equity in house

James_Carlton

posted in error

jamesd

The OR as trustee has no ownership interest in a jointly owned property. The trustee's interest is in any proceeds of a sale. Because the property is jointly owned the Land registry won't accept bankruptcy restrictions on the property, so instead a Form J restriction will be used.

The OR will try to determine the "beneficial interest" or "agreed value" for the portion of the property owned by the person who is bankrupt. That is not necessarily a 50:50 split.

Also read about The Family Home.

All parties who have an interest in the property will be told of the bankruptcy as soon as possible after the bankruptcy is official. This will include all parties with a mortgage or charge on the property and any tenants.

In addition, anyone who has registered an interest in the property with the Land Registry notification system will be told by the Land Registry that there has been an event once a Form J restriction or charging order is placed. This could be neighbours or someone who wants to keep an eye on the property because they are interested in it, or any random person.