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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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My husband is being sued by an ex-work colleague he believes

Customer Question

Hi there. My husband is being sued by an ex-work colleague for monies he believes he is owed.. The contract husband signed agreed that he would be a personal guarantor.
We have separate finances and the house is in both our names. If my husband loses his case and has to pay, is my equity safe?
With a court date set for this, I presume it not possible for house to be put in my name or for a charge to be put on it by husbands work partner in the knowledge a date is set.
Many thanks as this is keeping me up at night! Amanda
Submitted: 8 months ago.
Category: Law
Expert:  Ash replied 8 months ago.

Hello Amanda my name is ***** ***** I will help you.

How much is being claimed for please?
Alex

Customer: replied 8 months ago.
Initially £40,000 against one of three businesses my husband has set up. He then, according to papers served, wants husband bankrupt.
Customer: replied 8 months ago.
There is no money being made in the businesses sadly.
Expert:  Ash replied 8 months ago.

Ok - your equity will be safe yes.

You dont need to put a charge on, assuming you are named on the deeds.

But your share is and always be safe.

Can I clarify anything for you about this today please?
ALex

Customer: replied 8 months ago.
Fantastic. My name is ***** ***** the deeds as half owner.
Is it too late to move the whole house/car to my name?
Or for a charge to be put on the property covering husbands equity ie) personal assets which I presume will be claimed for as there is not enough money in any of the businesses to pay this gentleman. As a named personal guarantor, husband I presume will have to give up personal assets if court falls in this gentleman claim?
Expert:  Ash replied 8 months ago.

Yes it would be too late and they could make an application to reverse it.

You dont need a charge on your property. In any event a charge can not be put on his share just like that.

Sadly if the other party loses they can get a charge for his share on the house.

Does that clarify? Alex

Customer: replied 8 months ago.
worst case scenario is husband loses case. Gentleman making claim wins & therefore can put a charge on husbands share of equity as businesses have no money to pay.
If the gentleman wants more that the house equity then husband would need to pay a monthly amount that he can afford to the gentleman until it's paid off?
Expert:  Ash replied 8 months ago.

Correct. He cant move MOVE equity, cant do that.
Your share always remains the same.

But your husband can start to pay off the debt yes.

Does that clarify? Alex

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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Customer: replied 8 months ago.
If the equity of house increases over the years, would the gentleman receive not only the house equity as it stands now, or the increase also?
If equity for husband is say 100k, gentleman wants £150k, he will put the charge on house for the 100k & then would husband need to pay the extra 50k as a debt on a suitable payment scheme?
Sorry to be keep asking all these silly questions!
Customer: replied 8 months ago.
Husband also wants to close one of his businesses, hand this over to his work colleague & the third he wants to put in another's name. I presume, as in charge on house, it's too late for this with court date set.
Expert:  Ash replied 8 months ago.

No, he does not get a % but a debt figure.

That figure does not increase.

He can't just hand over the business, it would be seen as disposing of assets and trying to avoid creditors.

Does that clairfy? Alex

Customer: replied 8 months ago.
Fantastic thank u so much Alex, I really know where everything stands now. Brilliant service!
Expert:  Ash replied 8 months ago.

happy to help and good luck. Alex

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