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Topic starter
18/11/2009 5:38 pm
Hi all
Firstly I wanted to say that the site is great. Finally something where you seem to get a straight answer and uncomplicated guidance.
So here goes, I have/had a business which will close shortly through loss of a big contract. I have a personal guarantee with the bank for a maximum ?ú50k which the bank will call up when the business closes.
When the business started in 2005, I transferred the house to my wifes name with the bank's agreement. The value was approx ?ú150k and we had a mortgage of approximately ?ú80k, so my share was about ?ú35k.
My worry is that the bank may make me bankrupt and think the transfer was illegal and sell the house.
Any help/guidance would be appreciated.
DD
18/11/2009 10:09 pm
Hi diverdown (Van Halen album from memory)
It all hinges on your financial position after the transfer.
I'm sure I did a response on the subject on the site a wee while back. Generally if you were solvent (assets greater than debts)at any point (even for one day) after the transfer then you will be fine.
Hope this helps
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/11/2009 10:02 am
Hi Mark
You're correct re the name (old hippy!)
Many thanks for your advice. At the time of transfer and after I was indeed solvent as i only had my visa card, but had savings (which eventually went to the business!
Many thanks for your help which has been straightforward and uncomplicated. It has certainly put my mind at ease.
DD
