Transfer of Equity

doily2

I am separated from my husband and I have stayed in the marital home and carried on paying the mortgage and bills etc by myself. He has agreed to transfer the house over to me but he is having problems with his debtors from a business he used to have and they may be in the process of making him bankrupt. Any advice please? Ta v much.

tigerfeet2006

Sorry don't know much about houses but hopefully someone will be along isoon to help you.

Also try talking to one of the Debt Charities

http://www.moneysavingexpert.com/loans/debt-help-plan

Richard_S

doily2 wrote: »

I am separated from my husband and I have stayed in the marital home and carried on paying the mortgage and bills etc by myself. He has agreed to transfer the house over to me but he is having problems with his debtors from a business he used to have and they may be in the process of making him bankrupt. Any advice please? Ta v much.

Hi doily,

If your husband is declared bankrupt then his equitable interest in the house will revert to the Official Receiver who will look to realise that interest for the benefits of his creditors. It's a complex area and arriving at the level of your husband's interest will be subject to a number of factors.

You really should seek legal advice on this and if you're on a low income you should qualify for legal aid. You won't all of a sudden have the O.R knocking on your door but it's fairly certain that they will contact you at some point and you really do need to have a plan in place as to how you're going to address the situation.

I have of course assumed that there is equity in the property; if not then you have nothing to be concerned about.

Best regards

Richard