Can I sell during my ex-wife's IVA?

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neil849

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Post by neil849 » Tue Feb 04, 2020 3:25 pm
My Ex-Wife has applied for an IVA. We both own a home together which I'm paying the mortgage on, although we agreed to sell it this year.

I have received a notice of an "application to register a restriction against the land" which I need to consent or object to.

I am wondering if I can still sell the house while it has this restriction against it, or even if it will make it harder to sell?

My understanding is that it flags up that the some of the proceeds of the sale would need to be used to pay her creditors.

As I am solely paying the mortgage I do not want to be tied into it for another 5+ years...

Foggy

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Post by Foggy » Tue Feb 04, 2020 3:50 pm
Any sale would have to be run past the IP, who would be paid the balance of your ex-wife's share of the equity, for the benefit of her creditors. If there is any surplus after this it would be passed back to your ex.

Basically your solicitor / conveyancer will liase with the IP to lift the restriction on the conveyancer's undertaking to forward the funds to the IP.
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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