Can I remove my ex from mortgage while he is on an IVA?

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deborah325
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by deborah325 » Fri Feb 23, 2018 9:18 am
My ex partner has an iva against him. We own a joint property together which is my home that i payed large deposit for and have paid mortgage solely for two years. It has been agreed i buy him out for £15,000 . The bank are processing my solo morgage application and my solicitors have been instructed to remove his name from titledeeds and mortgage. He has been put on official breach of his iva and asked to sign a form RX1 wich is a restriction on the sale of the house whilst the conditions of the IVA is in place. Im not planning to sell. I just want his removal and then f£15,000 can be transfered in full and final settlement. Should i be worried by the lodging of this form? And can i still continue to remove him from said deeds and mortgage. Worried sick and desperate for information . HELP thank you .
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Foggy
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by Foggy » Fri Feb 23, 2018 9:27 am
Was the agreed property split by mutual arrangement or is this by court order ? If a mutual agreement then the creditors might not accept that £15,000 is a fair representation of his share of equity ( which, on paper, is a 50/50 split, unless otherwise specified in the deeds ). Also, the RX1 cannot be lodged without the agreement and signatures of both of you, but failure to do so, without discussing the circumstances with the IP, could lead to his IVA being failed. Should bankruptcy then be pursued the house could, again, be at risk without the current protections thge IVA affords.

Ask your conveyancer to speak to the IP to see if he would be happy that the £15,000 be transferred directly to him (the IP) for payment into the IVA in return for the release of any involvement of the house in the IVA.
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