ex has gone bankrupt and we have joint mortgage!

raquel39

thanks i appreciate your input, i think i will put the house on the market, and try and keep up the repayments and hopefully start afresh, no point in crying over spilt milk !!!!

raquel39

skylight wrote: »

He cannot tell you how much the debt is, because he doesn't know at this point!

You would ONLY be liable for the shortfall in the property IF you were to give the place up for repossession and the re-sale does not cover the mortgage and anything secured on it.

Recievers are not good at explaining, it's not in their interests when they want money!


Basically, all the reciever can take is 50% of any equity (profit) in the property. If there isn't any then he cannot have what isn't there. £5k is not a lot and you can certainly get valuers to value the place less that £5k. If not, everything is negotiable (regardless of what the reciever may tell you).

What is very important for you to do, is to purchase your ex-OHs beneficial interest in the property - that will cost £211 costs plus whatever his share of the equity is OR £1 nominal fee if there is no equity. This will prevent your EX ever being able to come back and ask for money should you ever sell as all profit will then be yours. Ensure that this is done correctly at land registry. Now, his name will still be on the property as an owner (with no legal liability to it!) but will not be entitled to his share any longer as you will own it.


And your credit file - you are not linked because of the address, you are linked because of a finacial association; in this case the mortgage.

If you are able to continue paying the mortgage etc, and you have no debt, then you would be daft in giving up the property.

My ex is declared bankrupt, can i still buy the beneficial interest, as i could not afford it when he filed last march, wish i had done it then, great advice thankyou

elfen

Can you get a lodger in to give you a hand with the mortgage so you don't lose your home?

raquel39

elfen wrote: »

Can you get a lodger in to give you a hand with the mortgage so you don't lose your home?

house not big enough unfortunately! but thanks for your advice, have considered letting it, but kids get stressed out about moving

skylight

This isn't supposed to be patronising at all, but you are getting everything you are entitled to, income wise? As in Child tax Credits, CSA etc and you do review your expenditure on a regular basis to check you are only paying what you should?? Even an extra £10 a month would help!

raquel39

skylight wrote: »

This isn't supposed to be patronising at all, but you are getting everything you are entitled to, income wise? As in Child tax Credits, CSA etc and you do review your expenditure on a regular basis to check you are only paying what you should?? Even an extra £10 a month would help!

I appreciate all the advice i have been given, i work full time and do get child tax credits, but because i dont get income support, i cant get any help with mortgage interest payments. Someone mentioned buying the beneficial interest in the house but i dont know if it is too late as my exhusband is officially declared bankrupt, its a bit of a minefield isnt it, thanks for your advice

skylight

It's not too late for the BI. The ORs can retain an interest in a property for up to 3 years after BR and you can purchase it at any point during that if offered, or you ask for it. You may have to get some valuations to offer the OR though, so get a couple of estate agents round and tell them you have been offered a job 50 miles away and need to sell up fast so need an appropriate valuation please.

raquel39

skylight wrote: »

It's not too late for the BI. The ORs can retain an interest in a property for up to 3 years after BR and you can purchase it at any point during that if offered, or you ask for it. You may have to get some valuations to offer the OR though, so get a couple of estate agents round and tell them you have been offered a job 50 miles away and need to sell up fast so need an appropriate valuation please.

one more question please? I stupidly turned down buying the interest, as i couldnt afford solicitor fees, can i still ask them if i can buy it now. Wish i thought about this when i had the chance, feel very naive for not checking in first place:( but thanks for your great advice, i feel better already:)

skylight

You can still ask them to buy the BI. They do not have to sell it to you though, but I cannot recall a single case of that here. Most ORs just want rid of things asap.

It will cost £211 fees plus whatever the OR claims your EX's share of the profit is OR £1 if there is no profit. So you need cheaper valuations to ensure you pay as little as possible. Could you get a family member to help you out perhaps?

peachyprice

Yes you can, that it what the OR wants.

You need to get valuations for a quick sale to establish how much equity there is then you can negotiate with the OR how much they will accept.

At the end of the day the OR really doesn't want to have the hassle of selling your house, especially if there's a likelyhood of not actually making anything once all costs have been paid so may well be open to negotiation.