My ex husband went bankrupt before we had settled the divorce agreement.
I had a letter from the bank when we separated, stating that they would not lend any further monies secured to the property.
BUT he continued to borrow, went bankrupt and the bank called in the debt.
i went to court and managed t secure my half of the property. Some 13 years ago a charge was added to my home for his half, to be paid when our daughter either left full time education or reached the age of 23.
My daughter is now 24, and i think that I am now in a position that I may be able to pay something but not half the value or the property as it stands now.
I have not heard from the bank for years, how do I go about negotiating with them without incurring solicitors fees etc.?
Does anybody have any idea?
Is the charge for a fixed amount or a percentage as presume house will be worth a lot more than it was 13 years ago?
Also how much can you afford to pay as presumably now your daughter is 23 they will be able to force a sale to get their money? Is what you casn pay realistic for them to be worth accepting and are you offering it in final settlement or an installment?
The first thing to note is that, if your husband goes bankrupt and the property is in joint names, any bankruptcy order would affect only his share - not yours.
It is usual for a trustee in bankruptcy to ask the Court for an order for sale, although for technical reasons I won''t bore you with, it is normal for the trustee to wait 12 months from the bankruptcy before taking this step.
But it sounds to me the trustee has not done this.
So if that is so, the question which arises is, why ? The obvious reason would be that the trustee took the view that there wasn''t enough equity in the property to justify the cost.
But if that''s the position, and you want to sell to realise your share, then similar considerations may apply to you. I haven''t a clue what the property is worth. I''m a bit puzzled about this '' charge '' - whether it was for half the equity or some other figure. I see no reason why it should not be half.
I''d say as a first step that you need some general idea of the value of the property and how much equity there is. Or indeed, whether there is any equity at all.