My partner is thinking of taking out an IVA. He is self employed and has cc debts of around £30,000.00. He owns his house outright and it is in his name only. Is there any way of protecting the house by signing the it over to me ? It is our only asset and our only security for the future.
Any advice would be greatly appreciated. Thank you Sarah
Your house would be protected in an IVA in that you wouldn't be expected to sell it, however at this stage if he now recognises he is insolvent, it's too late to do what you are suggesting, it would be classed as fraud.
If you have been in a long-term relationship, have genuinely contributed to the upkeep and running of the property, and your partner always intended you to have a share in the property, there may be nothing wrong in effectimg a fair transfer, but this will need to be reported to creditors who will take their own view as to whether this would be classed as a transaction at undervalue.
Given that your husband is self-employed, I would suggest that he uses an IP firm experienced in these matters, who can also look at the impact of any property transfer. Whether the property is legally transferred or not, you may be able to still demonstrate a substantial beneficial interest in the property in any case.
a solictor can draw up a deed of trust if you have benifical interest but as Melanie says don't overcook it.
What I didn't know is they do not need to appear on the land registary. There also may be some tax implication on your share should your ptn (god forbid)within seven years of it's inseption spring his mortal coil! legal stuff best get advice
