Can we sell our joint mortgaged property before receiving completion certificate

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by doreen535 » Thu Sep 28, 2017 4:51 am
My IVA ends on 30/12/17. I feel somehow cheated as the IVA company took £7,200 in the 1st year from me for a £30,000 debt as Debt management initially and after 12 months said that I qualified for an IVA and took a further amount to the value of £35,000 over another 5 years. This ends in December and there was no mention of having to release equity in the joint mortgaged property - [the IVA is only in my name]
Can we sell and move just after the 3oth December 2017 and before the certificate reaches us.I am 65 and need to give up full time work as I am ill, and have the chance of getting a small property for husband and myself on the 31st December 2017
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Keith White
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by Keith White » Thu Sep 28, 2017 6:28 am
I think I have to urge caution here. I completely understand the need to sell as soon as possible, but selling before the IVA completion certificate is received - can open up your share of any profit from the sale of the property to the IVA. At the very least, talk to your IVA company about timing - and don't sell until you are sure that the profit is safeguarded.
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by sheraz.butt » Thu Sep 28, 2017 6:43 am
Just to clarify you're debt stood at £30k and you have paid £35k overall in the IVA plus what you paid in the DMP??

If you have no debt to be written off come December because you have paid 100p in the £ ( your full debt), you wouldn't have to pay any more out of the equity let's say that you may have when selling your house.

Once a completion certificate is received, this finalises your payments into the IVA pot so you are free to do whatever with your money, property etc.

I would definitely speak to your IP/case manager letting them know your intentions so you know where you stand if you went on to sell before completion certificate is received.
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by Foggy » Thu Sep 28, 2017 6:44 am
I,too, would urge caution about selling before you have a completion certificate. I am also wary about there being no mention of the property in your proposal ! It exists and you have an interest in it ... it therefore should have had some sort of mention. Was it listed as an excluded asset ?
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