I'm about to sell my house .....

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sam161

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Post by sam161 » Wed Nov 07, 2018 10:18 pm
I'm about to sell my house although I currently have an IVA. I waited a very long time but finally received a redemption figure to clear the IVA. so was expecting that figure to be minused off whatever is left after the sale of the house. However there now appears to be some confusion and they are asking for ALL funds from the sale minus the costs to be held in a trust, with no guarantee I'll get anything back. At no point was this confirmed by the IVA company or put forward by my conveyancer. I've already moved out of my home and I don't have much money to live on (I really wanted to settle all my debts and have a fresh start). I'm getting a little desperate. Can anyone offer any advice?

luluj

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Post by luluj » Thu Nov 08, 2018 5:47 am
You need the permission of your IP to sell your home while in an iva as there may a restriction on the house, RX1, stopping you from doing so.

During the iva you will always owe 100% of your original debt plus IP fees and statutory interest. Only when this is achieved will any monies remaining be passed back to you.

Not heard about money been held in trust after a sale of a house - unless they are referring to the period between house sale and closure process of the iva maybe.

I would maybe go and take some advice from the CAB or similar and then ask for a meeting with your IP rather than caseworker.
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Foggy

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Post by Foggy » Thu Nov 08, 2018 7:47 am
It is common practice for funds to be held, not in a trust as such, but to the IP's order. That said, it is also no big problem for the IP to provide the settlement figure, calculated up to the day of completion and for the converyancer to undertake to redeem this amount to the IP (in the same way as they do for mortgage lenders), letting you have the balance.

It is a pity that the transaction has got so far as there could have been better ways to deal with it from the start.
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Lisa Thomas

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Post by Lisa Thomas » Thu Nov 08, 2018 9:49 am
Please see my answer here to a similar question:

can-they-take-more-than-i-owed-t86199
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Shaun Vickery

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Post by Shaun Vickery » Thu Nov 08, 2018 1:38 pm
Which IP firm are you with?
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