Change of house ownership in IVA

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kravarran
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by kravarran » Mon Apr 24, 2017 4:40 pm
Hi,

Currently in my final year of IVA (no equity in house so 5 years is sufficient) and I have a question on house change of ownership.
Obviously my property is subject to a RX1 with the land registry so I can't sell during the IVA, but last year I separated from my wife and she wants me to remove her name from the mortgage.I think the problem will be that we are in an interlocking IVA so I'm not sure if we could change the mortgage to my name only during this time, but she is getting quite insistent.
Do you think the name change will be allowed in the IVA or will we need to wait until it's completed?

Kravarran
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kallis3
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by kallis3 » Mon Apr 24, 2017 5:06 pm
Hi,

Sorry you have split. At the moment I doubt you will be able to remove her from the mortgage until you have completed.
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Foggy
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by Foggy » Mon Apr 24, 2017 5:23 pm
Regardless of the equity position, whilst you are in an IVA the lender will not consider removing her name from the mortgage. Even after the IA has been done and dusted, this will only happen if you earn enough to qualify for the mortgage in your own right. Otherwise you will need to sell the property and start again ..... though getting a new mortgage in your own name might prove problematical until your credit file clears.
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Michael Peoples
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by Michael Peoples » Tue Apr 25, 2017 8:22 am
Tell your wife to speak with the mortgage company and see if she can get her name removed. As Foggy says this is highly unlikely and there is nothing you can do but at least she will find this out for herself. You both should consider legal advice going forward as to how to address the assets especially if you are to continue to live there and service the mortgage.
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Lisa Thomas
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by Lisa Thomas » Tue Apr 25, 2017 8:25 am
I agree with the others, the bank are unlikely to allow her name to come off at this stage.
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