I have started the process of an IVA,(86K in debt) but unsure what to do? The house is in my name.I have received a letter from my partners solicitor asking me to sign a deed of trust & agree to put a 3rd charge on the house to secure his interest in the house. He has lived there for 9 years & spent money £35k on the house & contributed 60% to the household bills. Please can someone advise what I can do & the implications it could have. What if I put the house in joint names? Please advise. I understand his concerns trying to protect his interest.
I am very new to all this, so can't advise, however, it seems that this forum is a lifeline to a lot of people, not to mention the professionals who post replies to questions such as yours.
Someone will be along soon to help I am sure - you sound very stressed (like me)- lots of debt, except my hubby didn't know until last nite so things are pretty bad - keep posting though as the replies I have had have helped and no doubt will help you too
Be very carefull
I suspect the experts will say that you cant sign the docuement as it will be avoidance of assets
I am not sure but I think your partner is up the swanny river
If your partner has genuinely developed a beneficial interest in your property, and it does seem like it in view of the investment he has made on improvement, then in principle there is no problem in you entering into a deed of trust - but please only do so with the benefit of proper legal advice - which you could ask your partner to pay for given that he is the one who is asking for the security.
