Should I go bankrupt?

WhenIam64

In that case, might as well let the Official Receiver sort the mess out.

Would again caution against letting the OR "sort it out" until beneficial interest has been investigated.

katsu

Can you sell property 3 via an auction? Basically I am wondering if there are other options you may have which could stop you having a problem with that property. However, I note you say that you are subsidising property 2 and have a bank loan that you are repaying, so some debt advice on your options may be best.

I appreciate your lender doesn't want to let you have a buy to let - can you communicate with them about your situation (having moved overseas so not being able to live in the property)? Or can a broker help find you a BTL mortgage with another lender? Might not be a good idea if you can't get enough rent to cover the mortgage etc.

What are your plans? Do you want to move back to the UK as a family in the next few years?

Good luck with your situation.

fatbelly

angie85 wrote: »

The mortgage on the family home is and always been been solely in my husbands name. Could he be pursued for my outstanding debts?

And I presume he is the sole owner as recorded at the Land Registry, you have never owned it and there is no deed or document giving you a share.

The concept of beneficial interest in a property the bankrupt does not own comes up regularly and any professional debt adviser has to make you aware of it because it exists and it would be negligent to suggest otherwise.

However unless there are unusual factors the OR will assume that 'beneficial interest follows title', and I've never known it to be different in practice.

angie85

Thanks everyone for their advice.

Having taken specialist advice it would seem fatbelly and foxy-stoat are correct.

No equity to protect and no beneficial interest either.

foxy-stoat

WhenIam64 wrote: »

Would again caution against letting the OR "sort it out" until beneficial interest has been investigated.

Wouldnt be a bad thing if it did, as any equity would go towards repaying the debt that the OP has amassed and moved out of the country.

Minkym00

Yes you would have to move back to the UK and prove that the UK is your “centre of main interest”.

Also the OR would not “sort out your properties”, an insolvency practitioner would. As soon as your bankruptcy is gazetted then IPs will be all over it. You could end up losing £20k in costs.

Even if you sold the property at a loss you might be better off paying a mortgage shortfall than going bankrupt.

fatbelly

Minkym00 wrote: »

Even if you sold the property at a loss you might be better off paying a mortgage shortfall than going bankrupt.

You're assuming the OP has assets somewhere?

Weebella33

Aorry to jjmp on but can anyone show me how to do my own thread? I cannot see it anywhere! I am new to this site and i have spent a good hour and cannot find it anywhere! X

evenasus

Weebella33 wrote: »

Aorry to jjmp on but can anyone show me how to do my own thread? I cannot see it anywhere! I am new to this site and i have spent a good hour and cannot find it anywhere! X

https://forums.moneysavingexpert.com/forumdisplay.php?f=136

You'll see the NEW THREAD button.