Living with my separated partner under same roof, can we sell the house?

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Debra.ly
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by Debra.ly » Sun Apr 01, 2018 6:02 am
Hi, my partner and I will both pay our final IVA payment each in Nov 2018. We are separated but living under the same roof which is torturous.
I desperately want to move out but I'm concerned IVA company will take some of the equity we have if the house is sold before November. Would this be the case or can we continue making our monthly payments and if the house does sell before Nov, would our equity be affected?
I fear for my mental/emotional health if I have to remain living under the same roof till November but obviously I will have to 'get on with it' if I have no other choice. Many thanks for your advice.
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luluj
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by luluj » Sun Apr 01, 2018 6:12 am
I can imagine the strain you are you under but in my opinion you need to wait until its all over and any restriction placed on the house is lifted otherwise you run the risk of more equity being swallowed up by your creditors.
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kallis3
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by kallis3 » Sun Apr 01, 2018 8:10 am
Do you have any relatives you could stay with in the meantime so your health and well-being aren't affected?
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Foggy
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by Foggy » Sun Apr 01, 2018 10:52 am
I hate to be the voice of doom -- but, has equity already been addressed ? Are you in your "extension year". or could there be another 12 months added on for equity ?

I am afraid that, if you sell before getting the completion certificates, the equity could be grabbed by creditors.
phlip
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by phlip » Sun Apr 01, 2018 10:59 am
Foggy wrote:
I hate to be the voice of doom -- but, has equity already been addressed ? Are you in your "extension year". or could there be another 12 months added on for equity ?

I am afraid that, if you sell before getting the completion certificates, the equity could be grabbed by creditors.


Hi Foggy, sorry to jump on someone else`s post but its a similar question. If the OP is in the equity year already would the IVA company still want any equity if the property is sold as they are already paying the extra year instead of releasing equity ?
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Foggy
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by Foggy » Sun Apr 01, 2018 11:11 am
phlip wrote:
Foggy wrote:
I hate to be the voice of doom -- but, has equity already been addressed ? Are you in your "extension year". or could there be another 12 months added on for equity ?

I am afraid that, if you sell before getting the completion certificates, the equity could be grabbed by creditors.


Hi Foggy, sorry to jump on someone else`s post but its a similar question. If the OP is in the equity year already would the IVA company still want any equity if the property is sold as they are already paying the extra year instead of releasing equity ?



Funnily enough I was about to -- and will in a moment -- post this as a question myself, for discussion.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.
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Foggy
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by Foggy » Sun Apr 01, 2018 11:15 am
Phlip -- general discussion opened here: equity-release-extension-discussion-t84937
phlip
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by phlip » Sun Apr 01, 2018 11:22 am
Thanks foggy just read that now ! :D it was just something I was thinking about when I read the OPs question . I really do feel that once the equity release part has been dealt with and an extra year agreed then the restrictions should be lifted and you can sell without fear of losing any equity . But just my opinion .
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Nicpel
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by Nicpel » Fri Apr 06, 2018 6:40 am
Debra.ly wrote:
Hi, my partner and I will both pay our final IVA payment each in Nov 2018. We are separated but living under the same roof which is torturous.
I desperately want to move out but I'm concerned IVA company will take some of the equity we have if the house is sold before November. Would this be the case or can we continue making our monthly payments and if the house does sell before Nov, would our equity be affected?
I fear for my mental/emotional health if I have to remain living under the same roof till November but obviously I will have to 'get on with it' if I have no other choice. Many thanks for your advice.


Hi, my husband & I separated in October 2016 with a little over a year of IVA payments to go. We sold the house as he was not working & my wages couldn't cover the mortgage (& he wouldn't leave anyway!) out of the equity we had to pay back £74k to the Iva. Had we have paid it off separately it was only £3k, for an early settlement. But who in our situation has that kind of money!
It's a horrendous situation, I hope you can find a solution.
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