IVA provider has confirmed property is excluded. What happens if in fact equity increases ?

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Dan.40

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Post by Dan.40 » Tue Mar 17, 2015 4:04 pm
Hi, my IVA is due to complete in september 2015 and I have already submitted house valuation and mortgage statement to my IVA provider. They have advised:

I can confirm due to your equity being less than £5000 you property has now been excluded from the arrangement, your payments will end when scheduled in September 2015 providing all payments are up to date.

There is a chance that prior to September there will be more than 5k equity and I would go ahead and look to sell my house.

My question is - if the house sells prior to september do I have to advise my IVA lender or do they find out somehow anyway, thus getting their hands on the equity? Or does the fact that ive got confirmation now that my property has now been excluded from the arrangement overrule??

Would appreciate any advice, especially if anybody has experience of this exact scenario.

Many thanks
Dan
 
 

lifenoteasy

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Post by lifenoteasy » Tue Mar 17, 2015 4:16 pm
Best idea from other posts is not sell until you have the completion certificate.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Tue Mar 17, 2015 5:03 pm
There will be a restriction on your deeds and the IP will be advised of any sale. I would, to be on the safe side, wait until you have your completion certificate before selling. It could be argued that the property has been excluded only for the purposes of the equity release provisions. If you sell this is outside of those provisions and your IP could then go after the equity, depending upon how he / she interprets the clauses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Rich

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Post by Rich » Tue Mar 17, 2015 5:14 pm
Like Foggy says there will be a restriction on the deads until completion is finalised. Your IP will then arrange to have this removed
"Always remember that the future comes one day at a time."
IVA completed . Just started a blog, if you get chance please take a look.
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Dan.40

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Post by Dan.40 » Wed Mar 18, 2015 9:12 am
thank you all for your replies - I will wait on the sale
 
 

Shining

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Post by Shining » Wed Mar 18, 2015 10:50 am
I think that is the way forward as once you have the completion certificate etc., the restriction will be lifted and you'll be free to sell. Good luck.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

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Post by Adam Davies » Wed Mar 18, 2015 10:57 am
Hi

Just to add my advice, wait until completion certificate received and restriction lifted by IP from land registry

Good Luck

Regards
Andam Davies
 
 

Dan.40

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Post by Dan.40 » Wed Mar 18, 2015 11:53 am
Thanks for the extra confirmation. One last question though if I may:

Generally speaking, how long does it normally take from date of completion to me receiving the completion certificate? The longer that takes again the longer I have to wait to sell but I'd like and idea of what is 'normal' before i start chasing it up daily.

Thanks in advance
 
 

Shining

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Post by Shining » Wed Mar 18, 2015 11:57 am
how long is a piece of string.

It really does depend on companies and their own procedures. Mine was received within 2 months, I know some on the forum in 'extreme ' cases 2 years.

I do think it needs more regulation/ Which company are you with?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Foggy

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Post by Foggy » Wed Mar 18, 2015 12:02 pm
Who are you with, Dan ? For instance McCD and FJ take a couple of months, CF seem to be taking a few weeks, GT 6 months minimum.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Dan.40

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Post by Dan.40 » Wed Mar 18, 2015 12:04 pm
ouch was hoping for a month max - im with clear debt. Think I will try and pin them down to giving me an ETA at point of last payment then hassle them if it passes

thanks for the info
 
 

Dan.40

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Post by Dan.40 » Wed Mar 18, 2015 12:05 pm
Any ideas how long clear debt take generally?
 
 

Foggy

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Post by Foggy » Wed Mar 18, 2015 12:52 pm
Check where you are ( or they are) with PPI. This can tend to hold up Cleardebt cases.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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