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Posted: Thu Jan 13, 2011 2:47 am
by manmountain
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.
Posted: Thu Jan 13, 2011 7:59 am
by kallis3
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.
Posted: Thu Jan 13, 2011 9:33 am
by Broke of London
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.
Posted: Thu Jan 13, 2011 10:26 am
by leaKybrain
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.
Posted: Thu Jan 13, 2011 11:25 am
by Michael Peoples
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.