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Hi all,
I'm new to the forum!
I have a relatively complicated issue which I could do with some help with!
Myself and my business partner have 13 properties with mortgage express, they have been in receivership before but we managed to get them out of the hands of LPA receivers (in a worse state i may add, they did a god awful job, houses boarded up, huge rent arrears etc).
Now, my business partner is being made bankrupt, which is where it gets tricky!
She has around 9 of the properties in her personal name with m.x, (although our partnership agreement shows we own them 50/50). the rest are in my name.
she also owns one of the properties with her father (in fact, its in her name but her father has been making all payments etc on the asset for the last year or so).
my question is, once she goes bankrupt, what happens to my 50% share and her fathers 50% share? we are not registered at land registry but have agreements between ourselves that i own 50% and have been paying mortgages etc in the past for these houses.
my guess is that m.x will place them into receivership immediately regardless, what im asking is, are there any ways for me to make this more difficult?
has anyone been in this situation before?
does anybody know a lawyor they have used to tackle m.x in the past?
does anyone have a copy of the m.x terms and conditions? are they even allowed to appoint lpa? i know they did last time, but I just allowed them to, was i wrong in doing this?
thanks in advance!
I'm new to the forum!
I have a relatively complicated issue which I could do with some help with!
Myself and my business partner have 13 properties with mortgage express, they have been in receivership before but we managed to get them out of the hands of LPA receivers (in a worse state i may add, they did a god awful job, houses boarded up, huge rent arrears etc).
Now, my business partner is being made bankrupt, which is where it gets tricky!
She has around 9 of the properties in her personal name with m.x, (although our partnership agreement shows we own them 50/50). the rest are in my name.
she also owns one of the properties with her father (in fact, its in her name but her father has been making all payments etc on the asset for the last year or so).
my question is, once she goes bankrupt, what happens to my 50% share and her fathers 50% share? we are not registered at land registry but have agreements between ourselves that i own 50% and have been paying mortgages etc in the past for these houses.
my guess is that m.x will place them into receivership immediately regardless, what im asking is, are there any ways for me to make this more difficult?
has anyone been in this situation before?
does anybody know a lawyor they have used to tackle m.x in the past?
does anyone have a copy of the m.x terms and conditions? are they even allowed to appoint lpa? i know they did last time, but I just allowed them to, was i wrong in doing this?
thanks in advance!
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