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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33942
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My husband may be facing bankruptcy, 6 years ago we wrote

Resolved Question:

my husband may be facing bankruptcy,
6 years ago we wrote down and had witnessed a written agreement, saying that £67000 taken from our mortgage pot for a business in my husbands name (consequently failed) was his equity in case of divorce or other claim against his estate,
Is this equity still safe for me if my husband does end up bankrupt?
There is approximately £150000 equity in our house
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
We are not divorcing
The witness to the agreement is a mutual friend of good standards
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** I shall do my best to help you.Do you hold the property as beneficial Joint Tenants - or as Tenants in Common?
Customer: replied 1 year ago.
Joint tenants I think, we have a mortgage of approx £200000 left to pay in joint names, but if my husband goes bankrupt we will sell the house and hopefully retain my equity and the agreed amount of £67000 from his equity
Expert:  Clare replied 1 year ago.
You need to sever the Joint Tenancy as soon as possible so that that you each own your own share of the property - and to show that youhold the property in Unequal Shared based on the agreement that was made.I have to be honest and say that the Trustee who is appointed will try and challenge this - but if you have good evidencethat the Agreement was indeed produced 6 years ago it should stand.I hope that this is of assistance - please ask if you need further detailsClare
Customer: replied 1 year ago.
Hi Clare I've checked our paperwork and the initial declaration of trust (24th August 2005) was transferred to my husband and I as 'tenants in common' (not sure what this means)subject to mortgage
I FORGOT ABOUT THIS AGREEMENT
Further down the page
The parties ......hold upon trust...to sell....
A. To discharge the mortgage
B. As to £75000 to my husband
C. As to the balance to divide the same between us 50% for him and 50% for meThe sum of £75000 to my husband initially was made and witnessed because he had put monies from several buy to rent properties into our property
Does this £75000 overrule the most recent agreement of £67000 or am I in a pickle
Angela
Expert:  Clare replied 1 year ago.
You need to get this amended to show that you now hold it is equal shares (at least)
Customer: replied 1 year ago.
Hi Clare
Do I need to take all this paperwork and signed agreements to a solicitor to sort it out? Have you any idea of cost please?
Angela
Expert:  Clare replied 1 year ago.
It might be best to get it done officially - expect to pay about £200 or so -
Clare, Solicitor
Category: Law
Satisfied Customers: 33942
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thankyou

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