We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Solicitor needed for buying bankrupt ex's half of property?

Treadway1
Posts: 826 Forumite


Hi folks,
Not sure if this or the Bankruptcy section is the best for this question, but either way Im hoping this will be the last time I have to ask anything about this situation.
Long story short is that my ex (Who is joint mortgage holder with me on the the house I live in) went bankrupt two years ago, and I am now starting the process of buying her interest in the property from her OR. Ive informed the mortgage company of this but they havent offered any help regarding legal advice (Not that I was expecting any, of course, but thought I should mention it).
Anyway, the OR has stated that I may wish to seek legal advice on the matter, to look after my interests as their solicitor obviously cant act on my behalf as well. So my question is, do I really need a solicitor for this? Is it something that has to be legally signed by someone qualified to do so, or would it just be a case of a solicitor overseeing the process to make sure everything is correct?
Obviously, Im just trying to save a bit of money, but what got me thinking is the fact the OR made a point of saying that I MAY wish to seek legal advice, not that I MUST. Does anyone know if this is something I can do myself?
Any advice appreciated
Not sure if this or the Bankruptcy section is the best for this question, but either way Im hoping this will be the last time I have to ask anything about this situation.
Long story short is that my ex (Who is joint mortgage holder with me on the the house I live in) went bankrupt two years ago, and I am now starting the process of buying her interest in the property from her OR. Ive informed the mortgage company of this but they havent offered any help regarding legal advice (Not that I was expecting any, of course, but thought I should mention it).
Anyway, the OR has stated that I may wish to seek legal advice on the matter, to look after my interests as their solicitor obviously cant act on my behalf as well. So my question is, do I really need a solicitor for this? Is it something that has to be legally signed by someone qualified to do so, or would it just be a case of a solicitor overseeing the process to make sure everything is correct?
Obviously, Im just trying to save a bit of money, but what got me thinking is the fact the OR made a point of saying that I MAY wish to seek legal advice, not that I MUST. Does anyone know if this is something I can do myself?
Any advice appreciated

0
Comments
-
I suspect that it is because you are taking on another parties debt and as such you need legal advice to make sure there is no coercion.
Do you have access to a legal helpline through your buildings and contents insurance, or try community legal advice http://www.communitylegaladvice.org.uk/ and see what the conscensus is.
Oh and nice pic!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Its our understanding on the BR board, that beneficial interest (which you are buying from her OR) and ownership are two very different things, so don't get confused over it.
You will need a solicitor who knows what they are talking about.0 -
Its our understanding on the BR board, that beneficial interest (which you are buying from her OR) and ownership are two very different things, so don't get confused over it.
You will need a solicitor who knows what they are talking about.
I think I may know what you mean, but would you mind clarifying, please? I realise that buying this would give me 100% interest rights in the property, (i.e. I could sellit by myself, without having to inform anyone else) but that the mortgage company would still own the house until the mortgage was paid off. Is this what you mean, or have I completely missed your meaning???Mrs_Bumble wrote: »I suspect that it is because you are taking on another parties debt and as such you need legal advice to make sure there is no coercion.
Do you have access to a legal helpline through your buildings and contents insurance, or try community legal advice http://www.communitylegaladvice.org.uk/ and see what the conscensus is.
Oh and nice pic!
Thanks for this. One question though.... What pic?0 -
Click on the bit at the bottom
Originally Posted by Graham_Devon
It's the hamster!!
lol
Not sure if this link is any help?
http://www.insolvencyhelpline.co.uk/bankruptcy/what-will-happen-to-my-home.php#home4I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617.1K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards