Question

thinkingstraight_2

I am separated from my wife about 6 months and bankrupt almost three months. OR interview went fine and I have no assets worth mentioning except I did declare my interest in the old marital home. The property is in my wife's name and I have since been informed that she is putting it up for sale. At best there is about 5k equity in the property after clearing mortgage. My question is can she legally sell or will she hit problems when it hits the solicitors if she achieves her asking price. Will the OR prevent the sale due to my interest in the property. I am not on speaking terms with the ex and really do not want to cause any more aggravation. Appreciate any advice.

debtinfo

If it is solely in her name then the OR would find it more difficult to stop her selling it, it is not an automatic restriction like it would be if it was in your name. It can be done but would require a court order. The OR has to be pragmatic and whilst i cannot say what they will do they might decide that with selling costs it is not worth the effort

thinkingstraight_2

Thanks for the quick reply. Wondering if I should inform the OR to keep myself right or leave well alone. I am also thinking I should maybe advise my ex wife to keep half the sale proceeds as the OR may require this. Not a conversation I would look forward to.

debtinfo

I think that the right thing to do is to tell the OR as it is your responsibility to inform them of any info about assets or potential assets and leave it at that.It isnt your job to negotiate with the ex or anything like that, the OR will do that if they need to

thinkingstraight_2

Thanks. I think I will keep quiet on both fronts. It was a friend who told me about the potential sale. I noted my potential interest on the forms and think I will leave it at that.

thinkingstraight_2

Another twist to this one. Long story short ex wife received a letter from OR stating that he has no objection to property sale as long as sold at market value and not to a family member or friend. Her brother and his fiancee wish to buy the property as they are getting married next year and it is exactly what they are looking for. Given they will pay market value why would OR reject to this or do they need more convincing that it is at market value.

thinkingstraight_2

bump.........

thinkingstraight_2

would appreciate any thoughts on this as I do not want the ex incurring solicitors fees etc to sort this out if she is able to deal with it directly with OR. If she forwards the estate agents valuation to the OR would this be sufficient to allow the sale to proceed to her brother and future sister in law.

tigerfeet2006

That's an odd one as I thought that if it was sold at market value then it wouldn't matter who bought it.

I would PM debtinfo or JCS1 or debt doctor and ask them if they would be kind enough to look at this thread and comment.

debtinfo

It is not a case that it cant be sold to to a family member, just that it must be done at "arms length" ie no shortcuts because its family, so separate solicitors, separate valuations etc, go back to the OR and tell them what you want to do, im sure they will allow it but they will probably ask for a list if things to be done to make sure that everything is above board

thinkingstraight_2

Thanks. I will pass this on.