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Good Morning everyone. I have come here for some help and hope somone will be able to advise me.
My husband was declared bankrupt about a year ago. When his father died about 8 years ago he left his dwelling house to my husband and I in his will on the condition that my husbands mother and sister "would have their day in it". His mother has since remarried but his sister still lives in the property. Our problem now is that the Official Receiver wants the property valued. As part of the BR I have agreed to purchase my husbands share of our own home so that we can hold on to it which is all fair and good. But if the OR wants my husbands beneficial interest in the house his sister occupies I will not be able to afford to pay for both.
What happens if I cannot pay for this? Can they force a sale of this second property which my sister-in-law occupies? We are very close to her and she has helped us out in many practical ways since the BR and I cannot even bring myself to tell her that the OR wants to value her house because of the worry this will bring to her.
Will they place a charge on this property or can they force a sale?
Any thoughts would be greatly appreciated.
My husband was declared bankrupt about a year ago. When his father died about 8 years ago he left his dwelling house to my husband and I in his will on the condition that my husbands mother and sister "would have their day in it". His mother has since remarried but his sister still lives in the property. Our problem now is that the Official Receiver wants the property valued. As part of the BR I have agreed to purchase my husbands share of our own home so that we can hold on to it which is all fair and good. But if the OR wants my husbands beneficial interest in the house his sister occupies I will not be able to afford to pay for both.
What happens if I cannot pay for this? Can they force a sale of this second property which my sister-in-law occupies? We are very close to her and she has helped us out in many practical ways since the BR and I cannot even bring myself to tell her that the OR wants to value her house because of the worry this will bring to her.
Will they place a charge on this property or can they force a sale?
Any thoughts would be greatly appreciated.
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