A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Ex Husbands debt charged to property

  • louise61
  • louise61's Avatar Posted by
  • New Member
  • New Member
More
09 Sep 12 #354829 by louise61
Topic started by louise61
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?

  • WYSPECIAL
  • WYSPECIAL's Avatar
  • Moderator
  • Moderator
More
09 Sep 12 #354851 by WYSPECIAL
Reply from WYSPECIAL
Obvious answer is write to them and ask.

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?

  • LittleMrMike
  • LittleMrMike's Avatar
  • Platinum Member
  • Platinum Member
More
10 Sep 12 #354892 by LittleMrMike
Reply from LittleMrMike
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.
LMM

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11