I am coming up to being half way through my IVA, and my partner has offered to pay the remaining 8k approx. We have recently had a baby, and my partner is looking to buy a larger property in his name only. My property is in my name with my dad as guarantor. It's 100% mortgage which I paid £167.500 for and is probably worth around £195-200k now. Will part of my equity be taken? And how soon could I sell following completion?
A full and final offer amount is based upon the number of payments remaining multiplied by the current monthly amount. If there is equity to be addressed ( which, looking at those figures, is likely) then you need to add on a further 12 payments to account for the extension that would be applied in lieu of equity if unable to remortgage.
You can sell as soon as you get your completion certificate, which should be a couple of months coming, but make sure the IP lifts any restriction he has placed on the property, to avoid embarrassment during the conveyancing process.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The offer you made should have allowed for the equity in your property. As Foggy says if/when the offer is accepted and you get your CC you will be free to do what you like with your property.
Bear in mind however if accepted some IP firms take up to 6 months to issue a CC...
