my partner is to be bankcrupt

[shaharyar332]

my partner becomes bankcrupt due to bad credit cards debit, what would it happen to my house if mortgage is only on my name, can creditors caution aganist the property to sell in future?

[Catso]

If then mortgage and house are in your sole name - no.

[Catso]

If the...

[Golden Shred]

The above answer is misleading. If the property has always been Registered in your sole name or if it has been Registered in your sole name for six years or more (sometimes the courts can be persuaded to accept less years, depends on the circumstances) then the creditors will be unable to Register a Restriction. However, if the property has been switched to your sole name recently then the creditors will almost certainly go to court to show that this was a trick to conceal an asset from them and will be successful in obtaining an Order to sell the property or enter a Restriction on the Register.

[themas]

I take it the house title is in your sole name, as well as the mortgage.

If your partner is bankrupt the Official Receiver will enquire into the ownership of the house, not just at present but over the last 5 years. If your partner had any legal interest in the house in that period it could happen that his interest would have to be bought out (by you or someone else) or - failing that - the Official Receiver might decide the house had to be sold.

The same could apply even if your partner has never had a legal interest in the house. It could be that he/she has made contributions to the costs of the house - e.g. the mortgage - and has built up a beneficial interest. This would have to be valued and bought out as above.

Go to the Insolvency Service website and download their booklet on what happens to houses in bankruptcy.

[Siamsal]

So if a parent let their student child stay at home, while at uni, and charged them for it, then if the child went bankrupt, because of all the debts they'd run up at uni, the house (or part of it) could be at risk?

[themas]

Not at all. The relationship is entirely different from that of a married couple or a couple in a co-habiting relationship. In the situation you describe the child would be seen as being in a similar category to a lodger who was paying for his/her accommodation.

[Siamsal]

Bu they are paying towards to upkeep of the house, including the mortgage. And they are family, and over 18.

They may be intending to stay in the house, as well.

What makes the difference?