Br & ex has name on the mort

asp746

i've just found out my ex has gone bankrupt and its all gone thru the court.

the thing is, his name is on the mortgage he has with me. so i'm wondering how come i've only found out about this thru a solicitor who's doing a transfer of equity on the house for me.

i'd have thought whoever made the ex bankrupt would've tried to get some money off me as i'm in the house?

skylight

No-one would try to get money off you as you dont owe anything in that sense.

If there is any equity realisable in the property then the OR is only interested in your Exs share. Your solicitor has found something I assume from Land Registry as thats where the OR would lodge their interest and it will block the equity release you are trying to organise.

I agree that is it odd you have not been contacted yet about the property. The OR should give you the opportunity to purchase your EXs beneficial interest in the property which normally equates to the value of his share of the equity. Unless you have a trust deed of sorts in your favour then that will be 50% of the equity.

Somebody at some point will be contacting you about it but I would suggest you grab the bull by the horns and contact your Exs OR yourself and ask them what happens next etc.

You are now completely liable for the mortgage on the property and any property issues/debts and your EXs name will not be removed from the Land Registry by purchasing the BI alone.

debtinfo

You would normally expect the first letter to be sent to you about 3 months after the bankruptcy order

asp746

once my solicitor found out during the final stages of the transfer that there was a bankruptcy order on my ex she's already written to the offcial receiver to advise. she thinks its nothing to worry about as we have evidence that i put the large deposit down and have lived alone there for several years.

the solicitor thinks we should hear back late next week from the receiver and seems confident that if anythng, all i'll have to do is sign a legal document to confirm all equity in the house is mine.

lucky we found out about the br now rather than when i had a buyer lined up.

asp746

debtinfo wrote: »

You would normally expect the first letter to be sent to you about 3 months after the bankruptcy order

we think that when he went bankrupt he's not disclosed his name was on a mort hence i've not heard anything.

i just hope i don't get chased to release equity from the house to pay any of his debts off.

skylight

Its unlikely that he didn't disclose his name. Because he would be in serious trouble for hiding stuff and would be slapped with a BRU that extends his BR restrictions etc for up to 15 years. ORs would cross reference with land registry/addresses provided by him/credit file (it would be on his credit file and be queried) etc.

If your solicitor has come across a block on the property then he obviously has notified them.

ORs have up to 3 years to take action on a property so you could find yourself having the equity blocked for sometime. If the OR does want equity released then its only his share of what is legally his and not your share at all.