Bankruptcy and family home

gunslinger13401

On behalf of a friend whose ex partner although they still share the house has declared himself bankrupt. He probably owes more than his share of house although he will not tell her the true extent of his debt.
He wants to sell his part of the house to his mother but my friend does not want his mother owning any share in the house. Do they have to get her permission. Can she choose who his share is sold to while she retains her share. Thanks in advance. Mike

fermi

Do you mean the OR/trustee selling the beneficial interest? As far as I know they do not need permission of the other party, but property is not 100% my thing.

longtermplanner

If she could buy his share, then she should make an offer to the OR.

If she can't afford this, then I doubt she can block the OR disposing of the interest.

Matts_Mum

It depends whether the transfer is to be done before or after he BR. If after, the OR will have a say in who can or can't buy the BR's share of the property. Although the Land Registry records will indicate the BR is a joint owner, the beneficial interest vests with the OR. In my experience they do make contact with the other joint owner. And of course the mortgage provider will have a say too.