The IVA company is blocking arrangement to sort out partners property issues.

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
christiane
Posts: 1
by christiane » Tue Nov 21, 2017 1:00 pm
Good morning . My partner has an IVA and own two properties which are part of the Iva , one has negative equity at present , one positive . He is currently going through divorce . The negative equity property has a restriction in the land registry , the positive one hasn't and is the family home . the Iva supervisor is happy for the sale for the negative property to go ahead . We tried to remortgage the family home to remove the ex wife and pay her off , which failed as my partner is in an Iva ... so , I have had a mortgage offer to cover the remaining mortgage plus extra funds to pay his wife off coming to an amount of 110.000 .... the propert value is sround 130.000-140.000 ... the Iva company is now blocking this arrangement as they feel the property is sold to me under value .... I don't have that funds for the full value and this is our only option to be able to keep the property or the judge willl most likely order a sale on the open market .... I do appreciate the Iva company is entitled to possible profit he could make from a sale , but can they dictate how much he has to sell the property for or block a tranferral of interest ? Although the restriction is not on this property as such ?
Your advice would be greatly appreciated
Kind regards
Christiane
User avatar
kallis3
Forum Expert
Posts: 72034
Contact
by kallis3 » Tue Nov 21, 2017 4:30 pm
Your IP is just trying to get back as much for the creditors as he can. A judge is not involved in an IVA, only in BR. Your IP cannot dictate how much your house is sold for but can look at this as being sold at under value.
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Tue Nov 21, 2017 4:52 pm
Any transaction at under value will be looked at as a possible means of depriving creditors of an asset. The lack of a restriction on the title is immaterial. You need to try to argue the logic with the IP.
User avatar
Ryan
Industry Expert
Posts: 675
Contact
by Ryan » Tue Nov 21, 2017 5:12 pm
Also, on the Mortgage side, if your Partner is currently living in the property and will continue to do so if you were to buy it most Lenders wouldn't be willing to lend unless he was named on the Mortgage so that's something to be aware of. You would have to obtain vacant possession and if your Partner isn't leaving the property that would be an issue.

Regards
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 18 guests