Ex bankrupt and we own a property together

[izziewizzie]

Help!!
Am speaking to a solicitor tomorrow, but it need to be clear here before I speak to them.
Myself and ex partner (not married) own a house together.
He left several years ago, and I have paid the mortgage since. Over the last couple of years it has been rented out, which ex was opposed to, and he has not received any money (the rent was not high and profit has been eaten up by repairs etc)

I have today received a letter from the Insolvency people, asking for the tenancy agreement and that his half of the rent (after allowable expenses) is kept for them.

So what happens now? Do I give them a copy, and can they harass the tenant? Or do I not give them a copy? So far there is only a months rent in question from the date of his insolvency.

Myself and my husband have tried to agree to take the property on from ex several times, but ex continually uses it as blackmail, as we have a child together, he owes thousands in CSA arrears, he wants arrears cleared and CSA closed before he will transfer etc, etc.

We would like to take the property on, but I'm not sure how/if we can.
Also if the tenant goes, what happens about the mortgage? If I pay it am I reimbursed? And can I go to court to argue for more money due to having a young child.

Like I said, I'm getting advice tomorrow, but would just like to have a clue of what I can do beforehand.

Thanks!!

I might add, I suspect much of this is to attempt to write off CSA arrears........

It seems to me that there will be no surplus if the rent is eaten up by expenses. Can you prove this by giving them bills or other evidence.
Is there any equity? Can they take that?
Aren't CSA arrears also included in these debts? It seems very unfair if they are not.
I know nothing about insolvency but it seems very unfair to me that he can avoid his child maintenance and run up arrears and his share of the meagre surplus on the rent income has to be handed over to the insolvency officers rather than you keep it.

I think that there is about 30k in equity in the house.
CSA and arrears will still be paid to me, they aren't affected, but I think he thinks that he will get out of them.....

Anyone??
Bumping for some help.
Solicitor is away until Tuesday......

I'm guessing that it also depends on who else he owes money to and whereabouts you are to them in the pecking order of who gets the money first...

Is it worth ringing up the insolvency people and asking for more information?

Do you have legal insurance on your house insurance? Might be worth calling them and getting info from them, they can often be helpful in times like this.

Might be too late but do you have a charge on the house or on his share? Can you do anything to say that you are taking possession of it in lieu of the £££ he owes to you for child care?

Sorry, not a professional so no answers but definitely make sure you ask loads of questions!

Even if he had transferred it to you the Trustee could have asked for the transfer to be set aside. You're going to need as much evidence as you can get to prove to the Trustee that there has been no income generated.

If there's £30k equity then the Trustee will be looking to get half of that. It might be worth getting a couple of free market valuations from Estate Agents, a mortgage redemption figure and an idea of likely costs of sale to work out what the proceeds of sale would be and then start negotiating with the Trustee to buy your ex out.

The Trustee has the power to force a sale eventually, even if a child is residing in the property.

Thanks

I'm not going to try to get into proving stuff to the receiver if at all possible, I'm just going to ask to get it valued, and then sold to me/my husband, giving the trustee some money.

I would just like this over and done with ASAP really.....

What evidence, if any, can the receiver ask for from me??

If he's bankrupt he has no liabilities or assets at all. He cannot be chased for them.

With regard to the property I'd recommend you contact the Official Receiver as they're the ones who now retain his former interest in the property.

The trustee has your ex's half od the house now, so it's up to you to offer a price to get them to sell that to you. get the valuations done & see what they will accept.

Oh and as the trustee's role is to get the maximum amount for your es's debts, it is a 50/50 split if both names are on the deeds, regardless of you having the children. They can also decide to force a sale.