my share of house

creditcardshuffler

This is a little unusual ..........

I purchased a house in 1990 with my brother we were both named on the mortgage/deeds..I lived there for about 18 months to 2 years then had to leave..(his girlfriend/fiancée moved in and I was a gooseberry)

I moved back to my Mums house for a while then lived abroad for the summer and back with mum for the winter for two years running..then met and moved in with my current partner!

The problem is I was still named on the mortgage/deeds of the first house until early 2003 although I had not made any financial contribution towards the upkeep of the house or mortgage since moving out. At the time my brother wouldn't have been able to get a mortgage in his own name due to his small ish salary so we just let things stay as they were..he just took over the full repayments of the mortgage etc. I received no money for the transfer of the house into his name as I had only made nominal payments for only a very short time in the early 90's

If I go BR now would the OR seek to claim some sort of interest in my brothers old house...he has subsequently moved....

How far back do the OR go with their investigations. At the time of me coming off the deeds/mortgage officially I was relatively solvent!!! (those were the days)

sweeper12

Hiya

Usually with a straightforward BR, ie, no further investigations to anything that looks unusual, the OR will go back on your accounts about a year. They cannot take anything from your brother as he is nothing to do with your finances and would only be involved if you still had the mortgage together.

IF they did go back that far then they would be able to see that you had received no financial gain so I really wouldn't worry too much about it as that was all a long while back.

Sweeper

rog2

I would be surprised if the OR picks up on it, but, and ONLY if it is mentioned, if you explain the situation, it should be okay.

creditcardshuffler

I would have to put this in my statement of affairs thingy wouldn't I?

rog2

creditcardshuffler wrote: »

I would have to put this in my statement of affairs thingy wouldn't I?

Why? You did not have any beneficial interest in the house, nor did you take any 'profit' when the deeds were transferred to his name.

creditcardshuffler

Thanks Rog2 I thought the OR would decide that because the house was still in my name (back in 2003) that when I transferred it to his name for no money I was disposing of it below market value even though I had not paid for it, it was still in my name!!!

rog2

creditcardshuffler wrote: »

Thanks Rog2 I thought the OR would decide that because the house was still in my name (back in 2003) that when I transferred it to his name for no money I was disposing of it below market value even though I had not paid for it, it was still in my name!!!

It IS possible, ccs, that the OR will have done a Land Registry Search and may have linked your name to the house, but you have a perfectly justifiable, and verifiable, reason for what you did, and no-one could accuse you of deliberately disposing of an assett at 'under-value' in the knowledge that you were facing bankruptcy, thus attempting to deceive or deprive other creditors back in 2003. Unless, of course, you have secretly been planning your bankruptcy for four years. :rotfl: :rotfl: