HELP PLEASEgreenspun.com : LUSENET : Repossession : One Thread
My husband is being chased for £25000, how do I go about buying out his shatre in our property, can I just have it transfered into my name or do I need actual cash to buy him out? thanks sara
-- sara lee (firstname.lastname@example.org), December 10, 2003
I think you can have it transferred into your name alone but you would need to see a solicitor as unfortunately even if you do have the property transferred the sharks chasing will state he has a beneficial interest in the property, i.e. he has contributed.
My fiance is the one being chased and I have made sure that all the payments done on the house (which was in my name already as he moved in with me), including bills, endowment, mortgage, anything connected to the house, is done from an account in my name which is covered by my salary.
So unfortunately I think just transferring the property to you may help some way but if it were (God forbid) to end up in Court they may state you did this just to cover up his interest in the property.
However, I am not a legal expert and I think it would be best if you asked somebody who is in the know, I think there are people recommended on this site who can help.
-- Chris (email@example.com), December 10, 2003.
Buying out your husbands share of the property won't do you much good because to take effect (to be ignored by the court) it needs to be 6 years ago that you took over ownership prior to court proceedings. What I would like you to do is put down some points regarding how the debt has occured then you can get some good advice via this site
-- Kevin (firstname.lastname@example.org), December 10, 2003.
the lender now want a lump sum settlement of £10000, we have told them there is no way we can pay this, so what next???
-- sara lee (email@example.com), December 11, 2003.
Keep following advice on this site, follow Do's & Dont's and put the lender to strict proof of the debt. It's already dropped from £25000 to £10000 so it's going in the right direction.
-- Chris (firstname.lastname@example.org), December 12, 2003.