Separating

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

GHOHEB

Posts: 6
Joined: Fri Jun 18, 2021 5:38 pm

Post by GHOHEB » Fri Jun 18, 2021 5:56 pm
Hi I am in the process of separating from my partner who is 18 months into an IVA

We have a joint mortgage which I'm looking to take on myself.

I have checked land registry and there does not appear to be any restriction placed on by the creditor. Possibly a error on the creditors part?

So my question is can I just go ahead with transferring ownership/mortgage over to me (with my partner's permission) without contacting the creditor?

In doing so we have agreed that I will release the equity from the property to offer to the creditors as an early repayment.

Hope the above makes sense

kallis3

User avatar
Forum Expert
Posts: 76725
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Jun 18, 2021 6:56 pm
Your partner will need to inform the IP about the change in circumstances and it will make a difference to the payments.

Any equity in the property will need to be discussed with them and you may not be able to release it as a full and final offer.

Hopefully another expert can help further.
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

GHOHEB

Posts: 6
Joined: Fri Jun 18, 2021 5:38 pm

Post by GHOHEB » Fri Jun 18, 2021 7:23 pm
Thanks, I guess what I'm hoping is because there does not appear to be a restriction on land registry I could buy her out under there noses and agree to gift her the amount to clear her IVA for the trouble

Foggy

User avatar
Forum Expert
Posts: 32769
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Jun 18, 2021 8:03 pm
The deciding factor is not the restriction, or lack thereof, but it is how the property was treated in the proposal itself. What does it say there about the property ? You will only be clear to deal with the property if it has been specifically excluded in the preamble to the proposal. If it is not mentioned at all, this does not mean it is not an asset of the arrangement.
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
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”