Official receiver and my house.

[izziewizzie]

Long story short, I own a house with my ex.
Ex now Bankrupt.
House has been rented out for several years either at a loss or breaking even. Ex has not contributed to anything since he left, and I suspect has gone Bankrupt to get rid of the house.
The OR has got a valuation 20k higher than mine, which I do not agree with.
I have already offered a sum to the OR, but can't go much higher. The OR hasn't taken into account the fact I would save him a lot of expense by buying it, or the fact that once it went on the market we would have no tenant to pay the mortgage.

Anyway, realistically we could end up with the OR forcing a sale, and the tenant leaving.
I can't afford to pay the mortgage by myself, and ex sure as hell isn't going to help.
So what happens? Can I request that if I do pay the mortgage I receive the payments back? Will the OR ensure exs half is paid?
I'm a bit concerned that it will end up being repossessed and I will end up penalised because the OR managed to lose the tenant and ensure the mortgage couldn't be paid, and then it will be dole ridiculously low so I don't get any equity either.
I have fought for four years to keep the house, but not at any price, so if it has to be sold so be it, but I would like to. Know where I stand on the mortgage.
It seems unfair that I may be forced to lose money because my ex deliberately didn't pay his debts.

Try posting on the Bankruptcy board on MSE

click here

Thankyou

Could you put it on the market (as you might get a better rate than a forced sale) and that way you and OR do not need to agree what is the price as the price will be whatever anyone is prepared to pay for it?

I would imagine if you own it 50/50 you and the OR would receive half the proceeds after deduction of the mortgage and other costs.

Hi, yes that is an option, but the problem is, once it's up for sale we will lose the tenant, and the mortgage still needs paying.
I'm not sure what/if any likelihood there is of the OR ensuring half the mortgage is paid, or agreeing to me being reimbursed for what I lay out.
It seems very much loaded in my exs favour at the moment.

why will you lose the tenant?

You might need a solicitor. I think the bank has a first charge which means they are paid before your ex's creditors when the house is sold i.e. the mortgage might be paid but it's a crucial issue which you must check before any sale.

I will lose the tenant because she wants to stay long term, and isn't going to stay in the house if it is being sold.

I was in contact with a firm who handle this sort of stuff, as I believe it's quite a specialised thing, and they are ex ORs iyswim, and do it all on your behalf, but it was nearly £900 for them to do it.

I'm going to have to speak to the OR about where we stand with mortgage payments, because if the tenant leaves and the mortgage isn't paid then it's repossessed by the bank, which really works in no ones favour tbh.

Alternatively, it needs to be priced to sell quickly, which really puts it more at my valuation level, as they are going to wait quite some time for their unrealistic price to be met. And if it's got to be priced to sell, they might as well let me have it really!

And I will check about the mortgage as well. I believe the mortgage gets paid off first, but will make sure, as I don't want to magically find I'm liable for missed payments while my ex skips off happily having lost our daughter the only inheritance she has!