My Mum and Dad are in the process of selling their house and are buying a static caraven to live in and a camper van to travel in. They plan on putting the static in my sister and mine names so that when they have gone it will be less complicated and they plan on spending the rest. I say good on them and enjoy spending . My question is will this be a problem with putting it in my name while still in an IVA. I have 18months to go on my IVA.
Thank you.
If it goes into your name, it's an asset which you will need to inform your IP about. I agree with Lesley, the best thing would be is to put it into your sisters name until the IVA has completed and you have received your certificate of completion.
Whilst you may become the legal owner of a share in the static van, the fact that your parents have purchased it using their own money, with the intent of the asset becoming their main residence, will mean that if challenged they would have a full beneficial interest in the asset - and therefore I do not think that you have much to worry about, whether it is put into your name or not.
My personal view is that they would be far better putting it into their own names. A division of this type of asset, upon the death of the remaining parent, is not exactly difficult to work out - and it does given them full security of tenure in the meantime.
. My question is will this be a problem with putting it in my name while still in an IVA. I have 18months to go on my IVA.
