To BR or not BR, that is the question...

fiveyearplan

Hi TAD - unfortunately I think if you are the joint mortgagee then the property is jointly yours. The property does not belong to your mother at all. I'm no property expert but I believe this to be the case.

Keep asking on here so you can have a list of things to ask the debt advisor next Friday when they phone.

tiredanddesperate

Hi everyone

Just wondered about this property in Spain. Where would I stand with the BR and OR if my name was NOT on the mortgage. ie. if my sister took it all on by herself?

Also, are there any limits put on the type of rented accommodation you can move into, because I can rent something nicer than I currently own, for LESS money per month. Can the OR tell you how much you are allowed to spend on rent?

I'm dreading tomorrow morning - the phone will start around 8am. The mortgage company will be on the blower straight away, expecting payment, but H's new job doesn't start paying until next Friday (4 days after mortgage is due) so that will another month missed/paid late.

All the DCA's will be on the phone as well.

Chatting to CCCS on Friday will hopefully guide me towards what I think is a foregone conclusion now - BR. Funny, but it seemed really frightening only a few weeks ago. Now it almost seems like a release. But I suppose, in a way, it is. It's being re-born...... a new start.......

Am I being weird? Am I missing something? Like some brain cells, perhaps?!!!

tigerfeet2006

I thought you said your name was already on the mortgage? You cannot remove yourself from the mortgage at this point as it will not look good with the OR and he could reverse anything you have done.

You can live where ever you want as long as the rent is resonable. For instance if you were single and living in a 4 bed house then you would be told to move. The property you have seen sounds perfect.

fermi

tiredanddesperate wrote: »

Just wondered about this property in Spain. Where would I stand with the BR and OR if my name was NOT on the mortgage. ie. if my sister took it all on by herself?

Probably not a good idea. Removing your name from a property just before you go bankrupt just looks suspicious, and has no effect on whether the OR can determine that you have an interest in the property.

I'm not that hot on property, but I tend to agree with everyone else. Since you are the joint mortgagee and the property is in your name then you jointly hold the legal 'title' to it.

But the OR's aren't interested in taking/selling property just for the sake of it. Instead the will try to realise any financial interest in it.
If you did not contribute to the deposit, the mortgage payments, and the property has not grown significantly in value then they will probably determine that you don't have any current interest. You may then be able to have your sister buy out any future potential interest for a nominal sum.
That's assuming it will work the same way with a property in Spain as it would one here.

tiredanddesperate wrote: »

Also, are there any limits put on the type of rented accommodation you can move into, because I can rent something nicer than I currently own, for LESS money per month. Can the OR tell you how much you are allowed to spend on rent?

There are no set rules on rent, but it just has to be reasonable given your circumstances/family and area.

tiredanddesperate

Thanks everyone.

The value has NOT gone up in Spain - that's in 2 years. The mortgage has only just completed following a bang-up-to-date valuation. I could prove I haven't paid any of the deposit.

I'll talk to CCCS about it on Friday. My mum & sister have told me I can't go bankrupt because of Spain. Mind you, it's not their life is it?

fermi

tiredanddesperate wrote: »

I'll talk to CCCS about it on Friday. My mum & sister have told me I can't go bankrupt because of Spain. Mind you, it's not their life is it?

Nope. Both your life and future are yours.

It'll be interesting to hear whether CCCS can make any definite comments on the house, but if not there are other places you can ask for advice. Starting with my signature.

You could even email the Insolvency Service to see if they can advise what your position would be. (I find I get a better answer by email rather than phoning them)