Hello
Could someone possibly help me with my query please?
I finished making payments into my 6 year IVA. I had property valuation done by IVA's IP in month 66- no equity to be released. The property is jointly owned with my ex so I desperately want to move. The Court might decide that I get 70% of equity. My IVA can't be completed due to outstanding delayed PPI claims therefore I can't get a completion certificate just yet.
The question is: if I sell the property before the completion certificate is issued and I get 70 % of equity by the Court order, would 20 % of extra equity be treated as windfall and therefore will need to come into the IVA?
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