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Posted: Fri Jan 24, 2014 1:20 pm
by Jean.wk
My husband and I have just separated. we are in the 4th year of our IVA and will need to try to remortgage the house soon. I don't think I can afford to keep the house on. Will any profit we make have to go into the IVA
Posted: Fri Jan 24, 2014 6:59 pm
by MelanieGiles
Hi Jean and welcome to the forum
Sorry to hear your bad news. Assuming that your husband has left the property, is he going to be contributing towards the mortgage? Do you presently have any equity in the property?
Posted: Sat Jan 25, 2014 10:04 am
by Jean.wk
yes i believe there will be some equity but im not sure how much. My husband says he will contribute until the IVA is finished but I cannot rely on him to do this for the next 2 years and wonder if it will be better just to make a clean break and sell the house, but I don't want to be left with nothing to start over with. My 25 year old son still lives at home with me.
Posted: Sun Jan 26, 2014 7:10 pm
by cs101
Hi Jean
You cannot sell the house as you both might have signed RX1 form.This form restricts selling of the house without the permission of your IP.
Posted: Mon Jan 27, 2014 6:14 pm
by Jean.wk
Hi cs101 I would not sell the house without permission from my IP. I just want to know if all the equity we have in the house will have to go into the IVA. I suppose the sensible thing to do would be to get the house valued.
Posted: Mon Jan 27, 2014 7:48 pm
by MelanieGiles
Contrary to popular belief, the registration of an RX1 form at H M Land Registry does not prevent a sale, but it is something that a prospective purchaser would be wary of and would ask to have removed.
Get the house valued, and get a current mortgage redemption statement to see what equity there is. You will also need to confirm whether your husband is happy to sell, and then seek advice directly from the IP acting for you.