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Shanks
- Posts: 69
- Joined: Tue Nov 04, 2008 9:29 pm
- Location: United Kingdom
Hi again
A friend of mine has a querie! He has a joint mortgage and was wandering if the worst come to the worst what would he have to do with his half? I.e. would it have to be sold off or what??
Cheers for your help
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
If you are talking about what would happen to his equity if he had to declare himself bankrupt then the answer is that this will pass over to the Official Receiver and he or she will look to sell the property to release funds for the creditors. Only your friends share of any equity will be used to pay towards his debts, his wifes would be returned to her.
If a third party, including his wife, can buy the equity interest from the OR then the house will not be sold
Regards
Andam Davies
