5 months left in iva to end, can i sell my house? Will my IP find out?

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john707

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Post by john707 » Sun Mar 25, 2018 2:51 pm
Hello, if I sold my house whilst in an IVA (Near the end, 5 months left will be 6 years) Would the IVA company find out? Is there any restrictions to stop me selling it? I would like to sell it and pay my IVA off with an offer.

kallis3

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Post by kallis3 » Sun Mar 25, 2018 3:04 pm
Hi,

You will have a restriction on selling your house which your IP will have put on with Land Registry. You can always ask them to remove it but, with such a short time left now, it wouldn't be worth it.
http://kallis3.blogs.iva.co.uk/
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Foggy

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Post by Foggy » Sun Mar 25, 2018 3:10 pm
Unless they forgot to lodge it there will be a restriction on the deeds that will prevent you selling without permission from the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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luluj

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Post by luluj » Sun Mar 25, 2018 7:16 pm
Just be upfront with your IP - the likelihood is it won't go through until after your iva has finished but any restriction placed on the house will show up and stop you from progressing.

If it were me I would hang on in there and wait until the IVA has finished
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Lisa Thomas

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Post by Lisa Thomas » Mon Mar 26, 2018 8:40 am
you probably have a restriction on the property and even if you don't the solicitors should do a Bankruptcy search and find that you are in the IVA.

You should wait until the IVA has finished and you have your CC before selling, otherwise you could lose up to all of the equity by having to pay it over into the IVA...
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Mar 26, 2018 8:41 am
Bear in mind also that some firms take up to 6 months to issue a CC.

Also, you may have a 12 month extension period added due to the equity in the property.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

plasticdaft

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Post by plasticdaft » Mon Mar 26, 2018 9:46 am
Is their equity in the property that was due to go into the iva?

Paul
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Continuing to rebuild our credit worthiness.

kallis3

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Post by kallis3 » Mon Mar 26, 2018 9:50 am
As it is a 6 year IVA, it may well have been addressed.
http://kallis3.blogs.iva.co.uk/
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.

Lisa Thomas

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Post by Lisa Thomas » Mon Mar 26, 2018 10:20 am
If it's been addressed then the OP should be able to get confirmation from the IP that they have no interest in it and the debtor is free to sell it (and get the IP to remove any restriction).
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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