next week to get advice, initially for a residents order for my children. I've got a free 30 min appt. Is there anything else I should ask in this appt so that I know how I should proceed now?