I have been in an IVA since march, but my mother has just passed away leaving her house to me and 2 siblings. I would like to buy a siblings share out to stop him from selling my family home, my other sibling is same as me but she doesn't have any means of a mortgage as she is mental health. What are our options. Will we lose the house because of my IVA or are their share of it safe.
Their shares in monetary terms are safe, but you will be expected to contribute your share to your IVA. I doubt that you can be compelled to sell, as, apart from anything else, this would require the consent of the others and that is not likely to be forthcoming. How the IP would, or can, react to this I am not sure --- but he or your creditors could force your hand by failing the IVA for non-compliance (not selling) and then filing for bankruptcy, where the OR's powers are more far reaching -- that said the OR might be minded to allow your siblings to buy out your share for very little. Alternatively, your IP might allow you to take a secured loan for your share ( or a portion of it), if you can find a willing lender.
There is too much guesswork in my reply and you really need to have a chat with a lawyer versed in insolvency matters. Is the estate being handled by solicitors acting as executors, as how they react will also be governed by insolvency regulations and I imagine they will need to consult with your IP before the estate can be distributed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Fri Aug 28, 2020 5:53 pmsue429 wrote:
I along with my brother are named as the executors in the will. No solicitor is involved, we are doing probate ourselves.
Even as unqualified executors you need to adhere to insolvency requirements. I know that if a beneficiary is bankrupt the executors have to liase with the OR regarding the estate, whether that applies to an IVA I cannot say for certain --- again, you need to take independent advice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
