Selling a property

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Rob b

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Post by Rob b » Sun Jul 26, 2020 10:52 am
Hi I'm divorced and my ex lives in shared mortgage house and she has an iva can I sell this house to cover a loan secured on the property and then anything over is shared 50 /50 is this possible please

kallis3

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Post by kallis3 » Sun Jul 26, 2020 11:02 am
Do you have a restriction on the property? If so, you will have to get this removed before a sale.
Sharing from experiences of dealing with debt
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Foggy

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Post by Foggy » Sun Jul 26, 2020 12:10 pm
As Kallis mentions, there might be a restriction on the property -- which basically means that the IP will be informed of the sale and will have to work with the solicitors to work around this. Usually the solicitors will undertake to send the equity due to creditors direct to the IP. This should be your wifes half of the proceeds after all secured lending and selling fees etc. have been dealt with.
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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