Will we loose the house...

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n_l

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Post by n_l » Wed Sep 05, 2007 4:47 pm
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Me and my partner own a 1/4 share of a house and pay rent on the other 3/4 Through a local houseing company.. If he were to go bankrupt would we loose the house as we can't just sell it on the open market or even remorgage on this type of house... Many thanks
Last edited by n_l on Wed Sep 05, 2007 4:50 pm, edited 1 time in total.
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mikebdomain

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Post by mikebdomain » Wed Sep 05, 2007 5:35 pm
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Hi n_l and welcome to the forum, try and give us a bit more information;

Are both you and your partner thinking of going bankrupt?

what are your actual debts?

What if any, equity is in your property?

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MelanieGiles

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Post by MelanieGiles » Wed Sep 05, 2007 5:55 pm
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Your partner's share of the beneficial interest - ie the 1/4 share would vest in his Trustee in bankruptcy, were he to go down this route. What value would you put on this, and do you think that the current mortgage lender would be prepared to give you a further advance?

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