www.iva.co.uk

Hi ll hope your well

Just needing abit of advice really

Me and my wife moved in our house in 2006. At this point i was already in my iva, when i entered my iva i was living with parents at the time. My wife is not involved in the iva it is only in my name.

We are on the verge of seperation and my wife wants to keep the house but i will have to move out and she wants my name of the deeds and i will either have go to parents or rented accomodation. how does this work with my name on the deeds ?

How will this effect my IVA i am in the last year of my iva and it will be getting valued soon to see if any equity release can be made. but the house in both our names so only my half of equity to release

Kind regards
David

Hi Dave and sorry to hear that you are separating.

I'm unsure of how this will affect your IVA and the equity release you're very close to finishing your IVA being in your final year.

I would talk with you IP without delay and take some case specific advice and I'm sure one of our professionals will be along very soon to advise. x

The likely outcome may be that you continue to make payments into your IVA for up to 12 months extra. You are unlikely to get a remortgage and it may be easier all round to just make some extra payments. Talk to your IP though,so you know where you stand. Let us know what they say though.

Paul

If your wife wants your name removed from the deeds she will have to take out a new mortgage in her own name. She will also have to raise your share of the equity to pay into the IVA since you cannot transfer your share to her for less than market value. Speak to your IP and your wife may need to consider independent legal advice of her own.