I got divorced over a year ago. We own 2 properties, the main house has been on the market for three years and there has only been one offer which would of put us into negative equity. The other is rented out and has recently gone on the market. My ex entered into a IVA this year. He asked me if i would take over the property so that we could both move on plus the negative impact it was having on the kids, as we are sharing the property. I agreed to take over the house with the outstanding mortagage that is left. I have been informed recently by him that the IVA company are saying that they want a min of £10,000 from me which I don't have. Can they do this and if so how can they without informing me of the IVA and their interest in the properties. Also after doing some research, there is an expectation that the properties are remortgaged after a period of time to pay the remaining debt off. Can they do this or affect the transfer of the house, especially as I joint own them and had not been written to by them. Where do I stand as I am slightly confused and concerned that someone/company can do this without consulting with me. Also could they stop the transfer of the house? My ex has put in a complaint and has had no response. He also had a telephone call appointment which they did not call back to.
You should consider some independent legal advice to protect your position. The IP company cannot just demand money from you especially if you are paying the mortgage.
If there is a consent or court order in place as a result of the divorce the IVA would not void this so I would advise you to speak to your solicitor.
I doubt he would be able to transfer the property to you whilst in an IVA.
The properties will have restriction placed on them so they can't be sold without the IP being informed, you should also have had to sign this as far as I am concerned. Your half of any equity is safe.
I don't know the company's name. Have never received any correspondents from them or asked to sign anything by them or my ex. He did inform me that he was entering into an IVA but was informed that I wouldn't be affected by it apart from a joint loan we still have together £3000 outstanding which he said that they could make me fully liable for but again never heard anymore from him about it or from the company.
Enter his name in this site and you will find out exactly who his IP is or whether he even has one. It seems he has asked for the £10,000 but not said who it is to be paid to!
He's right about the joint loan - the company will come after you for the whole amount even though it's included in the IVA as you are both liable for it.
You will have to keep on making contractual payments if you can or come to an arrangement with the company to pay less if you can't afford it.
The small loan is not an issue and he continues to pay his half anyway. This ends next year. He is saying that the £10,000 is coming from the company which he has appealed against and the grounds for it. They are saying according to him, that it would be his share of the equity which is N/A as the house has been on the market for over three years and the one offer we had was lower than the outstanding mortgage. He just wants to move on and requested for me to take over the house.
I have checked out the website and he is listed on it from 24 th may 2012.
Where would I stand if I haven't signed anything and where does the company stand as the IVA has gone ahead without notifying me due to the properties. Does this affect my credit rating as I always pay my bills on time etc...
I cannot speak for the other company but we notify the other party of the IVA and recommend they seek independent legal advice. We would also notify the mortgage company and if there is equity to be released we would look to have a restriction placed against the property.
Thank you to both of you for your feedback today. To summarise:
The facts:
1 my ex husband was registered with an IVA on the 24th May 2012
2 We divorced in April 2011
3 The house has been on the market for three years with little interest
4 The one and only offer was for £220,000 -
5 Outstanding mortgage is £242,000
6 It was agreed between my ex and I that he would come off the deeds and I would seek my own mortgage on the house - July 2012
7 The IVA company have never made contact with me
8 I have not signed anything
9 I have not looked into legal advice as I was not aware of any potential issue in taking over the mortgage or that a possible restriction could be placed on the property
10 The joint loan company or the mortgage have never contacted me
11 My ex is actively trying to get feedback from the company to confirm where we stand but has had no communication from them to date (he is expecting an update tomorrow but has been waiting for over two weeks for a decision)
My final question, all I want to know is can they stop or delay the transfer of the deeds/mortgage bearing in mind I have had no correspondents what's so ever from them or signed anything. I have also not been given the opportunity to seek legal advice before he took out the IVA.
You will not be able to take on the mortgage unless you can get a new mortgage in your own right. The mortgage company will not remove your ex's name but anything you agreed when you split should be cemented by legal advice and a consent order.
