Hi I moved out of my house over 3 years ago. I own it with my ex partner. He has been paying the mortgage since I left. He was in an IVA with me but paid his off about 2 years ago. I am due to finish my IVA in April this year. We are selling the house because he is struggling to pay the mortgage. My question is when we sell the house he needs some money to set up a rented property so I have said I don't want any equity he can have it. The reason I have done this is because he is not paying the full mortgage therefore this is affecting me as well. I thought I would have to take him to court to sell the house but he has finally agreed to it. My only concern now is where do I stand as regards to my IVA? Will they force my to take half the equity and pay it into my IVA. Sorry to ramble. Thanks.
This really depends on how the property was treated in your IVA and your IP will have to answer the question. I can understand why he would feel he has a bigger claim to the equity and he may need legal advice.
Take care here - if you are not acting in accordance with your IVA you could breach it and fail it. You need to speak to your IP about this carefully as you may effectively be giving away an asset that is needed for creditors.
Part of the answer will depend on how much your equitable interest is worth.
