Gifted a House

Philsw Forumite Posts: 2
First Post
Hi Everyone,

Hoping someone here can help please? My wife and I have just been gifted a house, we have the the keys and we are the registered owners.
The issue is my wife is 2 years into her IVA, she has spoken to them in regards to this but they said they could not tell her what would happen until we own the house but there is grounds for the lender to make us bankrupt and take what is theirs (understandable from the lenders point of view) 
Under normal circumstances we could never have afforded a mortgage let alone own a house outright, the money was never an option, the awkward conversation with the the person buying us the house did take place, they even sought legal advice, the advice was clear do not proceed and put the money in a trust.

She did not want to do this and said to proceed and we, as you can imagine giddily started house hunting. 
We now have this looming over us and reality has kicked and we're worried we may lose our home.

Just for context the IVA is not in my name only my wife's, although my history with money is not any better, the house is joint owned 50/50.
The person who bought the house had a very significant windfall..

Can they take our home from us? 


  • MovingForwards
    MovingForwards Forumite Posts: 16,542
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    How much debt was your wife in before the IVA started?
    How much is the property worth?

    You can't be made bankrupt as it's not your debt.
  • Philsw
    Philsw Forumite Posts: 2
    First Post
    Sorry for the delayed reply been very busy.
    I believe the amount owed is around £20000 and the house is valued at £370000.
    I know I cant be made Bankrupt but the threat was towards my Wife..

Meet your Ambassadors


  • All Categories
  • 338.7K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.6K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 171K Life & Family
  • 243.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards