Selling your house whilst in an IVA

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nolongeranxious

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Post by nolongeranxious » Fri Aug 01, 2008 7:54 am
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hi all,

If you sell your house whilst in an IVA, is the money left over after all the fees etc, all taken as you full and final payment? Just wondered? May think about selling house in a year or two? Can you even sell your house whilst in an IVA, how does it work?
Regret not the things you have done but the things you have not done... learn from mistakes, drawn a line, move on.
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MelanieGiles

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Post by MelanieGiles » Fri Aug 01, 2008 8:10 am
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It depends upon how your property is intended to be treated in the IVA. If you are subject to the usual 85% LTV equity release during the final year, you will need to discuss the implications of an early sale with your supervisor.
Regards, Melanie Giles, Insolvency Practitioner
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rockstarloz

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Post by rockstarloz » Fri Aug 01, 2008 12:51 pm
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I thought the same but I think I have to hold on for the equity release in year4. My Dad has invested money in the house so I am hoping that the the equity is less than 5000 so they don't take it because if they do he ill lose his money. He has no idea about the IVA. Dreading the day I might have to tell him the money in the house is gone!!
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tigger

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Post by tigger » Fri Aug 01, 2008 3:54 pm
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Hi,

I sold my house during yr1 of my IVA. Wasn't enough to warrant a full & final but it did satisfy the yr4 equity clause. This was done through Clearstart & went very smoothly. I made a written request to my IP requesting permission to sell the house to which they agreed, as there was enough equity in the property to cover the projected yr4 equity release figure. They then lifted the RX1 restriction which is in place to stop you selling the property without their knowledge. You also have to make your conveyancing solicitor aware of the IVA as they will liase direct with your IP. I sold at the very peak last year & sold within 2 days of the porperty going on the market! [:0]


We were also allowed to keep the surplus to pay for the deposit & 1 month's advance rent for the property we currently live in - but I did provide proof (receipts etc) to show how the surplus had been spent. Another 4k on the price would probably have got us a F & F but we just wanted to get out as quickly as possible.

So now we're in a better, bigger house in an excellent area with basically only the fees left to be paid on my IVA.

[:)]
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