G
g05l
Guest
joint property ownership (deeds), joint mortgage (Irish bank)- single bankrupcy (one person is going bankrupt), what implications for each owners where the other owner goes bankrupt in the UK?
Steve Thatcher
Registered User
- Messages
- 482
In this case the interest that the bankrupt has in the property will vest in the Official Receiver.
He can do a deal with the other joint owners, or he can put a charge on the property and review matters at a later date. The OR's latest guidance is to secure the property with a charge against non dealing and review it. However with the negative equity position being so bad in Irish cases and the property being overseas, I think the is a very good chance that the OR's interest in ten property could be transferred to the other parties for €1 plus his costs.
The position of the other borrowers is that they are still jointly and severally liable for the mortgage and so must maintain it or risk repossession. The bankruptcy does not excuse or write off any of their liability
Steve Thatcher
Debtoptions.ie
Brendan Burgess
Founder
- Messages
- 52,268
In short
The bankrupt partner will be relieved of his debt to the lender.
The remaining partner will be fully liable for the whole debt, as they are jointly and severally liable.
Brendan
The bankrupt partner will be relieved of his debt to the lender.
The remaining partner will be fully liable for the whole debt, as they are jointly and severally liable.
Brendan