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Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 6750
Experience:  Solicitor
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I have been made bankrupt and although I have been told by

Customer Question

I have been made bankrupt and although I have been told by "Key Retirement" that they would be able to lend me the money if the bankruptsy court had not put a claim against my property the court have now decided to send in the bailiffs.
a] Is there a way around this so that I would be able to proceed with the loan.
b] Are they able to take my property when it is only me that has been made bankrupt and I own the premises jointly with my wife?
Submitted: 11 months ago.
Category: Law
Expert:  Nicola-mod replied 11 months ago.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Expert:  Jamie-Law replied 11 months ago.

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

When will you complete on the key retirement?

Customer: replied 11 months ago.
As explained, I cannot proceed with Key retirement whilst there is a possession order on the property. I need to find a way to have the possession order taken off long enough for the loan to be granted. At that time I am told it will take 6 - 7 weeks for the money to be released.
Was I correct to think that they couldn't take a property that I jointly own with my wife?
Expert:  Jamie-Law replied 11 months ago.

They can take the property if its jointly owned, yes. You have an interest in the property and it can be sold.

What you need to do is get the Key Retirement people to contact the Receiver.

When they are ready to release the money then they can give an undertaking to the Receiver that if they take off the restriction they will be able to forward funds once released.

That is the only way it can work - Key will speak to the Receiver and give an undertaking to forward funds direct on release.

This is how it usually works.

Can I clarify anything for you about this today please?

Customer: replied 11 months ago.
Thank you for your answer, it appears to be the solution.
When you say about the property being jointly owned, do you mean between jointly owned between myself and the Receiver?
Expert:  Jamie-Law replied 11 months ago.

No, joint between you and wife.

All the best. If I could ask you to rate my answer before you go today, by clicking on the 5 stars or happy face, otherwise the site does not pay me for the time spent with you today. It is also an important part of the online process. Thank you in advance and good luck!

Expert:  Jamie-Law replied 11 months ago.

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