House taken from probate into a deed of trust ?

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manmountain

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Post by manmountain » Thu Jan 13, 2011 2:47 am
I am due an inheritance with the sell of a house but the house is in a 7 person share and 6 wish to rent.
How does this react within my IVA the house will be taken from probate if possible into a deed of trust. Will this cause any problems if the house is rented.
I understand that if this goes to rent the 1-7th of the rent @ 50% will need to go over to the IVA.
 
 

kallis3

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Post by kallis3 » Thu Jan 13, 2011 7:59 am
Hi,

I'm afraid I've no idea about this one. You might be required to try and release your part of the equity but that is just a guess.

One of the experts will advise later.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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http://kallis3.blogs.iva.co.uk
 
 

Broke of London

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Post by Broke of London » Thu Jan 13, 2011 9:33 am
You may find creditors will need to be offered the windfall and a percentage of the rental income. Re the windfall...either the others could buy you out or you could offer additional payments in lieu of your equity in the property (if there is any). I haven't been in this situation so wait for an expert; but this would seem logical.
 
 

leaKybrain

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Post by leaKybrain » Thu Jan 13, 2011 10:26 am
judging from the time you posted this you are not sleeping and worrying about this, I suggest ringing your IP. The advice on here is fantastic and the support of all these friends is like having family, but nothign can take away your worry like getting it from the horses mouth so to speak.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jan 13, 2011 11:25 am
I think BoL's suggestion is very good. You will need to have your share valued and that amount would need to be paid to the Supervisor. If it is not an option for the others to buy you out an extension to exclude the windfall may be appropriate.

A lot will depend on the amount of equity so speak to your IP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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