Separation stresses with mortgage 29 June 2021 at 10:03AM in Marriage, relationships & families 4 replies 291 views

Ross684

Hi all
im hoping someone can help with my question.  I have recently separated from my ex whom I had a joint mortgage with.  I retained ownership of the house and have legal agreement to confirm this, however due to covid I have been unable to remove him from the mortgage or deeds which was fine. Now he says he applying for a trust deed to write off his debt, please can someone advise if this will affect me and the assets in my property? I am now concerned I will be paying for this. Help please 

tacpot12

It's not clear from your post whether your ex actually has any interest in your property. If he still owns any portion of it, he doesn't have a choice in declaring his interest in it to his Insolvency Practitioner. 

If he does own any portion of it, this article may be useful: How will a Scottish Trust Deed affect my property? - Scotland Debt Solutions

To prevent the property being sold, you may need to buy him out. 

Ross684

He is still named in the property on deeds and in mortgage. However I have an agreement made up with my lawyer to say he is not financially entitled to any equity in the property. I just can’t buy him out right at this minute due to covid. 

tacpot12

Assuming you have been well advised, the agreement you have should ensure that his Insolvency Practitioner cannot regard the house as asset of his, so you should be unaffected. 

TBagpuss

Check with your solicitor. I am not familiar with Scottish Law but in England, there are dome limited circumstances where a transaction can be set aside  - particularly where it appears that the transfer was to take the asset out of the reach of creditors, or where the person transferring it was already, or would become by transferring it, insolvent.

How long ago did you enter into the agreement and was he solvent when you did so?
What did he get in return for the agreement that the house would go to you?  (If the transaction was for money or moneys worth it would be much harder to try to over turn it) 
As you refer to a partner I am assuming you were cohabitees, not married, so there's no court order?