You can do, but the IP would have to remove the restriction. The proceeds would also be payable into your IVA, so not really a good option.
Remember, also, that, although you have 2 years left on the original term, this is likely to be extended by an extra 12 months due to equity release provisions.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You could consider making an offer of full and final settlement either by raising funds against the property or if you are lucky enough to have friends/family who will help. That way, if your creditors accept it, the IVA would be settled and the restriction against your property removed. That would leave you free to sell the property and keep any remaining equity. You should bear in mind that if you are planning to apply for a new mortgage it may be more difficult in the short term though.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
