Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

By LostTheLot
#165732 Hi Guys

Went BR Dec 06. Was told by OR to get a valuation of my property asap which I swiftly did value in Jan £180k. I jointly own the house with my partner & have our 2 year old daughter living with us. Mortgage is £120k so BI should be for my share £30k. My partner has paid the mortgage for some time herself due to my financial problems. It has taken until now to get any sort of response from the Trustee's we offered 10k which was turned down. My big issue now is that they want to revalue my house now which will obviously have gone up. Point being that they have to deal with these matters swiftly and are not allowed to drag their feet in order to speculate on house price's for their own benefit. I spoke with the OR & was advised to make a complaint due to the time scale & lack of progress as well as the clear attempt to speculate on house prices. I was advised that if the OR had been dealing with the case it would of been done & dusted within 2-3 months not the 8-9 months with no progress that I have got so far with the Trustee's.

Any advise greatly recieved,

Regards,

LTL.
BySandyballs
#165760 Unless you are living in a'boom' area, house prices have been generally static to reducing this year

However, you are quite right that the Trustee has to deal wiuth the offer in a timely fashion, and cannot speculate on potential increases. Part of the problem may be the OR's delay in appointing a Trustee. When did you actually make the offer, though ?
By LostTheLot
#165801 Thanks for the reply Sandy,

The first offer was made some 2-3 months back.

I have been reading the OR Technical Manaul & have found this do you think I will get far arguing with the Trustee over the BI split?? It seems that everything is stacked in their favour & I have little or no rights at all.

http://www.insolvency.gov.uk/freedomofi ... part_2.htm



33.39 Types of contributions
Any contributions to the deposit and/or the mortgage should be considered in the calculation. Where the property was purchased with the assistance of a mortgage, the common intention of the interests of the parties in the property may be inferred by the source of the deposit and the arrangements for repaying the mortgage as explained below in (a) to (e)

If the bankrupt received assistance from another (‘A’) in payment of the deposit, it may be inferred that it was the intention of the parties that A would share in the beneficial interest. It is likely that A will gain some interest in the property, unless the assistance was given in the form of a gift or a loan.
If A made direct contributions to the mortgage repayments from his/her own funds and had provided some or all of the deposit for the purchase, it may be inferred that his/her interest in the property will be increased.
If A provided some or all of the deposit for the purchase, did not make direct contributions to the mortgage instalments but paid other joint household expenses from his/her own monies, it could be inferred that these payments were intended by both parties to be a contribution to the price of the property. Accordingly A’s interest in the property will be enhanced by that contribution.
If there was no contribution by A to the deposit, but the bankrupt received assistance from A in payment of the mortgage repayments, A will accrue an interest in the property provided that the contributions were direct, regular and substantial.
Similarly, where the payment of the household expenses by A was substantial, an interest may accrue to A. The extent of the interest will depend upon the amount of the contributions and what can be inferred from the conduct of the bankrupt and A on how the beneficial interest would be shared.
Note: Contribution to deposit; Contribution to deposit and mortgage payments; Contribution to deposit and household expenses; Contribution to mortgage only; Contribution to household expenses only

Regards,

LTL.
BySandyballs
#165818 Personally I think you are wasting your time trying to argue that you and your partner have anything other than 50% share each of the BI although you can argue it if you wish. This is why it's so essebntial to draw up a Deed of Trust between two parties buying a property together - I'm amazed your Solicitor allowed you to complete without doing so.

It's unlikely that there has been much capital appreciation in the last 3 months - get an agent to do a valuation for you to find out ?
By LostTheLot
#165839 Hi Sandy,

The original purchase of the house 3 years ago consisted of £30k deposit by my partner & nothing from myself. Also the mortgage has been paid by my partner for some time now as I have not been working so surely this will give her a greater interest than 50/50 ?. There was a Trust deed signed allowing 50/50 this isssue has allready been turned down by the Trustee but the £30k came from a sale of a previous property that was nothing to do with myself & the fact that my partner has paid the mortgage herself & out of her own bank account (we do not share accounts) must surley be deemed as having a larger share of the equity?.

Thanks for the help so far :D :D

Regards,

LTL.
BySandyballs
#165909 Trust Deed or Deed of Trust - they're very different things ?

Personally I think you are on a hiding to nothing, although bearing in mind the sums involved, I can see why you would want to argue it. I tried a similar tack 4 years ago ( and failed ) although it was marginally different. If your partner really thinks it's worth the risk, speak to a specialist Insolvency Lawyer who will guide you.

I'm a bit confused though - if it is a Deed of Trust that you have showing 50/50, and you have already shown this to the Trustee, I can't see what they haven't accepted, as that seems to be what they are asking for ?
By AlecK
#167667 i am in a very similar situatuation - just to let you know that i did speak to a specialist bankruptcy solicitor and if you ahve been paying interest only then even if your partner has been paying the mortgage they will only work on a 50/50 split