It's complicated

miaoww

Hi, I just wondering if anyone can help / advise me. Long story short I split up with my ex approx 7yrs ago, he left and I took on the mortgage and secured loan fir the property which is in joint names, I haven't been able to remove his name from mortgage due to initially home being in negative equity and then I've ended up with an iva, I was hoping to possibly remortgage for sane amount with permission from iva prior to covid, due to covid he's had reduced hours / pay etc and struggling with his rent / debts and has called me to say hes going to declare himself bankrupt, how will this affect the property? Will it affect it as he's not paid or contributed anything to either the property or secured loan for 7+yrs, all payments have been made souly by myself from my own bank account? Will it affect my iva? I would be grateful for any advise 

Minkym00

 Is there any equity in the property now?

miaoww

Yes there is 

miaoww

Also as part of the terms of the divorce it states that i will imdenify (I think that's the word) him from the mortgage as soon as possible and that he has no claim on the property, another solicitor checked this and advised me that this still stands besides the fact that I haven't been able to yet, I'm just worried how him going bankrupt if he even can with his name on the property that he's not contributed to and how this could affect me and my daughter? 

mwarby

Well you currently have a joint account (the mortgage) this links your credit files until the link is broken, by removing him from the mortgage account. The link will adversely affect your ability to get credit if he goes bankrupt

If he goes bankrupt I’d expect the divorce settlement to be examined by the OR, although it sounds like the property is safe