There have been several queries of late regarding equity release and the extension to the term of the IVA. Basically, if the IP agrees to a 12 month extension, should the house then be released from the controls of the IVA and the owner be free to sell?
In my mind, if they agree the extra year, they have dealt with and should release the property .... but .... it is still an asset and, I fear, the sale proceeds would still be regarded as fair game by the creditors. Note that the IP will not remove the restriction during the extra year -- it stays until the bitter end! My advice would be to err on the side of caution and do nothing regarding a sale until the completion certificate has been issued and the restriction has been lifted.
Thoughts welcome, especially from those in the industry.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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As far as I am concerned - once you do an extra 12 months then that should be it.
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