My friend has been seperated from her partner for 10+ years. Her expartner left my friend in a considerable amount of debt and subsequently she has been left with bad credit. This has stopped my friend from removing her ex from the mortgage as she cannot get a new mortgage.
The ex has stated she wants nothing from the house and wants removing from the mortgage. My friend has tried but cannot get her credit rating up alto ascertain a new mortgage.
The ex has reared her head after some time and stated she is going bankrupt and my friend has 6 weeks to remove her from the mortgage. Is there anything my friend can do to stop the bankruptcy affecting her property? The ex has not paid into the property for 10+ years.
Thank you
If the ex goes bankrupt your friend will need to chat to the Official Receiver about the house and explain the situation. Hopefully she can demonstrate that she has, alone, been paying the mortgage and that the ex has abdicated all responsibility. A chat with CAB might be useful and maybe they can refer her to a solicitor for a free consult.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Is this something that crops up often?
It is nice to still see sone familar faces in here I haven't been on this site since 2013!!
You do some really good work. I am glad I am through the otherside of IVA.....How life has changed......
If her ex is making themselves Bankruptt then I’m unsure why they are insistent on being removed from the mortgage?
That is only a decision the Bank can make, not your friend.
The next issue, as Foggy pointed out, is that once Bankrupt the O.R or any Trustee appointed will need to satisfy themselves that the ex has no financial equity in the property.
If your friend can not prove this they may look to her to make a payment to buy out their interest.
