Would property and mortgage, in my wife's name, be subject to equity release if I get an IVA?

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Thomas.s

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Post by Thomas.s » Wed Jan 28, 2015 11:34 pm
if I get an IVA , would the home we live in be subject to an equity release clause as the property and mortgage is in my wifes name
 
 

Adam Davies

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Post by Adam Davies » Thu Jan 29, 2015 8:41 am
Hi and welcome

Probably not if you have never owned the property or been on the mortgage. You may however acquired a beneficial interest in the property if you have lived there for a while and paid towards household bills

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Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jan 29, 2015 9:48 am
It is highly unlikely an IVA supervisor or your creditors could look for equity to be released but a Trustee in Bankruptcy would certainly look closely at the property. The TiB would want to see how long you had been there, how much you contributed to the mortgage and upkeep etc and also how your debts occurred.

If for example you had funded an extension, refurbishment or garage then the TiB would argue you have an interest and look for this to be raised.

As Andy says take some professional advice from an insolvency firm.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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