What happens if we sell our house

2 posts Page 1 of 1
Post Reply
 
 

j.l

User avatar
Posts: 1
Joined: Mon Apr 30, 2007 6:34 am
Location:
Post by j.l » Mon Apr 30, 2007 6:35 am
Quote
I have an IVa in place, I own my home jointly with my husband who is not in the IVA. What happens if we sell our house, but continue to make the agreed payments?
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Apr 30, 2007 7:47 am
Quote
Hi jl and welcome to the forum

That depends upon how the property was to be treated within your IVA. Did you agree to have the property revalued during the fourth year, and then effect an equity release? If so, you will need to get your Supervisor's permission to sell, and this provision will therefore be transferred to the new property.

If the property was not included within the IVA, then you are free to do as you please, but obviously your new mortgage payments must not disturb your ability to fund your IVA payments.

Talk to your Supervisor for more specific advice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
2 posts Page 1 of 1
Return to “IVA postbag for may”