Selling the house under IVA

[coco]

I am thinking about relocating with my job, would i be able to sell my house even though there is a notice on the property with the land registery, any equity of course would be paid direct to the IVA fund, there would be only a small amount outstanding on the IVA left to pay.

What is the stand on this, i would not be purchasing another property.

52 payments to go

[MelanieGiles]

Yes coco

The Land Registry notice will not stop you selling your house, it merely brings the fact to the attention of your Supervisor who has no power to stop the sale. Clearly, though, if the house was included within your IVA - for instance if you have the fourth year revaluation requirement - then you will either need to hand over the equity now, or use the equity to purchase a new property over which the fourth year revaluation would then transfer.

As the sale of your house would appear to largely clear your IVA, that may be the better route for you. Have a chat with your Supervisor to see what they advise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[coco]

Hi Melanie,

Thanks for the advice, If i were to relocate i would not purchase another property but rent, i have calculated the outstanding amount of IVA left to pay if i were to sell would be 8K would the payments be reduced or would they continue at the full price until the final sum has been met.

Thanks

51 payments to go

[MelanieGiles]

The payments would continue at the full level until you had paid off your IVA in full - unless your payments need to be adjusted downwards to take into account additional costs, and then this could only happen by a formal variation of your IVA approved by creditors at a meeting.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk