new property???

[jaspersgirl2]

I am currently 27 payments down and 33 to go in my IVA. I have a question for the forum..hope someone can help. When I took the IVA out I was single but now I have a partner and we want to move into our own house together. We have seen a property we like and would love to put an offer in. It's a repossession and has just been reduced to £174,950 (from £181k).
I have an equity release clause in yr4 in my IVA terms. I also have an outstanding problem regarding a loan I took out from Northern Rock..which is now Fairmiles debt as it was sold on..original debt was about £14k to NR. Therefore I do not know if this debt is unsecured..it was when I took it out...or a secured loan...which they applied to the court to change and put a charging order on my property. I did declare NR as an unsecured loan when I applied for an IVA but they still went ahead and made it a secured one by the court. I didn't think I had to do anything as by then the IVA was in place.
Anyway apart from that I would like to know my best option to allow me to buy this property with my partner. If I sell my house I will have around £52k equity. I need about £34k to put down as a deposit as we can't find anyone that will take a less than 20% deposit. My partner has an apartment to sell which would make us around £15k profit. I know on the face of it looks good but I have asked my IP re a full and final and she says I would be looking in the region of £35k.....if I pay this and my fees to buy the next house I don't think there would be enough £ in the pot.
I know that if I sell I will have to more or less give away my equity to my creditors and I don't want that! If I move in to the new property and keep paying the IVA I would have more ££ therefore they may get more £ anyway over the next 33 months.
I understand the normal way would be to sell my house....give the equity to the creditors but this doesn't help me!! The house we have seen is great..right location therefore less £ on petrol..and me and my partner would be together and most of all...there would be more money left over each month!!!
What do you think?? Full and final?? Don't move?? Move??

[jaspersgirl2]

Ooops I meant to say I would have "hopefully" about £55k equity in my house if I sold now. I had my house valued and it came up to about £135k to £140k. I have a mortgage of about £85k on it.

Jasp x

[Viki.W]

Hey Jasp. That's a tough one, I can't answer it, sorry, but perhaps one of the experts might be able to give their opinion on the situation. I know you spoke to your IP regarding the full and final but did you mention that you wanted to buy this house? I'm not sure whether you would need their advice and maybe "permission" on that.

Sorry, I really don't know how it works, hopefully an expert will be along shortly to help you.

Good luck, Viki X

[jaspersgirl2]

Thanx Viki

Yeah it's a complicated one! Been trying to work out figures today and it seems ok but I'm never sure if there will be any surprises.

I'm gonna call my IP tomorrow and let her know the news that I've seen somewhere lovely.

Have a nice rest of the day!

Jasp x

[Viki.W]

Good luck Jasp, I know which option you should choose[;)][:D]

Let us know how it goes. Viki X

[jaspersgirl2]

I will let you know. I was only thinking of doing a full and final but I guess there is the option of getting a joint mortgage with partner during my IVA but I don't want to get stung a when we have to remortgage....not sure..will have to see.

Watch this space as we say.

Jasp x

[Adam Davies]

Hi
You could transfer the fourth year clause to your new joint property and then you would only have to release 80-85% of your share of the equity.
It may also be worth settling your IVA by way of a full and final,you have equity of 52k and your partner 15k,total of 67k.Your IP states that you need 35k to settle your IVA,this would leave you 32k for the deposit,you need 35k so you are real close.Maybe a family member can help with the small shortfall.
You also need to find out if the NR loan was included in your IVA,it certainly should have been and your IP will be able to answer this
Regards

[jaspersgirl2]

Thanks Andy

Yes I've been trying to find out about NR for a long while now. Will call IP tomorrow and see about the new property idea.

As for the extra needed - I don't really have anyone that would lend me that kind of money. It would be so annoying if I couldn't get the house we like but if not then it's not the end of the world - but it would be disappointing.

Jasp

[jaspersgirl2]

Actually I would hope to have £55 from my house and at least £15k from my partners house if I sold for the maximum I think I could get...being cautious with partners equity as it's not been valued yet so maybe more..even up to £20k.

I think it was the fee's that would stop us to be honest. I was thinking of trying to sell online and not use the local estate agents..maybe save a bit of money. Has anyone any hints on this selling your own home thing? I have a good solicitor so that's ok.

£70k equity - £35k for full and final IVA then this would leave £35k....so maybe with a bit of juggling I could do it....!!!


Jasp

[jaspersgirl2]

UPDATE...have spoken with IP and it appears my best bet is to do a full and final for about £23k or £24k. At least it would get it out the way for the new mortgage.

The problem I was having with the old secured or unsecured loan is now apparently...A SECURED LOAN! I wrote about this on another thread and basically I had an unsecured loan with NR and then it became a secured when I was starting up my IVA. NR sought an iterim charging order and now have sold the debt to Fairmile....who say it's a secured loan..so before I can put any £ towards my deposit for the new house I have to pay:

a. my present mortgage of @ £85k.

b. Fairmile £17k.

c. Full and Final £24k

My house is worth about £140k....so will try and find a mortgage that only needs 90% ltv. Lets hope anyway. Apparently if I get rid of my IVA and my secured loan I will be able to get a 90% LTV mortgage...well lets just pray that happens!!

Jasp

[Viki.W]

Ah Jasp, good luck, at least the balls rolling now. Viki X

[jaspersgirl2]

Yeah thanx Viki...just gotta sell my house now!! The estate agent is coming tomorrow evening to take photo's and is bringing the contract too. Will be nice to get things going after so long. My bf is on nights this week so we don't get to chat much which is a shame but I think he's probably fed up with hearing about my £ problems!! Will be nice to start afresh...so lets get the punters in and see if I can sell my house...with the current "crunch" I'm not holding out much hope of a quick sale but you never know in this game.

Jasp x

[Viki.W]

Ah Jasp, I hope it works out for you. Don't forget, clear the clutter (even if it's under the bed!), get a big bunch of yellow flowers and brew some coffee![;)] Watching "Selling Houses" for all those years really paid off for me! Wishing you loads of luck. Viki X

[jaspersgirl2]

Ha yes...I knew those hours of watching those programmes would come in handy...shame my bf and son don't agree!!!

Well I'm only having pics done tomorrow..gonna get them to take pics of the good rooms..as my son's 2 rooms need painting but I'm sure the female estate agent will do her best.

Off to work now....and it's raining...STILL!

My windscreen cracked the other day..it's being sorted tomorrow..thanks to my mum coming up with the £75...where would I be without my family eh?

Can't wait to get this full and final sorted and then get back to some real life...with no debt. One things for sure...I will NEVER get myself into this situation again.

Jasp x