Advice needed please

[Willy Wonka]

Hello,

I am currently in an IVA.

My partner recently purchased a property on our behalf and I pay half of everything in the property, BUT am not on deeds/mortgage so we could get a decent mortgage deal etc and not have the property subject to my IVA...

I would like to have my name put on the deeds ideally, but dont want to if it adversely affects our financial situation/property.

If I did become a legal owner, would I have to inform my creditors and could they request equity from property etc (even though there isn't any)?

I presume the answer is yes but just wanted to check!

Also

Is anyone in a similar position to me and if so how have you protected your financial interest in the property without having it listed as an asset on your IVA??

All info greatfully received!

[MelanieGiles]

I would not put your name on the deeds until after the IVA is concluded, as if the arrangement fails and you are made bankrupt the asset will form part of your estate. There may also be some argument that the acquisition of an asset during an IVA constitutes a windfall, so if I were you I would keep paying rent to your partner until you are free from the arrangement at which time you can then go onto the deeds formally.

[Willy Wonka]

Thats what I thought so thanks for confirming that...

Am I able to protect my financial interest in the property though before my IVA ends???

[MelanieGiles]

If you are contributing to the property, you are by your actions developing an interest in the property if this were ever to be questioned. You might want to take specific legal advice on this point to be sure.