Im into the final year of my 6 year IVA and cant wait till March 2016 when its finished.
Just a quick question here.....
If i sell my house and there is approx £7000 equity after all legal fees / estate agents fees etc, Is there any way that the IP will let me retain a small portion of this equity to help cover the bond and 1st months rent whilst i pay my last mortgage monthly payment? Or do they take 100% of the equity?
My wife of 10 years isn't on the mortgage or included in the IVA, so is she entitled to a percentage of the equity in the property? Im just worried about having to find the monthly mortgage payment ( £600 ), 1st months rent ( £600 ) and the initial bond ( £600 ) all in the same month.
We have had to move due to work commitments and i understand about the restriction placed on my property on the land registry which my appointed solicitor says is usualy a straight forward thing to have removed once the paperwork proof of equity release is in place??
Our parents are going to be gaurantor's for the rented house so that shouldn't be an issue.
My IVA monthly payments are £433 a month and there are 13 months left. So regular payments means another £5629 to pay.
This sems perfectly reasonable but creditors will want to see a new I&E for the time after you move. If your surplus drops or increases your IVA payments can be amended accordingly and if the surplus disappears altogether creditors will likely accept the equity as a full and final settlement. Have a word with your IP and get a valuation plus up to date redemption figure for the mortgage.
