how will be calculate the benficial interest

[tim1010]

Hi,

at first, sorry for my bad english.

I am currently in a bankruptcy proceeding. In 2008 I had transfered the jointly owned house to my wife. In Feb. 2009 I live seperate from my wife. At the moment we have a good contact to each other. My wife told me, that she has got a letter from the Official Receiver that they would like some informations about the property.

 

In the first sentence from the letter stands some false pretences. The OR asserts that we had a martial seperation and I didnt got any consideration. At the time I had transfered the property to my wife, I had transfered to her to reduce my debts, because I was self-employed. This facts I had told to the OR in my interview with him.

 

Ok, now the OR would like some informations about the property.

 

A Current valuation of the property (about 150.000)

The current mortgage balance (about 160.000)

The value of the property in Feb. 2008 (about 150.000)

The amount of the mortgage that was outstanding in Feb. 2008 (about 170.000)

A copy of the deed of transfer

 

How will the OR calculate the beneficial interest ? Because, it could be happen that my wife would like buy the beneficial interest.

 

Hope I could explain my questions.

I look forward to your replys.

 

Thank you,

Tim

[a_bx]

Hello,

I suspect what the OR is trying to do is find out what your share of equity on the house was, and did your wife/ex-wife pay you market value for your share of the house.

 

If they think your wife/ex-wife didnt pay you full value for your share this is what the OR may call an 'under value transaction' and try to get your wife to pay them directly the difference.

 

Firstly though you might want to think about how was the equity in the house divided between you was it a 50%/50% split? Anything to prove she has a bigger share than 50% would help protect her-

eg.

- Has she paid more mortgage payements than yourself thus contributed more?

- Has she paid for any significant upgrades to the house recently?

- Was the house legally owned as 'owners in common' rather the 'joint owners' and what was the percentage split?

 

Did you take any secured loans/increased the mortgage against the house to gain cash to help your own personal financial plight for which she received nothing? If so you could always say you have already realised your equity share and thus received the benefit of your equity already.

 

Better still, I notice though the mortgage balance is higher than the value of the property so i appears there is no equity in this property for them to chase, plus if your wife/ex-wife has already paid off some of your debts by buying out your share of the houses equity already, may mean the OR will not do anything more!

 

 

A year or so back i was in a similar situation to your wife/ex-wife but the OR didnt achieve anything against me for a combination of all the reasons above.

Edited July 10, 2010 by a_bx