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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33282
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I was made bankrupt in 2008 and my wife purchased my equity

Customer Question

I was made bankrupt in 2008 and my wife purchased my equity share of our home to satisfy the bankruptcy. This year my wife was declared bankrupt and the trustee says that because my wife purchased my equity share in 2008, all of the equity in the property is liable to her bankruptcy. I disagreed because my wife never purchased my share of the property, just the equity that was available of that date. I am still on the mortgage and I still pay the mortgage and am responsible in part for the equity growth since that date which I believe I am still entitled to. Am I right Or am I wrong ??????
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much was the property worth in 2008 and how much is it worth now?
Clare
Customer: replied 1 year ago.

Hi Claire, I'm not sure what the property was worth in 2008, but the equity in the property was £11,128, my share was half of that obviously. We have had the property valued recently and the top market value offered by the estate agent was £129,995, this has been disputed by the trustee and he is seeking an independant valuation. The valuation was from a very reputable estate agent and I think this will be varified. The current outstanding mortgage is £97,500 approx, and thererfore the equity in the property is £26,000 as there is a charge of £7,000 on the property.

I hope this information is of help.

Mark Cartwright

Expert:  Clare replied 1 year ago.
Hi
When was the Charge taken out?
Clare
Customer: replied 1 year ago.

Around 2006 I think

Expert:  Clare replied 1 year ago.
Hi
It is mixed news I am afraid.
The Trustee in Bankruptcy is correct - your ex did become the sole beneficial owner of the entire property despite the fact that your name remained on the mortgage
HOWEVER the fact that you remained married to your wife and paid the mortgage means that you started to build up a further claim - not for half of the equity - but certainly a share - maybe a third or so and this is the argument that you should make
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 1 year ago.

Hi Claire, if we are equal partners and I paid the mortgage why can I argue for say only a third of the equity built up since the equity was brought by my wife. It was never explained to me that I was giving up the property, only the 50% share of the equity declared on that date. I never signed any paperwork relinquishing the property to my wife and besides that, any additionally equity as of that date, and under spouse agreement should be shared equally between spouses, surely ???????

Expert:  Clare replied 1 year ago.
Hi
I am afraid that you did not need to sign anything - when you went bankrupt your entire share of the house went to the Trustee in Bankruptcy.
equally I am afraid that in fact there is no guaranteed 50/50 share of matrimonial assets, but half of the equity that has accrued since the transfer - about £15,000 amounts to about a third of the equity
Clare

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