whats a indemnity

terzo3

Hey guys,

Im stuck on this at the mo.
Basically my dad was made bankrupt and the inland revenue did this about 6 years ago, and now they want £30k of him. Now the only way he can pay them off is by re-mortaging, but no one will touch him, so he said to his solicitor to transfer the house into my name and i will get a mortage on the house. I have had a offer through from the mortage company but my solicitor has advised i should take a indemnity poilicy and the broker i have used has said they will check on my dad for bankrupcy and so on, and because he is bankrupt the chances of getting a mortage could be slim. Is this true? if i get this policy out will they check on my dad, and if they do can the company say no to giving me a mortage?

jay

silvercar

with bankruptcy, there is the risk that the Official Receiver can undo the sale, if he suspects that the transfer has been done to keep equity away from creditors or that he has not released full market value and sold it to you cheap.

terzo3

Silver,

thanks for your reply mate, see i dont get this, my dad wont be doing anything like that and he wont be wanting to claim anything back from the house. the reason we have to transfer the house in my name and i have to get a mortage is because he cant get one. Hes not bothered how much he is passing the house onto me because he just needs to pay the inland revenue off.

How likely is it then i get a mortage on the house, bearing in mind he wont want anything back from the house.

JAY