Any Solicitors in here? bit of advice needed if possible
Discussion
Sorry not trying to be awkward...
Its in relation to a directors gaurantee..signed one on a property and the business went bust 1 and half years into the 3 yr lease.....
I had come off my mortgage due to financial reasons (could not pay it whilst business was in trouble) so moved it over into gf's name.
The landlord of the commercial property is now going after the home..
Its in relation to a directors gaurantee..signed one on a property and the business went bust 1 and half years into the 3 yr lease.....
I had come off my mortgage due to financial reasons (could not pay it whilst business was in trouble) so moved it over into gf's name.
The landlord of the commercial property is now going after the home..
Not my area of expertise but I would imagine that you will be in difficulty if you acted as guarantor to the lease.
Disposing of assets in the way you have by transferring to your GF is quite traceable - if it was done at the time of the liquidation you may well be in quite a lot of difficulty if the liquidators find out.
As an aside to make your day worse - you might also have a Capital Gains Tax issue with regard to the transfer to your gf.
Hope you get it sorted out, there are peeps around here who can help with this stuff.
Disposing of assets in the way you have by transferring to your GF is quite traceable - if it was done at the time of the liquidation you may well be in quite a lot of difficulty if the liquidators find out.
As an aside to make your day worse - you might also have a Capital Gains Tax issue with regard to the transfer to your gf.
Hope you get it sorted out, there are peeps around here who can help with this stuff.
m3sye said:
Could do with some..
The transfer was done to protect her due to money she had invester herself...
You need to take some heavyweight advice quick. I think you're in trouble here.The transfer was done to protect her due to money she had invester herself...
Simply flicking the property into her name doesn't work and could drop you in some sherious trouble with the liquidators. I think our colleague is right about CGT liability as well.
See a solicitor and get some FORMAL advice quickly.
Edited by Vesuvius 996 on Friday 28th September 11:00
m3sye said:
Sorry not trying to be awkward...
Its in relation to a directors gaurantee..signed one on a property and the business went bust 1 and half years into the 3 yr lease.....
I had come off my mortgage due to financial reasons (could not pay it whilst business was in trouble) so moved it over into gf's name.
The landlord of the commercial property is now going after the home..
Did you move the mortgage into her name or the actual deeds of the property as well?Its in relation to a directors gaurantee..signed one on a property and the business went bust 1 and half years into the 3 yr lease.....
I had come off my mortgage due to financial reasons (could not pay it whilst business was in trouble) so moved it over into gf's name.
The landlord of the commercial property is now going after the home..
If its not the latter, then you are still a joint owner regardless who pays the mortgage.
Usually in these guarantor situations the guarantee is registered on the deeds so the property cannot be transferred until it is discharged.
I started it months ago (both) but her solicitor has been shockingly slow to say the least...
To give you some more info
we bought the house for 89.9 in 2003 - my gf had come accross some money at the time so put 10k down herself....I insisted that be noted by the solicitor so if we were to break up she would not loose out...through out the period of where the business was struggling I had to invest more money into the business that techinically I did not have, so took 15k on the mortgage, my gf had also put in a further 8k......
On top of that due to me not be able to take any money out of the business for over a year she paid the mortgage herself for around 14 months... so I felt it was only right that she had the house and mortgage put in her name..
The house is worth about 170k now... and the mortgage stands at 115k... so there would not have been that much left in it on my side.. so thats the reason I changed it into her name to try and protect her...does that make sense?
Really fooked up here ..
To give you some more info
we bought the house for 89.9 in 2003 - my gf had come accross some money at the time so put 10k down herself....I insisted that be noted by the solicitor so if we were to break up she would not loose out...through out the period of where the business was struggling I had to invest more money into the business that techinically I did not have, so took 15k on the mortgage, my gf had also put in a further 8k......
On top of that due to me not be able to take any money out of the business for over a year she paid the mortgage herself for around 14 months... so I felt it was only right that she had the house and mortgage put in her name..
The house is worth about 170k now... and the mortgage stands at 115k... so there would not have been that much left in it on my side.. so thats the reason I changed it into her name to try and protect her...does that make sense?
Really fooked up here ..
m3sye said:
I started it months ago (both) but her solicitor has been shockingly slow to say the least...
To give you some more info
we bought the house for 89.9 in 2003 - my gf had come accross some money at the time so put 10k down herself....I insisted that be noted by the solicitor so if we were to break up she would not loose out...through out the period of where the business was struggling I had to invest more money into the business that techinically I did not have, so took 15k on the mortgage, my gf had also put in a further 8k......
On top of that due to me not be able to take any money out of the business for over a year she paid the mortgage herself for around 14 months... so I felt it was only right that she had the house and mortgage put in her name..
The house is worth about 170k now... and the mortgage stands at 115k... so there would not have been that much left in it on my side.. so thats the reason I changed it into her name to try and protect her...does that make sense?
Really fooked up here ..
To be honest I dont think you are going to be able to back out of the guarantee, as to be honest the ownership should never have been legally transferred if another party had an 'interest' in it.To give you some more info
we bought the house for 89.9 in 2003 - my gf had come accross some money at the time so put 10k down herself....I insisted that be noted by the solicitor so if we were to break up she would not loose out...through out the period of where the business was struggling I had to invest more money into the business that techinically I did not have, so took 15k on the mortgage, my gf had also put in a further 8k......
On top of that due to me not be able to take any money out of the business for over a year she paid the mortgage herself for around 14 months... so I felt it was only right that she had the house and mortgage put in her name..
The house is worth about 170k now... and the mortgage stands at 115k... so there would not have been that much left in it on my side.. so thats the reason I changed it into her name to try and protect her...does that make sense?
Really fooked up here ..
What type of figure are we talking about that you owe?
The landlord will not want to take legal proceedings to sell your house. It will cost him thousands up front and will take months to realise any money. He would much rather accept a quick settlement which then allows him to rent out the property again.
How much is owed on the lease and how much cash/liquid assets could you free up?
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