Im buying arouse from a guy with an iva restriction on the property. His solicitor told suit could take long time to sort out, (I'm ready to exchange) so peeeeeed off with the seller for pretending everything was ok when he knew this issue old crop up. Should i pull out of the purchase? I'm pregnant and don't have time to mess about, I need to get moved in and not be fobbed off with "oh this could take a while they're an awful company to deal with" his solicitor has Sid the vendor doesn't have funds to clear this particular debt.....b***** livid doesn't go near!!!!!!
We need an expert to advise on this but I would imagine it may take a while to sort out, the vendor will not be able to sell without permission from his iva company, depending on the nature of the equity status and what has been accounted for within his iva will depend on whether they give permission for the sale to proceed or not, this may take some time to sort out especially if he has not previously sought the advice of his Ip before marketing the property for sale
I.n that case you've answered my question, I don't have time to waste and feel he should have sorted this out before proceeding with my offer. Even his estate agent is unaware, well not when I tell her she won't be! He's kept this hidden when he knew I needed a quick purchase. Grrrrrrrrrrr
I sold my house whist in an IVA in order to offer a full and final settlement. Its a rather chicken and egg scenario as you need a firm offer to enable you to know how much you can realistically offer creditors.
There were no problems with the sale at all from my side of things, the restriction was lifted on the house very quickly and the offer made and accepted by the creditors. My purchasers were aware of the situation from the start though, as were the estate agents and all went very smoothly (my buyer was also pregnant at the time)The thing that held the sale up for 4 weeks towards the end ironically was a problem with the purchasers mortgage[:o)]
When you reach the end of your rope..tie a knot in it and hang on!
WelL tbh honest I'm hoping it's just a case of paperwork but the sellers side is being very coy, we've got nowhere in 2 wks of them allegedly chasing the iva co. The house has been on the mkt 2 yrs but it fell thru before, I now wonder if this is the reason. I'm worried as he has not enough money to pay off this company that the restriction can never be lifted. I'm now looking at paying 20k extra for a half decent house but much smaller. He's landed me in the **** too,just wish heda been honest from the offset, can't abide liars, why put your house up for sale if you can't clear your debt????theyre not just tonna forget you owe them money!!
With respect, the vendor isn't going to divulge their financial circumstances to you in great detail which will explain their coyness although it should have come to light sooner, perhaps the vendor did inform their solicitor and this has not been communicated across as it should have been, even if the vendor has no equity, it won't prevent the sale despite the debts so your solicitor and estate agent are wrong, there does not have to be enough money to pay the iva off for the sale to go through, as long as the property has correctly been accounted for in the iva and the ip is happy with everything they should be happy to release the charge and allow the sale to go ahead, don't jump to conclusions without knowing the facts, yes this may take time to sort out but it may not necessarily be the sellers fault, they are hardly going to divulge their personal financial predicament to you a complete stranger.
That's good o know. All I want to know is the truth so I can make an informed decision as I'm 8 months gone with now nowhere to live ......it's not great and they knew my predicament from the off hence my requirement for urgent purchase.
You've been very helpful can't thank you enough, very much appreciated
