www.iva.co.uk

Hi, my IVA is due to complete in september 2015 and I have already submitted house valuation and mortgage statement to my IVA provider. They have advised:

I can confirm due to your equity being less than £5000 you property has now been excluded from the arrangement, your payments will end when scheduled in September 2015 providing all payments are up to date.

There is a chance that prior to September there will be more than 5k equity and I would go ahead and look to sell my house.

My question is - if the house sells prior to september do I have to advise my IVA lender or do they find out somehow anyway, thus getting their hands on the equity? Or does the fact that ive got confirmation now that my property has now been excluded from the arrangement overrule??

Would appreciate any advice, especially if anybody has experience of this exact scenario.

Many thanks
Dan

Best idea from other posts is not sell until you have the completion certificate.

There will be a restriction on your deeds and the IP will be advised of any sale. I would, to be on the safe side, wait until you have your completion certificate before selling. It could be argued that the property has been excluded only for the purposes of the equity release provisions. If you sell this is outside of those provisions and your IP could then go after the equity, depending upon how he / she interprets the clauses.

Like Foggy says there will be a restriction on the deads until completion is finalised. Your IP will then arrange to have this removed

thank you all for your replies - I will wait on the sale

I think that is the way forward as once you have the completion certificate etc., the restriction will be lifted and you'll be free to sell. Good luck.

Hi

Just to add my advice, wait until completion certificate received and restriction lifted by IP from land registry

Good Luck

Regards

Thanks for the extra confirmation. One last question though if I may:

Generally speaking, how long does it normally take from date of completion to me receiving the completion certificate? The longer that takes again the longer I have to wait to sell but I'd like and idea of what is 'normal' before i start chasing it up daily.

Thanks in advance

how long is a piece of string.

It really does depend on companies and their own procedures. Mine was received within 2 months, I know some on the forum in 'extreme ' cases 2 years.

I do think it needs more regulation/ Which company are you with?

Who are you with, Dan ? For instance McCD and FJ take a couple of months, CF seem to be taking a few weeks, GT 6 months minimum.

ouch was hoping for a month max - im with clear debt. Think I will try and pin them down to giving me an ETA at point of last payment then hassle them if it passes

thanks for the info

Any ideas how long clear debt take generally?

Check where you are ( or they are) with PPI. This can tend to hold up Cleardebt cases.