Good afternoon,
I am in my 4th year of my 6 year IVA, due to end Dec 2021. When I set up my IVA I was single and renting a flat. I am now in a commited relationship and due to get married in June. I live with my partner with our daughter, the house is mortgaged solely in his name, the deeds are in his name - he got the mortgage in July 2019.
I spoke to my IVA firm a few days ago regarding some extra payments I needed to pay due to overtime and while I was there I asked what I would have to do when I get married. They said if no differences to my expenditure, all they will need is my marriage certificate to change my name, etc.
My question is, when we are married and my IVA is due to complete, will me being married and him having a mortgage have impact on my IVA? I've read on another page (Debt Camel) that sometimes they either ask if my partner can release equity from the house, and if he says no, they will ask for a 12 month extension on my IVA. Will this be the case, despite the fact that I already have a 6 year IVA (instead of the usual 5) and the fact that the mortgage has nothing to do with me and my partner and I are currently not finacially connected.
When an IP asks you to involve a partner's property, held in their name only they are really trying their luck. They are assuming that you have an equitable interest in the property, which is by no means certain .... if it was certain many divorce cases (which is usually when this question arises) would never need to go to court. The division of a property in these circumstances would be a matter for the courts to decide and certainly beyond the powers of an IP !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I had to sign a document which basically said I had no rights to the house, “I’m just the lodger and if mortgage payments don’t get made, I have no rights to stay..” that sort of thing, before my partner got his mortgage approved so I would assume, it wouldn’t even get considered but I thought I’d better ask.
I’m not sure if that document sort of goes out of the window once we’re married but that’s another subject altogether, I’m sure!
That is a standard requirement of many lenders where there is another adult resident, but who is not in the mortgage. They do not wish their security to be dimished by another claim on the title.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
