I am on a joint mortgage with my brother who unbenknown to me has an Iva. I only found this out as I was going to take on the mortgage myself (with brothers agreement) and asked the bsoc for a redemption figure it was then that they told me a trustee had an interest in the property. What implications does this have for me? There is no equity in the property our mother lives in it and pays the mortgage but she can no longer afford to so I was going to take it on on my own And let her live mortgage free
As an owner of a property ( albeit a joint owner) he is obliged to attempt to release his share of any equity. These clauses do differ from IVA to IVA, but generally exclude the property from the arrangement if there is little or no equity. If there is equity and he is unable to release it he will have an extra 12 months added to his IVA term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately we don't know the full facts as to who ( or how many) signed the RX1. All owners need to give authority, however, this has been circumvented in the past and will, no doubt, be done again in the future.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The RX1 has no value and there are other ways to register an interest anyway. However as joint owner you should have been advised of the IVA at the time so you should speak to your brother's IP and ask why this is the first yopu have heard of it.
