We own a 50% share of a property in Spain

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Post by Julie.lw » Fri Aug 06, 2010 10:17 am
WE OWN A 50% SHARE OF A PROPERTY IN SPAIN WILL THIS FALL UNDER IVA. IT HAS A MORTGAGE WHICH WE PAY EACH MONTH but we are under tremendous pressure in the UK with credit card debt as I was out of work for a while last year.


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Post by plasticdaft » Fri Aug 06, 2010 10:44 am
Is there equity in the property?

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 10:45 am
Hi Julie and welcome to the Forum.
It is unlikely that creditors would allow you to continue paying the mortgage on the property in Spain. If there is no equity the joint owners could take on the payments should they want to keep it and if there is equity the joint owners could buy you out or the property could be sold.

It may be possible to keep the property if it was rented out and the rent covered the mortgage but again this would depend on what equity is in the property. Take some free advice from an insolvency firm to see what options are available.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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