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Can I sell my share of equity in matrimonial house which was set in a court order? |
Submitted on: 3rd Aug 2010 by Non-Member | Total Answers: 1
Having divorced in past couple of years, i have steadilly built up large debts. As part of a court order I have a 32% equity share in the matrimonial home that I no longer live in. However I am not able to receive this until my youngest leaves full time education or my ex re marries etc. This is not for at least ten years! Is there any option to sell my equity which is currently worth around £60k. This would help clear debts, an enable my income to actually be higher than my expenditure for first time in several years.
If it is possible, are there agents etc that would buy this sort of thing?
Any advice greatly appreciated
Re: Can I sell my share of equity in matrimonial house which ...
It depends on how the court order was made. We are not aware of firms that will buy out a part share of a property without then being able to realise that share. One option could be to offer a voluntary charge to each of your creditors in which the creditors are given security but you state that they will be repaid at a set time in future, for example once your youngest leaves full time education and the house can be sold. This would mean that the property would need to be sold at that time but would serve to prevent further creditor enforcement until then.
This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.
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