Can house be put in my name if I am in an IVA?

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shakila

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Post by shakila » Sat Oct 16, 2021 12:59 pm
Hi. My IVA got accepted today. I currently live at home with my mum and my daughter.

Recently there have been talks of changing the house over to my name and just wondered if this is possible during an iva

There's no mortgage on the house etc
Can someone advise please

Thank you

kallis3

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Post by kallis3 » Sat Oct 16, 2021 1:59 pm
I personally would not advise it. You would have to inform your IP and, as the house would be yours, you would be required to try and release some equity by way of either a remortgage (not likely) or a secured loan which means your IVA could possibly be extended. If you could hang on until the IVA is completed then that would be better.
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Foggy

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Post by Foggy » Sat Oct 16, 2021 8:00 pm
It can be done, but then it would be drawn into your IVA for either equity release or to be sold as an after acquired asset ---- dodgy either way and not at all advisable.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Mon Oct 18, 2021 2:18 am
I would look to do this after your iva has concluded and you have your completion certificate to avoid any unnecessary questions around ownership and need to release equity in 4th/5th year of your iva.
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kelly@dmuk

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Post by kelly@dmuk » Mon Oct 18, 2021 2:42 pm
Hi Shakila

We are incredibly grateful that you took the time to leave your query here. Prior to giving you the relevant advise, we would require more information regarding the circumstances of the transfer.

Many thanks,
The Debt Movement Team.

Moderator edit: Link removed from post. Please do not share personal information unless your IVA is being conducted by Debt Movement

Foggy

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Post by Foggy » Mon Oct 18, 2021 5:11 pm
Hi, Shakila, please do not send personal details unless you are, in fact, a client of Debt Movement UK as I have noted that you have not said that you are anywhere in your post.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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