Foggy wrote:Your conveyancer will need to liase with your IP and your IP should agree to lift the restriction on an exhange of undertakings (professional and binding "promises" ). Your conveyancer will undertake to forward the sale proceeds to your IP in exchange for the IP's undertaking to lift the restriction on sale. This is assuming that your potential buyers don't run for the hills on seeing the restriction in the first place. I do not wish to rain on your parade but that is a possibility.
The IP shouldn't need to seek a variation because the sale of an asset would be already embedded in the agreement. It could take up to 6 months, however, from the sale completion to the IVA being closed and you getting the balance of the monies back.
As you have just gone ahead and "sold" without any prior agreement or arrangement with your IP and creditors they will seek to recover the balance of the full original debt plus fees and possible statutory interest --- an expensive way to settle an IVA early and incorporate a house sale.
Thank you so much for your reply it is massively appreciated.
I know I am wary that it could ‘scare’ the buyer off, fingers crossed it doesn’t.
So payplan were aware I was going to sell and told me to get in touch when the house had been sold and then they would act and give me a 100% figure etc. They said the creditors would not agree to a full and final offer and so did not undertake a variation meeting if I was to sell the home as there was enough equity to cover the 100% figure.
Yes unfortunately I was not aware the full amount of fees would be also be added onto any settlement naively thought it would be a pro rata rate. So it is indeed an expensive way to do things but to have the weight lifted would be great.
Six months after will be fine to be free of the IVA label, but one more question on monies exchanged....”you getting the balance of the monies back” The IP will want ALL of the remaining balance after mortgage is settled and then divvy it out to creditors and myself?
I thought, again not knowing, that my conveyancer would send the balance of the 100% settlement to the IP and then keep the rest of my equity to forward to me?
Sorry if I’m confused.