If I transfer the property to my sister's name

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anne5

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Post by anne5 » Mon Feb 04, 2008 1:05 pm
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I am resident in England but have a mortgaged flat in Scotland. If I transfer the property to my sister's name, can it be sold to pay off business debts if I go bankrupt?
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Adam Davies

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Post by Adam Davies » Mon Feb 04, 2008 1:16 pm
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Hi
If you go bankrupt the official receiver will look at your affairs and if an asset has bee sold or transferred at below market value he/she has the power to reverse this transaction for the benefit of all your creditors
Regards
Andam Davies
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jpj

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Post by jpj » Mon Feb 04, 2008 3:16 pm
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If the flat is mortgaged,the mortgage company wouldnt let you transfer it into your sisters name unless your sister took out a new mortgage on it!
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