My friend's partner has taken out an IVA. Will my friend lose her equity if their house is sold ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
Post Reply
 
 

Barbara.08

User avatar
Posts: 1
Joined: Tue Aug 13, 2013 3:54 pm
Post by Barbara.08 » Tue Aug 13, 2013 3:54 pm
Quote
my friend has purchased a house with her partner. However, he has taken out a iva and there is now a 'charge order' on the house. If the house is now sold, will my friend lose all her equity?
Top
 
 

lem

User avatar
Posts: 2753
Joined: Tue Nov 09, 2010 9:56 am
Location:
Post by lem » Tue Aug 13, 2013 4:16 pm
Quote
No, the charge will only be on his share of the equity
Top
 
 

Drew

User avatar
Posts: 119
Joined: Tue Nov 16, 2010 3:50 pm
Location: United Kingdom
Post by Drew » Tue Aug 13, 2013 4:21 pm
Quote
Is it actually a charging order or is it a restriction (RX1) put on by the Supervisor's of the IVA? If it is the latter it gives the Supervisors no powers over the property as far as forcing the sale etc. Generally most IVAs are proposed to protect the property and only ask the person in the IVA to look at remortgaging their share of the property. It all depends on what their proposal says however...
CertDR Qualified
Top
Post Reply
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”