hi all advice needed

[wishfullthinking]

hi all,my situation is i have 50.000 k worth of unsecured debt which i am in the process of setting up payment plans for with cccs,i need advice on the following i have a joint mortgage with my ex [who has no debts] but she borrowed 30k some time ago on my behalf which she paid the installments for etc and is now clear but i owe her the 30k i want to sell the house and give her the money from my share etc but she wont sell is there a way of reduceing my 50pc share in the equity to say 20 percent legally and would the mortgage company agree and worse case scenario would her share of the property be protected if one of my crediters go for bankcrupcy someone has mentioned a quit deed or a deed of asignment [the loan was for me to set up a buisness 20 years ago which failed last febuary] thanks

[The Debt Star]

Re: hi all advice needed

If the mortgagee won't agree to a transfer of equity then you can always enter into a Declaration of Trust, whereby you both agree that your share in the equity is reduced by £30K in favour of your ex-wife. This can be inflation linked as well. Trigger events would then be the future sale of the property and/or the death of either of you etc.

[wishfullthinking]

Re: hi all advice needed

hi thanks for a quick reply what is a deed of trust and are they legally binding thanks andy

[mactheknife]

Re: hi all advice needed

yes you can transfer equity..I did it no problem.to my knowledge your Mortgage Company need not be involved as it does not involve any assignments of the contract,mearly your interest. However you cannot do it if your creditors gave either a CCJ or even if they APPEAR to be taken action against you.this will be seen as you trying to avoid rightfull payment by hiding your assests,so act quickly.in the event of Bankruptcy,your reciever can and will have the transfer overturned by the Court if he can prove that you tried to hide your assets in this way. If you can prove as i did that you took this action,before your creditors took litergation then your ok

[wishfullthinking]

Re: hi all advice needed

yes you can transfer equity..I did it no problem.to my knowledge your Mortgage Company need not be involved as it does not involve any assignments of the contract,mearly your interest. However you cannot do it if your creditors gave either a CCJ or even if they APPEAR to be taken action against you.this will be seen as you trying to avoid rightfull payment by hiding your assests,so act quickly.in the event of Bankruptcy,your reciever can and will have the transfer overturned by the Court if he can prove that you tried to hide your assets in this way. If you can prove as i did that you took this action,before your creditors took litergation then your ok

hi sorry to be thick here but how do you do it transfer of equity,i have defaults but no ccj and once i know how to do it will do it straight away thanks andy

[The Debt Star]

Re: hi all advice needed

yes you can transfer equity..I did it no problem.to my knowledge your Mortgage Company need not be involved

I am surprised that a transfer of the legal interest was effected without the mortgagee's consent, since there is usually a restriction on title preventing dealings with land without their prior consent. I cannot see why the mortgagee would agree.

A transfer of the equitable interest IS effected with a declartion of trust but this does not affect the legal title at all; rather it ring-fences the agreed shares you have decided upon and is often protected by a restriction on the title (which does not require the consent of the mortgagee).

Either way, whichever of us is correct, the OP should see a solicitor to get this done properly. If it isn't then there may be longer-term repurcussion and potential dispute.

[wishfullthinking]

Re: hi all advice needed

ok thanks for the replys i am confused now but how do you go about doing it,and can a crediter over turn it, i tried googleing both but just got loads of ads for soliciters and not much info,thanks again andy

[The Debt Star]

Re: hi all advice needed

if you dispose of an asset and go bankrupt wuthin 5 years of doing so, the trustee in bankruptcy can deem that disposition void and recover those assets. it would be regarded as a deliberate deprivation of capital. so yes, if you go bankrupt, it might be overturned. imo you should see a solicitor about the declaration of trust and get a restriction on the title to protect it (that is, to protect your ex-wife's increased share in the equity).

[wishfullthinking]

Re: hi all advice needed

thanks for the advice much appreciated,

[wishfullthinking]

Re: hi all advice needed

if you dispose of an asset and go bankrupt wuthin 5 years of doing so, the trustee in bankruptcy can deem that disposition void and recover those assets. it would be regarded as a deliberate deprivation of capital. so yes, if you go bankrupt, it might be overturned. imo you should see a solicitor about the declaration of trust and get a restriction on the title to protect it (that is, to protect your ex-wife's increased share in the equity).

stupid head again could you please explaine how to protect a title sorry but this is all new to me also anyone any decent soliceters that are clued up about this sort of thing thanks andy