Hi, i have made a full and final offer last week which has been accepted and paid, my wife has received some sad news which means her mother will have to come and live with us as she is very ill, i have been accepted for a secured loan against my property to make the necessary structural changes. It is a short term loan until the court of protection allow us to sell her flat.
My question is i have not had my certificate of completion and i am now concerned that if i take a loan it can be taken from me.
In theory your IP could fail the IVA for accepting credit whilst in the arrangement, as you are technically still bound until that certificate of completion is issued. Additionally, the secured lender will probably withdraw the loan facility when they attempt to register the charge and discover the restriction on the deeds in favour of your IP.
I would have a chat with the IP and ask for his permission to proceed and that he lift the restriction right away. Get agreement to this in writing (just in case).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
