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