Basically im not sure if i need to mention this at some point - although my name is on Mortgage and Deeds to the house, my share in it would probably very little, even if there were equity in it. Here is the story.
We sold our last property with only about 5k max equity in it, and because my hubby is self employed we get a self cert mortgage and usually we have to put a higher deposit down, so he took out a loan for 15k to cover the balance of the deposit and fees etc....i have never made any contributions as i only worked part time and my money has always gone to my debts. I also finished working 10 months after we moved here.
If there was ever a suggesstion about trying to force a sale or in any other scenario do you think i should mention it? Again, i could be worrying but im really wanting to be prepared.
Moneyworries, as I remember, you are in negative equity so the OR will probably just want you to buy the beneficial interest which I think Skippy has posted is £211 which is £1 for the BI plus solitors costs. You will have the chance to discuss everything with the OR at your meeting. X
There's nothing wrong with being over cautious, it shows that you care. You will worry but just keep thinking of that fresh start. Don't forget, even if the house has equity in it, you would just need to get someone you know or your OH to buy out your share. I'm NOT a technical expert so hang in there for a BR professional to advise you. X
Even if you are not in negative equity, you can argue that your husband is entitled to a larger share of the property on the basis that he put more into the deposit - so this should be advised to the Official Reciever as part of your bankruptcy application.
Thank you Melanie . . I have still got the paperwork for the loan, to prove that its in my husbands name and it was only took out just before the mortgage completed - maybe this will obviously prove what i will be telling them.
