# Can I commute from the Republic to London and still class London as our COMI?



## lillies (18 Nov 2013)

Hi Steve

Just wondering if you can answer my questions? 

My husband is working in London for the past 2 years and I am working in the south for 3 years now, one teenage son who has just left school and is working. Three older children living and working in London also. 

We are in an agreement with our mortgage company in only paying our interest for now, my husband is being taken to court for a bank overdraft and credit card of 50K, we have credit union loans of 40K in total. 

Can I comute to my job during the week in the south from London and still class London as our COMI?

Thanks in advance.


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## Steve Thatcher (19 Nov 2013)

lillies said:


> Hi Steve
> 
> Just wondering if you can answer my questions, my husband is working in London for the past 2 years, I am working in the south for 3 years now, one teenage son who has just left school and is working. Three older children living and working in London also. We are in an agreement with our mortgage company in only paying our interest for now, my husband is being taken to court for a bank overdraft and credit card of 50K, we have credit union loans of 40K in total. Can I comute to my job during the week in the south from London and still class London as our COMI?
> 
> Thanks in advance.



Yes you can your home is where you return to from business trips. Your husband has no issue with his comi, and if you are paye in the South that doesn't affect your comi.

Steve


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## lillies (20 Nov 2013)

Thanks Steve for your quick response. 

We have a home in the South which is valued at the same as the mortgage, could we still keep this if we go through bankrupcy in the UK?


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## lillies (20 Nov 2013)

Sorry Steve one more question, I am paid from my Paye job through my Irish bank account, will I have to open a bank account in London and be paid into it and will I have to change my address in my job to the London address also?

Thank you so much for all your help.


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## Steve Thatcher (20 Nov 2013)

lillies said:


> Thanks Steve for your quick response. We have a home in the South which is valued at the same as the mortgage, could we still keep this if we go through bankrupcy in the UK?



This is going to be tricky. You are asking the court see your comi as London, but want to retain the irish property. The two are inconsistent.
Further you would not be allowed to pay the mortgage on this whilst bankrupt and so would build up arrears. the property will vest in the OR and he will decide how to deal with it. He can charge it and so take any equity after three years.
if you rent it out during the bankruptcy the OR will take the rent and so no mortgage will be paid 

Steve  Thatcher
www.stevethatcher.ie


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## lillies (21 Nov 2013)

Thanks Steve.

If our son was to make payments to the mortgage company for the while that we would be going through bankrupcy would that be allowed. If after 3 years the house was still only valued the same as the mortgage what would the receiver do then? Or if there was 30K of equity after 3 years can we still buy the house back at 30k? In other words is there a chance that we would still be able to keep our house?

Thanking you in advance.


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## Jim2007 (21 Nov 2013)

lillies said:


> Thanks Steve.
> 
> If our son was to make payments to the mortgage company for the while that we would be going through bankrupcy would that be allowed. If after 3 years the house was still only valued the same as the mortgage what would the receiver do then? Or if there was 30K of equity after 3 years can we still buy the house back at 30k? In other words is there a chance that we would still be able to keep our house?
> 
> Thanking you in advance.



In simple terms you will no longer own the house once you are declared bankrupt - the bank will dispose of the property and make a claim as part of the bankruptcy procedure for any outstanding amount.


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## Steve Thatcher (21 Nov 2013)

Jim2007 said:


> In simple terms you will no longer own the house once you are declared bankrupt - the bank will dispose of the property and make a claim as part of the bankruptcy procedure for any outstanding amount.



Jim is essentially right. It is not beyond the bounds of possibility that the OR could charge the house, your son pay the mortgage during that time and then after the three years the OR transfer it back to you again, (it will have vested in him). You would remain liable on the mortgage for the whole amount.

It is done very rarely and the OR can take the view that the money being paid to the mortgage company, is not rent but your income and he can take it hence the mortgage does not end up being paid.

You have nothing to lose trying it, if you are determined to go bankrupt anyway.

Steve Thatcher


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## Jim2007 (21 Nov 2013)

The other thing you need to be aware of is that the OR and the bank have a lot more experience than you have in this game and if they see your teenage son paying the mortgage on your house, it will start a lot of alarm bells ringing, as to where he got the money and whether your bankruptcy is genuine or are there hidden assets that you have failed to report???


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## lillies (26 Nov 2013)

Jim2007 said:


> The other thing you need to be aware of is that the OR and the bank have a lot more experience than you have in this game and if they see your teenage son paying the mortgage on your house, it will start a lot of alarm bells ringing, as to where he got the money and whether your bankruptcy is genuine or are there hidden assets that you have failed to report???


 

Thanks Gentlemen, it would be our 22 year old son who is working in London that would be paying it.....a lot to think about.....


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