Joint mortgage partner considering bankruptcy can I transfer into my name only to prevent forced sale of family home

[gipop]

Hi my partner is considering bankruptcy, our home is mortgaged under joint names, is there any way of transferring the mortgage into my name only to prevent the forced sale of the property if my partner declares bankruptcy? There is little if no value in the property if it were to be sold at auction, things getting very stressful any advice appreciated.

[citizenB]

Here you go.

 

The official receiver will only want his/her share of the equity in the house, quite different from wanting his/her share of the house.It is possible to shift the equity

 

Have you spoken to somewhere like National Debtline ?

[National Debtline]

Hi my partner is considering bankruptcy, our home is mortgaged under joint names, is there any way of transferring the mortgage into my name only to prevent the forced sale of the property if my partner declares bankruptcy? There is little if no value in the property if it were to be sold at auction, things getting very stressful any advice appreciated.

 

Hello there.

 

You would need to by your partner's share of the property for the going rate, otherwise the official receiver could reverse the arrangement due to the transaction being 'at undervalue'.

 

Do you know, roughly, how much equity there might be?

 

Best wishes,

 

David @ NDL.

[gipop]

Hello there.

 

You would need to by your partner's share of the property for the going rate, otherwise the official receiver could reverse the arrangement due to the transaction being 'at undervalue'.

 

Do you know, roughly, how much equity there might be?

 

Best wishes,

 

David @ NDL.

Hi after clearing the mortgage and a second charge placed via a charging order, nothing, re having to buy my partners share, how would I do that when we are married and have joint bank account....