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What are the implications of selling a house at under value to a family member ?

It is looking increasingly likely that we will start missing mortgage payments soon and to avoid possible repossession could sell our property to our son and pay him rent at half what we are paying in mortgage, allowing us, for now to stay in the house and not be worried about repossession.

It would also be a cash sale.

However would my creditors be able to overturn such a sale ? I have been told that if I were to go bankrupt in the next 7 years the O R could force our son to sell the house anyway, looking at the substantial undervalue as debt avoidance ?

Could a creditor move for bankruptcy and get the O R to claim back the sale?

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As long as the sale pays off the mortgage, you can set the price at whatever you like.


However if you did subsequently go bankrupt then yes, the OR would ask about any property and other significant assets you had previously owned. If they found that they had been sold off to a family member for less than the fair market value then they would be able to have the transaction reversed.


However, the fair market value for a quick cash sale is going to be a lot less than a standard sale with several months in the estate agent's window. A professional valuation would provide sufficient evidence to protect you against future problems.

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Thanks for that.

I took advice form a solicitor who recommended against my course of action.

Just trying to keep the Wolves from the door here, but I am actually resigned to the fact that I am going to have to sell it within the next 12 months to pay off a whole bunch of blood sucking DCA`s who paid next to nothing for my debts.

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