Hi, I am really worried as I know nothing about this process.
Me and my ex bought a house. Not married, have one kid together.
We split all bills and paid 50/50.
After a year living in the house he said he struggled financially and would be a good idea to get IVA for himself.
So he done that and told me it will not effect me or the house.
Few months later we split and he moved out.
Later that year we agreed that I will buy him out, we agreed the amount and I just called land registry what is the process to change the deed and the lady said I can’t do anything with the house as there is a 3rd party interest on it.
I said I didn’t know, I didn’t sign anything and I wasn’t told.
My ex first denied that he was aware of it, he said IVA didn’t tell him they will do it but I shouldn’t worry.
When he moved out he stopped paying for the house.
I contacted the bank and told them I pay mortgage on my own and I contacted his IVa and told them too.
He didn’t tell them he didn’t pay for the mortgage anymore so my ex was not happy I got involved.
Anyways, a year is gone and I am still paying the mortgage and I just realised I have no idea what is this IVA and if this effects me at all.
My ex not telling me anything. His IVA is not telling anything and don’t communicate to me.
So I don’t know what are my options?
Is my credit score affected too?
Was it legal he put IVA on the house without my knowledge? Now he just say he didn’t do anything bad, he put Iva against an asset he owns.
What will happen after his IVA is over?
The past one year I have been refurbishing the hosue for the kids and me and spend over £20,000 on it.
I was told his share would freeze where he stopped paying, is this correct?
Any hell would be much appreciated
The house will be revalued at around month 54 of the IVA and it will then be decided whether he has to release equity or extend his IVA instead. Any equity release will be based on his share of equity --- this will be 50% of the value at that time.
Some Insolvency firms are very vague about telling people about equity release, but, your ex should have signed a form agreeing to the restriction ---- you should have signed it as well.
Assuming his IVA concludes successfully the charge will be removed ---- but you should seek legal advice regarding the house regardless, as these things should not be settled by vague agreements and promises.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
