finally got court order for the house but...

rahimasara

ive just got a court order for house but few issues

mortage and house was solely in his name
barclays residential mortgage is 380k
valuation of house is £550k
charging order for a separate loan of £110k

what can or should i do?

im on low part time paid job, what are the chances of barcalys converting the mortgage to a Buy to let so i can keep hold of the asset hoping it will appreciate or i can get some rental income.

can i sell the house under market value to a relative so the second charging order of £110k will be non enforecable, i dont see why i have to pay his charge order.

any advice...

Guest101

really not enough information.


What does your order actually say?


Are you or have you ever been a Landlord? (If not, just sell whatever share you own)


I doubt you'll sell it for under market value. I'm not entirely sure how you have gotten anything at all really and hence the need for more information.

AnotherJoe

rahimasara wrote: »

ive just got a court order for house but few issues

the first being what is a "court order for a house", that could mean anything.

mortage and house was solely in his name
barclays residential mortgage is 380k
valuation of house is £550k
charging order for a separate loan of £110k

what can or should i do?

im on low part time paid job, what are the chances of Barclays converting the mortgage to a Buy to let so i can keep hold of the asset hoping it will appreciate or i can get some rental income.
How come everyone thinks being landlord is a doddle? Whats your plan to pay what would be a huge mortgage every month if the tenant stopped paying rent? So, odds are Barclays would have the same attitude.

can i sell the house under market value to a relative so the second charging order of £110k will be non enforecable, i dont see why i have to pay his charge order.

I'd have thought that the court order (whatever it is) takes the value left in the house into account which would include that charge so that would be why you should "have to pay his charge order" because in effect the court ordered it !

Anyway if you sold it for under market value deliberately, that would be fraud and since enquiries would come back to your ex as to why its not being satisfied I'd imagine that would come to light pretty sharpish. Thats if you could sell it but since the lender would want their money at the same time you sold it they'd see what was happening anyway. (It doesn' work that you sell it and then give them the money or you could just do a runner. You'd need their agreement to sell. I think they will notice if the amount of money they get back is zero.)

any advice...

Sell it for as much as you can get and distribute the money however the court order says.