repossesion if girlfriend declares bankruptcy

james3333

well i have been to the bank and they have said its no problem to remove her name.
so, why COULD she still have a hold over the property for 5 years?
if i got one of these policies, would it take her claim/hold of the property away from her and the debtors/courts?

silvercar

Don't think an indemnity policy exists whereby it would cover you for your ex's future financial affairs.

If you do it now, you have the risk that if she went bankrupt the official receiver could look into the transaction for the next 5 years. If you don't do it and you ex got into debt (loan or credit card), the lender could put a charging order on your home at anytime that she is still on the deeds.

At some point in time you will want to remove her name, so it makes sense to do it as soon as you can.

james3333

been to see solicitor... she was really nice.
i declared the 10k you all suggested i do and she was fine about it ( infact this 10k has now come off the amount of undervaluation):money: so thankyou all for persuading me to do that!

she also said not to worry too much about her going bankrupt, coz it most likley will never happen if she doesnt have her own bussiness or is in financial jeapordy.
she said that even if she did get into bad debt, because i can show on paper thati have 'paid her out' (with the 10k) the courts/debtors could not touch me.
:cool: