Will the house be affected

[jjl]

my wife owns our house and did for 20 years befor we married, the deeds are in her maiden name. I have paid partly to the monthly bills. I am considering an iva for my own personal debt, it is not joint debt. Will the house be affected

[MelanieGiles]

Hi jjl

It may well be viewed that you have developed some form of interest in your wife's house by nature that you have been living together as a couple and contributing to the running costs. Is there any equity in the property?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jjl]

Well there is no mortgage on it as it was bought and paid for by my wife long before i moved in and married. The debts are mine and not hers. The deeds are still in her maiden name.

[MelanieGiles]

I suggest that you seek a legal opinion on this before proceeding any further, so that this position can be clearly explained to your creditors.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jjl]

Is there something called a benefical interest that may have to be proved in the property. we are both in our late 50's and dont want to have to get a mrtgage at this stage

[MelanieGiles]

A beneficial interest is one gained by custom and practice rather than actual monetary investement. If, for instance, you have been helping your partner to pay the household bills and upkeep of the property, it may well be that you have developed such interest, but these types of claim can be difficult to establish.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jjl]

In this instance then, would this make it difficult to get an iva. How does it work at end as it seems to suggest that in the last 4th or 5th year, how does this affect the amount paid back. Is it compulsory that the house would be part of the iva

[Adam Davies]

Hi
You would normally have to remortgage in the fourth year of your IVA and will only be necessary if you have equity in the property and would only be a percentage of YOUR equity,normally 85%.If you have an interest in a property then it is nearly always included in an IVA agreement for equity release.
Regards

Do take profefessional advice on this matter.

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp