House repossession

[meellis]

Re: House repossession

Depending on the OP's other debts what could be the outcome of pushing the bank for repo. If there is a shortfall would it be hard for the OP to become bankrupt unless made so ie would b/r be granted if it was deemed that she could afford to make payments towards debts. Vice versa if she applied to be made B/R now would that be viewed as trying to get out of commercial commitments that she already has. To me the consequences of any action should truly be understood before taking any action.

[Debt Camel]

Re: House repossession

If there is a shortfall would it be hard for the OP to become bankrupt unless made so ie would b/r be granted if it was deemed that she could afford to make payments towards debts.

Yes. Bankruptcy is not refused just because you could make some payments towards a debt.

Vice versa if she applied to be made B/R now would that be viewed as trying to get out of commercial commitments that she already has.

She can't pay this mortgage. Legally she has a right to go bankrupt. And ethically it is the sensible way forward for her.

[meellis]

Re: House repossession

Dc, on the info given I agree that B/R should be given the greatest thought as long as the OP is totally aware and carries out things in the best order. With the powers looking closer at B/R they surely have to see that you are truly B/R before allowing it so the OP has to be sure that there isn't anything that hasn't been mentioned that couldn't be in her favour. As for quotes from law books about how the laws and rules should stand we all know that actually getting these laws ruled upon in anybody's favour require a tremendous amount of work, time and budget and because of this most rules do not get applied. The bank will come after both for the outstanding shortfall maybe putting more effort into the person most likely to crack. The only time they wouldn't chase a shortfall is if it wasn't truly financially viable but they would then sell it to someone who will try.

[Openlaw15]

Re: House repossession

Yes. Bankruptcy is not refused just because you could make some payments towards a debt.


She can't pay this mortgage. Legally she has a right to go bankrupt. And ethically it is the sensible way forward for her.

Bankruptcy is last resort - it's hardly sensible...it may be an eventuality however. It is not guaranteed either as OP would have to petition court which cost is around £800 unless an Insolvency Receiver were appointed. This is all speculation at this point as it's not known the property's value at this stage. Regardless, OP is only liable for half of everything so the mortgagee will sell the property and what is left, if anything will be shared with the proprietors/ other, ie Op et al. Alternatively, if there is a shortfall (again to comment now is just mere speculation and does not help anyone) then the mortgagee has the relevant remedies.

[Openlaw15]

Re: House repossession

Dc, on the info given I agree that B/R should be given the greatest thought as long as the OP is totally aware and carries out things in the best order. With the powers looking closer at B/R they surely have to see that you are truly B/R before allowing it so the OP has to be sure that there isn't anything that hasn't been mentioned that couldn't be in her favour. As for quotes from law books about how the laws and rules should stand we all know that actually getting these laws ruled upon in anybody's favour require a tremendous amount of work, time and budget and because of this most rules do not get applied. The bank will come after both for the outstanding shortfall maybe putting more effort into the person most likely to crack. The only time they wouldn't chase a shortfall is if it wasn't truly financially viable but they would then sell it to someone who will try.

Perhaps, but let' not frighten the OP, can deal with things as when they happen. She said she suffered domestic abuse for x amount of time, so let's not add to the trauma. If any of you know about psychology you'll know what am talking about.

[Debt Camel]

Re: House repossession

Bankruptcy is last resort - it's hardly sensible

Bankruptcy is frequently the most sensible option for a major debt problem.

It is not guaranteed either as OP would have to petition court which cost is around £800 unless an Insolvency Receiver were appointed.

Do you actually know ANYTHING about bankruptcy and insolvency? There is no such thing as an Insolvency Receiver. There is an Official Receiver and an Insolvency Practitioner. Neither of which have any relevance to either the cost of going bankrupt or whether a petition will be accepted (which it will).

Regardless, OP is only liable for half of everything

Wrong.

[meellis]

Re: House repossession

I'm sorry but I cannot believe the OP is only liable for half unless there is something that has been put in place to signify this which would make it a very strange mortgage contract. The people named on the mortgage contract are bound with settling the contract, I can see the answer they would get if they argued "well I have paid my half" especially if there are still arrears. As for judging the OP's mental state I cannot understand your reasoning. The OP is strong enough to come here to discuss her problem which is a major hurdle for a lot of people so nobody should shy away from addressing the issues she is facing just because she has suffered a terrible state of affairs in her marriage and frankly not answering the queries or leaving them until they happen is not going to help them make an informed decision. I could never condone abuse be it physical or psychological but it has little to do with helping out with the situation she has to face at the moment.

[Amethyst]

Re: House repossession

If the tenancy is severed to tenants in common now could the OP now apply to the courts for a sale order ? (TLATA I think) Thus forcing the ex's hand in sorting things out with the mortgage co and stopping the ball from being completely in the mortgage lenders hands bringing it to a swifter conclusion.

[wales01man]

Re: House repossession

Having read what the OP has gone through in the past this Mortgage is the last page in the book sorting this will I hope close this chapter in her life where an Ex has caused so much trouble and grief
Allof us who have had financial problems know how it feels when the problems get out of hand and any help we can get eases the situation the OP needs help to solve the problem at hand not a discussion about their mental health then turn the thread into a slanging match.

[Elsieb]

Re: House repossession

Dear wales01man. You are so right in me wanting this chapter in my life ending.
As for my mental health. I am in a good place. Yes I am fearful regarding my financial future but I appreciate all your support and debate.

[Openlaw15]

Re: House repossession

If the tenancy is severed to tenants in common now could the OP now apply to the courts for a sale order ? (TLATA I think) Thus forcing the ex's hand in sorting things out with the mortgage co and stopping the ball from being completely in the mortgage lenders hands bringing it to a swifter conclusion.

Yes Op could apply under s.14, ToLATA 1996 however it will be expensive where the other challenges it, no doubt for the following reasons, or hypothetical situations. Legally, Op can ask court for a section 14 order to sell but her ex can ask for a s.14 order to stay. Were any persons to occupy that property besides the ex it may create problems as the land is effectively held on trust: sections 34/ 36, Law of Property Act 1925. If he were to have a partner for example the land will be held on trust for the other which will create an implied trust, which is a proprietary interest in some cases. It's not known if anyone besides the ex has made financial contributions to the property. If there are none any persons there merely have licence (ie permission) and were a sale to eventuate there would be no issues for Op. Op/ her ex are also trustees (ie trust of land) so any orders they apply for must take account of any person's interests in the property (if they occupy). So it's not just land law, it goes into complex trustee law and the issues of equity, thanks to ToLATA, well Parliament really.


Best advice - is op to prove she severed joint tenancy and remind bank of its powers under the law, ie pressure bank to evict ex.

[meellis]

Re: House repossession

Hopefully that is where proof of serving severance by her solicitor, if deemed ok by postage alone, will certainly do no harm to the op's case.

[Openlaw15]

Re: House repossession

Hopefully that is where proof of serving severance by her solicitor, if deemed ok by postage alone, will certainly do no harm to the op's case.

It makes no difference - another one could be sent by an anonymous source..but done by recorded delivery. It does not need a solicitor and it does not need to be signed by the other joint tenant. Delivery to their address is sufficient.

[meellis]

Re: House repossession

And that is what I was saying, in an earlier post the OP stated that her solicitor had served severance which he hadn't returned. You stated yourself that as long as there was proof of delivery then it has been served, I am not sure if recorded delivery is around still, but it will stand her in good stead that it had been done.