BI and property

MercMan

My ex has a 55% holding in our home and has the right to sell it as per a court order dated April 2008. If I'm made BR will she have to sell it?

She is not party to my BR proceedings.

She has already bought out my share of the property but my name is still on the deeds until she re-mortgages it in a few weeks. I am now renting.

Any thoughts?

peachyprice

Not if you give the OR your 45% share that she's paying you.

MercMan

She's paid me over the course of the past year, most of it has been spent on renting and buying a reliable car for my work (now worth about £2K) and as I have a lousy credit history the agent wanted loads up front to allow me to rent anything. The rest went on buying goods for my new rented home. BTW I was unaware of me going BR (HSBC is doing it to me) when I received the dosh. Basically I have naff all owing to me now.

peachyprice

MercMan wrote: »

She's paid me over the course of the past year, most of it has been spent on renting and buying a reliable car for my work (now worth about £2K) and as I have a lousy credit history the agent wanted loads up front to allow me to rent anything. The rest went on buying goods for my new rented home. BTW I was unaware of me going BR (HSBC is doing it to me) when I received the dosh. Basically I have naff all owing to me now.

Erm, not according to your post back in March, she was about to buy you out then and you were asking how you could stop the OR getting any of it

http://forums.moneysavingexpert.com/showthread.html?t=1544879&highlight=

dalip

Naughty naughty merc man Try asking on the DT forum i am sure they will come up with plenty of useful suggestions

MercMan

The point of my original question was really asking if she will be able to keep the property as she and her new hubby to be will be living in it from next week. They are getting a mortgage arranged at the moment so my name will be off the deeds in July.

The financial side breaks down thus.

I got £15K last May (several months before I had been served with the BR petition), then in March 09 she offered to pay me the remaining £12K in two batches, £5K in May (used as a deposit and 6 months rent for my new home) with the final £7K due next week, which I will use to buy white goods, furniture, major car service and a further 6 months rent so I know I have a roof over my head for the next 12 months.

This totals the £27K as agreed by the Court Order dated April 2008 which at the time was 45% of the market value then minus the then outstanding mortgage at the time of £167,000.

Hope that makes sense.