House in my name

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anon908

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Post by anon908 » Sat Feb 29, 2020 4:18 pm
I live with my mum and she doesn't know about my iva (nearly 2 years now) but now she wants to put house in my name I will still pay rent and nothing will change I have no extra income or gaining anything is this ok don't want to tell her she thinks people shouldn't be in debt

Foggy

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Post by Foggy » Sat Feb 29, 2020 4:24 pm
NO ! If the house gets put into your name it will become an asset of your IVA and you will need to release equity.

Try to stall until you are released from the IVA and have the completion certificate.

Why does she want it in your name ? If it is to thwart care costs later on or inheritance tax even later on, it could be a waste of time, effort and expense as these schemes can often be worked around by the authorities involved.
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

luluj

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Post by luluj » Sun Mar 01, 2020 8:37 am
Totally agree with foggy ..... put her off until after the iva has finished
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

anon908

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Post by anon908 » Sun Mar 01, 2020 10:44 am
What is best way then don't want her to know about IVA please

Foggy

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Post by Foggy » Sun Mar 01, 2020 11:20 am
You need to find excuses ..... why does she want to do this ? It will cost to do the transfer (solicitors fees etc).
Are you on any benefits that might be affected ?
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

nicola715

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Post by nicola715 » Sun Mar 01, 2020 4:44 pm
You cant let her!! When my husband and I entered into our iva both sets of parents wrote us out of their wills just in case - it can and will be taken xx

kallis3

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Post by kallis3 » Sun Mar 01, 2020 4:49 pm
Anon - you may find she is understanding if you tell her.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

anon908

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Post by anon908 » Sun Mar 01, 2020 6:32 pm
Not sure looked into it again they can't take the house can't re mortgage can't get a loan to pay iva off the other option is extending iva another year got a mates girlfriend to look into it she is a solicitor told her situation wait to see what she says

Foggy

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Post by Foggy » Sun Mar 01, 2020 6:37 pm
Sun Mar 01, 2020 6:32 pmanon908 wrote:
Not sure looked into it again they can't take the house can't re mortgage can't get a loan to pay iva off the other option is extending iva another year got a mates girlfriend to look into it she is a solicitor told her situation wait to see what she says
Tread carefully -- unless this tame solicitor is experienced in insolvency she will not have all the answers. I have seen a few instances where they have spouted rubbish !
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

anon908

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Post by anon908 » Sun Mar 01, 2020 6:57 pm
She is going in to ask colleague who does it then will see what she says don't think she is signing house over fully maybe just on deeds going to try tell her just to change will be easier and less hassle

Foggy

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Post by Foggy » Sun Mar 01, 2020 7:27 pm
To change / put your name on the deeds she has to formally transfer ownership to you and register the transaction with HM Land Registry. Basically as if she is selling the property to you. In law there has to be a consideration ( price) which in these cases is "For the love and affection of my child" . It is not as simple as giving you a car !
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

anon908

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Post by anon908 » Sun Mar 01, 2020 7:49 pm
No money involved mortgage free wait to see what solicitor comes up with there must be away round it always is thanks

kallis3

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Post by kallis3 » Sun Mar 01, 2020 8:16 pm
It won't make any difference - still be classed as an asset and you may end up worse off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

nicola715

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Post by nicola715 » Sun Mar 01, 2020 8:33 pm
Thats right. Its an asset. Think of it this way - u owe x amount and u have something worth double/treble that. Whats the urgency for now? The only thing i can think of is u sign an affidavit as does ur mum saying ur holding it in trust for her, but even that throws up questions - like is it a bid to escape inheritance tax. Its ur choice but if this goes badly it will not only affect ur IVA but ur relationship. Tread carefully xx
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