hi selling our house

[jar]

hi
selling our house and moving into rented,in a iva on my own will they take all the profit me and my wife make or just my half (approx £10.000 profit)

[liamjames]

Hi Jar,

Please discuss this with your IP urgently, as there may well be a restriction on the property and he will be able to advise on the exact terms of your IVA.

[jar]

hi liam
there is a charge on my house,will that stop me selling, bit confused!

[Adam Davies]

Hi
The RX form lodged with the land registery will jusy notify your IP if you sell, it will not stop the sale though
Regards

[MelanieGiles]

Is there any equity in the property after taking account of the charge, and is the charge in joint names or just yours?

[jar]

hi melanie
it's just in my name but my wife had to sign the rx form because it is joint mortgage

[MelanieGiles]

Is there any equity - and is the charge you refer to a mortgage, secured loan or a charging order?

[jar]

hi melanie
sorry the charge i refer to is the restriction on the property my iva company put on to let them know when i sell it.there is about £10000 equity at the last valuation 3 weeks ago

[MelanieGiles]

Now I understand - and therefore assume that you have a need to revalue your property during the final year and perhaps raise additional funds via either a re-mortgage or additional payments.

If this is the case you will need to obtain your IP's permisson to sell the property, as they will need to agree to release the restriction. They may be prepared to make you an allowance for relocation costs/rental deposit - but you may have to pay some of the remaining equity into the IVA.

Is there any particular reason why you have decided to sell at this stage of your IVA?

[jar]

hi melanie
we was in the process of selling as we entered the iva.we are moving into adaptable property for my disabled daughter wich should be ready in march,the property is new council house wich is still being built

[MelanieGiles]

Was selling the property an express term of the IVA, and if so how much of the sale proceeds are you required to account for?