Mortgage Transfer

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chrisluff1976

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Post by chrisluff1976 » Mon Jun 23, 2008 10:05 am
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Hi, I have had an IVA for around a year. I have gotten together with a girl and we are going to move in together. We have talked about putting my name on the deeds, so I would be jointly responsible for the mortgage. How does that affect the IVA? Thanks C
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MelanieGiles

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Post by MelanieGiles » Mon Jun 23, 2008 10:08 am
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Hi there and welcome to the forum

Just inform your IP of your change of circumstances. If this improves your financial postion, expect to be asked to increase your contributions accordingly.
Regards, Melanie Giles, Insolvency Practitioner
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abc

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Post by abc » Mon Jun 23, 2008 10:12 am
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Be careful on putting your name on the Deeds:

1) you will become financially connected if you also become joint on the mortgage as well, which may cause your girlfriend problems with credit.
2) This could be classed as an after aquired asset, although you may have no equity now it may have in four years time and subject to your proposal/modifications you ma need to deal with this asset in four years time,
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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chrisluff1976

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Post by chrisluff1976 » Mon Jun 23, 2008 12:29 pm
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Thanks for the advice, I will think on this some more. C
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