Equity in Family Home post Partner's Bankruptcy

Daithip

Registered User
Messages
11
Hi folks, quick story, partner went bankrupted after failed business circa May 2017. Joint mortgage on the home, her portion transferred to the OA. Some (not huge) equity on the house at present. I've continued to and have always paid the mortgage. Just wondering has anyone gone through this situation i.e. trying to avoid the sale of the house by the OA to realise the equity. We haven't had any contact from the OA yet and don't know whether it's wise to make the first move, as I believe if no contact is made on their behalf by May next year the title returns to me. All advice gratefully received.
 

Jim Stafford

Frequent Poster
Messages
459
The OA has a straightforward and transparent approach as follows. After 30 months he will obtain a valuation of the house, ascertain the mortgage, calculate the equity, and provide you an opportunity to buy out your partner's 50% share of the equity.

Given that your partner was made bankrupt circa May 2017, he should be shortly valuing the house.

Jim Stafford
 

Daithip

Registered User
Messages
11
Thanks for the reply Jim. I understand the process but what I was looking for was if anyone is or was in my position. That is, the fact that I alone have paid every penny of our mortgage will this be taken into account when the value of the equity is being shared. Could I argue that I should be entitled to more than 50% because of this.
 

cremeegg

Frequent Poster
Messages
3,017
I have no expertise to answer your question, but if I were you I would be gartering all the information I could with a view to making that point strongly.
 

Archie

New Member
Messages
1
As I understand it, I doubt the fact you've made all the repayments will count for much other than some goodwill. I presume mortgage is joint and several.

I've a pal going through this same situation. His fear is that the Bank will not provide the letter which the OA requires stating that they are in agreement with the transfer of the OA's interest. The mortgage is a really goof tracker and he feels bank will use the opportunity to get out of this.

Would appreciate if anybody had any experience in this situation.
 
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