The mortgage is paid off but I have a Tennants in common with a legal restriction that neither party can sell property or their share without the consent of the other so that isn't a option for equity. How will this impact on the iva
Tenants in common own their share of the property distinctly from each other and can normally dispose of them as they will. Your restriction merely puts the ownership on the same level as a joint tenancy, where both parties need to agree to effect a sale. Your IP / Creditors will probably require consent from the other owner that they will not object to you seeking to release equity in due course. In some cases the property can be excluded from the arrangement by adding on the 12 months ( or more) in lieu of equity release at the outset. However, due to the probable amount of potential equity, they may not consider this.
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