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Beneficial Interest Question
Esoog
Posts: 1,489 Forumite
Greetings,
my girlfriends ex-husband went bankrupt last year. His name was/is still on the mortgage, I purchased the BI.
The way I understand it, even though his name is still on the mortgage and any changes ie selling the house etc would require his agreement (we're working on that), should we come to sell it he has no right to any money etc because I purchased his BI when he was BR?
Is this correct?
my girlfriends ex-husband went bankrupt last year. His name was/is still on the mortgage, I purchased the BI.
The way I understand it, even though his name is still on the mortgage and any changes ie selling the house etc would require his agreement (we're working on that), should we come to sell it he has no right to any money etc because I purchased his BI when he was BR?
Is this correct?
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Comments
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Greetings,
my girlfriends ex-husband went bankrupt last year. His name was/is still on the mortgage, I purchased the BI.
The way I understand it, even though his name is still on the mortgage and any changes ie selling the house etc would require his agreement (we're working on that), should we come to sell it he has no right to any money etc because I purchased his BI when he was BR?
Is this correct?
Yes, that's my understanding, you have basically purchased his equity on the house from the OR and he has no claim on it at allOpinions are like bottoms - We all have one, just some stink more than others
Service Attributable Pension - War Pension - War Pensioners Unemployability Supplement - War Pensioners Invalidity Allowance - War Pensioners Comforts Allowance - War Pensioners Mobility Allowance - War Pensioners Child Allowance - Housing Benefit - Council Tax Benefit0 -
I agree with Intranicity, however, am wondering if it might be worth contacting a property solicitor in order to get the names changed on the deeds now, rather than wait until you sell. Might cost a few pounds but what's peace of mind worth?When I joined, I needed a name. The forum members gave one to me...I am INAN
"Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt0 -
Yah that's what I reckoned, however my girlfriend is not convinced :E0
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Ineedaname wrote: »I agree with Intranicity, however, am wondering if it might be worth contacting a property solicitor in order to get the names changed on the deeds now, rather than wait until you sell. Might cost a few pounds but what's peace of mind worth?
Can that be done? He's still on the mortage as the bank won't remove his name, they won't agree to a change of parties which is basically a new application because of the market at the moment (unless we put down 70k..nice)0 -
Ah, you're right in that makes a difference I think. Maybe in the future then when you and she are able to remortgage and remove his name from that side of things, then you can get a solicitor to sort the deed paperwork out.
But rest assured, he has no rights to the property or any equity in it.When I joined, I needed a name. The forum members gave one to me...I am INAN
"Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt0 -
Has he paid any money towards the mortgage sincethe bankrupcy? ie after you bought the beneficial interest?
If so, think this might give him some new equity in the house (although probably not much of it if he only paid for a few months)
Hoping someone can confirm if this is right as I'm not 100% sure.Only after the last tree has been cut down,
Only after the last river has been poisoned,
Only after the last fish has been caught,
Only then will you find that money cannot be eaten0 -
Has he paid any money towards the mortgage sincethe bankrupcy? ie after you bought the beneficial interest?
If so, think this might give him some new equity in the house (although probably not much of it if he only paid for a few months)
Hoping someone can confirm if this is right as I'm not 100% sure.
heh fat chance of anyone getting anything off him
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