Windfall from house sale.

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Jester

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Joined: Wed Feb 17, 2021 7:14 pm

Post by Jester » Wed Feb 17, 2021 7:35 pm
Hi all

Quick question
Somebody I know (and don’t particularly like, long story but he’s a scumbag) is selling a house and he thinks he won’t have to tell his IP.
I know legally he has to but I was wondering if the solicitor/conveyancer have a legal obligation to tell the IP or there’s a chance he could actually get away with it?

Thanks

Foggy

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Post by Foggy » Wed Feb 17, 2021 9:02 pm
If the IP has done his job correctly, there should be a restriction on the title deeds, so the IP will be informed of a pending sale and the purchasers will not go ahead until the restriction has been removed.
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

Jester

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Joined: Wed Feb 17, 2021 7:14 pm

Post by Jester » Wed Feb 17, 2021 9:28 pm
Thank you for the reply but, he told the IVA company he had no interest or equity in the house when he took it out (it was a joint purchase) but now he’s demanding money from the sale.

Will they find out (I hope they do!)

Foggy

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Post by Foggy » Thu Feb 18, 2021 9:51 am
The IVA provider should have checked the property situation and put a restriction on, regardless. A house is not considered for equity release until near the end of the IVA and no equity at the start does not mean no equity at the end, so should have been protected.
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
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