www.iva.co.uk

Posted: **Fri Sep 13, 2013 9:21 am**

Hi, We are nearly at the end of our 3rd year in our iva, total of 5 years altogether. I am in the middle of having my name put on the land registry for a house myself and my half brother have been left, not trough a will, but it has automatically come to us as we are next of Kin. My question is could I lend against the property once its all complete and pay the iva off? Or will the Iva company expect us to pay more money back each month??

Posted: **Fri Sep 13, 2013 9:26 am**

Hi and welcome

Your share of the house may be seen as an asset so you will need to inform your Insolvency Practitioner and discuss a way forward

Regards

Posted: **Fri Sep 13, 2013 10:01 am**

It would be a windfall but if you can take a mortgage against and clear the IVA this may well be acceptable to creditors. As Andy says chat it over with your IP.

Posted: **Fri Sep 13, 2013 10:24 am**

Thanks for your replies...

I will phone my IP once I have spoken to solicitor and sorted deeds and land registry out. Do you think it's likely I could get a mortgage against the property given my credit history?

Also could you tell me if it would be possible, if I were able to borrow against it, to pay all out debts off and move overseas?? That really would be a windfall...

Posted: **Fri Sep 13, 2013 12:23 pm**

Perhaps the other beneficiary could buy you out and once you clear the IVA you could be off to wherever you like. Have a word with him too as he may want to keep it or you both could sell it.

Posted: **Fri Sep 13, 2013 12:26 pm**

I have thought that could be an option, however my half brother is younger than me, he will be 19 this December so chances of him buying me out are slim. Perfect solution though.

Posted: **Fri Sep 13, 2013 2:26 pm**

It might be worth having a chat to our forum mortgage experts ...Ryan or Shaun. There contact details are under the ask the experts section on the left or via the members list A-Z.

Posted: **Fri Sep 13, 2013 4:27 pm**

I think it is possible to get a mortgage at 19 but I agree with Luluj that you should speak to an expert.

Posted: **Sun Sep 15, 2013 12:14 pm**

How much is the property worth, and what is the balance of your debts which you have to repay in the IVA?

Posted: **Mon Sep 16, 2013 8:28 am**

Hi, the property is probably worth around 300k, not too sure yet, it was valued at 150k in the year 2000. We owe 4k on our IVA.

www.iva.co.uk

A share of a house has come to me automatically as next of kin.