Can I sell my house?

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Mrpaul81
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by Mrpaul81 » Mon Aug 20, 2018 4:33 pm
Hi
I want to go into an iva, but i have a problem. I built on a family farm, but the house i built somehow was built in the wrong place. Its outside the area that the mortgage company has security over. Are they unsecured now? Ie, can i sell my house?
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Foggy
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by Foggy » Mon Aug 20, 2018 4:38 pm
Mrpaul81 wrote:
Hi
I want to go into an iva, but i have a problem. I built on a family farm, but the house i built somehow was built in the wrong place. Its outside the area that the mortgage company has security over. Are they unsecured now? Ie, can i sell my house?


The mortgage company would have security on the house and land as cited in the deeds. If the house is in the wrong place, it was build contrary to planning permission and the lender may well want their money back. If it was built in the wrong place, it is unsellable.
Mrpaul81
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by Mrpaul81 » Mon Aug 20, 2018 4:52 pm
Hi
It was built 10 years ago and as such, enforcement cannot take place. To be honest i'm ffar behind on mortgage repayments, and in negative equity. Can i even transfer it to a family member? Or can the mortgage company stop this happening?
Mrpaul81
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by Mrpaul81 » Mon Aug 20, 2018 4:53 pm
Also, if i went in to an IVA, would the mortgage company now be unsecured, and bound by an iva agreement?
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kallis3
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by kallis3 » Mon Aug 20, 2018 4:59 pm
A mortgage will always be secured.
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Foggy
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by Foggy » Mon Aug 20, 2018 5:31 pm
You will not be able to sell or otherwise dispose of the property without settling the mortgage -- this includes transferring it to a relative. In any event this would be seen as potentially depriving your creditors of an asset.

The only way of getting the mortgage included in the IVA would be to allow the lender to repossess and sell the house. They will then look to you for any shortfall, which would be unsecured and able to be included. This would all have to be discussed and prepared for at the start of the IVA. If it happened during the IVA, without being planned for in the proposal, it would probably derail the whole thing, which would fail.
Mrpaul81
Posts: 11
by Mrpaul81 » Mon Aug 20, 2018 5:45 pm
I'm sorry to deceive anyone to this point. But this has all already happened. I went through and iva with a one off full settlement. The iva practitioner said as the mortgage company didnt have security of the house, they were unsecured, and included in the iva. I have the whole thing settled and My brother now owns the house debt free as of 18 months ago. I'm sorry i painted this picture, but i was afraid i wouldnt get advice if i had told you.
The mortgage company are still ignoring the iva, and do not acknowlege it.

The iva knew about everything and insisted they were correct in putting it through.
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Foggy
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by Foggy » Mon Aug 20, 2018 5:55 pm
Mrpaul81 wrote:
I'm sorry to deceive anyone to this point. But this has all already happened. I went through and iva with a one off full settlement. The iva practitioner said as the mortgage company didnt have security of the house, they were unsecured, and included in the iva. I have the whole thing settled and My brother now owns the house debt free as of 18 months ago. I'm sorry i painted this picture, but i was afraid i wouldnt get advice if i had told you.
The mortgage company are still ignoring the iva, and do not acknowlege it.

The iva knew about everything and insisted they were correct in putting it through.


I am not an insolvency industry expert, I was, however, a conveyancer for 13 years in a previous life, but do not agree with the former IP's actions. Nor do I understand where the mortgage company thinks things stand. The mortgage company is probably, in my view, right to ignore the IVA.

There are things here I could not fathom without sight of all the pertinent documents.

Does your brother have title deeds in his name and without the first charge ?
Mrpaul81
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by Mrpaul81 » Mon Aug 20, 2018 5:56 pm
Hi,
Title deeds are in my brothers name, regstered owner with no charges
Mrpaul81
Posts: 11
by Mrpaul81 » Mon Aug 20, 2018 5:57 pm
I believe at some point maybe the architect slipped up when signing the house off. He didnt realise it was moved and didnt seem to check as it was alarge field in the country
Mrpaul81
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by Mrpaul81 » Mon Aug 20, 2018 6:00 pm
The mortgage company wants to reposess and have obviously figured out the house is not where its supposeed to be. They are now asking my brother to return it, and they will charge it, or they are pursuing legal action
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kallis3
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by kallis3 » Mon Aug 20, 2018 6:02 pm
I think you need to take some legal advice
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Foggy
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by Foggy » Mon Aug 20, 2018 6:05 pm
Mrpaul81 wrote:
Hi,
Title deeds are in my brothers name, regstered owner with no charges


Hmmm ... what are the mortgage company saying about the debt ? They should have released the charge to allow the transfer or LR would not have registered the new owner.

Were the lenders named in the IVA and were they listed as having received dividends in the final report ?

Again, without being able to see all the paperwork, I fear something will bite somebody at some point ! Possibly when and if the property is put back on the open market and another lender does their investigations into title. Let's hope I am wrong.
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Foggy
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by Foggy » Mon Aug 20, 2018 6:06 pm
Ah -- just seen your latest post, put up while I was writing mine ... the bite is coming.
Mrpaul81
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by Mrpaul81 » Mon Aug 20, 2018 6:08 pm
Foggy wrote:
Ah -- just seen your latest post, put up while I was writing mine ... the bite is coming.

THE BITE??
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