whether they will allow the sale to continue!

[unhappyrob]

Im in the first year of my and my now ex-wifes IVA. We split up last year and both left the marital home - which is now empty! We were advised by our IVA company that we were allowed to sell the property, so we put it on the market. (The normal IVA payments have been continuing without fail from the both of us).

Im at the exchange point in my house sale now and have discovered that a Restriction has been put on our property and the Insolvency Dept are awaiting their decision as to whether they will allow the sale to continue!
We have told the IVA company that any equity produced from the house sale will go straight to them, and then we will agree to either the joint IVA continuing as it is or seperate IVAs for half the total debt each! Now im worried that the house will not be allowed to be sold, I cant afford to maintain payments on the IVA, the mortgage of a house I dont live at and rent on my new accomodation (and Im sure neither can my ex-wife).

What is the standard procedure for people in my position???

Advice please? Thanks.

[MelanieGiles]

Your IP has the restriction on the property, as you undoubtedly have a fourth year equity release provision. These are placed on the property records at H M Land Registry, to avoid people selling their properties without notifying the Supervisor.

As your IP has already agreed to the sale, it would have been silly not to, they should not be dithering about withdrawing the restriction. I suggest you get your solicitor to exert some pressure to get this moving. Sounds like it may be lost in someone's in-tray, and you don't want to lose your purchaser.

Let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk