I have defaulted on a mortgage for a property abroad (in the EU).
I have not had any action against me as yet but I think that the bank in question is likely to chase me in the UK with a European Enforcement Order.
In the meantime, I inherited some money from an Aunt but made a deed of change in the will so this money passed to a cousin instead of me.
The cousin has agreed to buy me a house (with the money that would have been left to me). However, to avoid any possible action by the bank and them getting hold of the asset the house will be legally purchased and owned by my cousin.
However, I want a private and binding legal agreement in place between me and my cousin that shows me as the beneficial owner/tenant.
The agreement will not be registered anywhere in public and will be lodged at a solicitors.
Question: Is it possible to make an agreement that will be binding, watertight and hold up legally so the cousin can NEVER make any claim on the property whatsoever in the future?
It was disclaimed in Jan 2014 and my cousin is fully prepared and happy to cooperate.
Do you mean disclaimed the money?
I stopped paying the mortgage on the property abroad around Nov 2012. The bank sent a letter saying they were withdrawing the loan around Jan 2013 and would be taking legal action. (Have heard nothing since). I disclaimed the money in Dec 2013.
I don't own a house (I rent) and I only have an income of 20k per annum. I have no other assets (my car is worth about 3k).
If you take into account the house abroad and include this debt then I would have been insolvent when I disclaimed. However, there was NO action or proceedings against me at the time.
would I have technically been insolvent if no action was actually underway?