Selling my second property

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leewilde

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Post by leewilde » Wed Jun 21, 2006 10:59 pm
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I’m about to enter in to an IVA and i have two properties, one I rent out. I don’t make much money from my rent say £30. I’m worried that if its not rented for a couple of months I wont have the money to pay the mortgage. There is hardly any equity in the property at the moment. My Dad has offered to buy my flat from me at my mortgaged price and continue renting it so I wont have to worry about it. would this be acceptable?

Lee
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iva experts

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Post by iva experts » Tue Jun 27, 2006 5:30 pm
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Selling this property to your Father should not be a problem as you are not retaining an interest in the property. Plus if there is no equity in the property you can show that you are not trying to hide any assests anyway.


Hope this information is of use

Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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accgroup

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Post by accgroup » Thu Jul 06, 2006 9:22 am
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Hi Lee

I agree with the IVA Experts in that there should not be a problem with selling your second property. However you say that you are about to enter into an IVA, so you will need to make sure that you tell the IP who is helping you with your IVA about any plans to sell, or any sale of, your assets, especially to a relative. As long as your father pays the market value for the property and the transaction is disclosed in your IVA this will be acceptable to your creditors.

AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.
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