www.iva.co.uk

My iva is complete, just passed 6 years. My ex husband has an iva that doesn't finish until 2020. I've paid all the mortgage for 10 years but it is still in joint names. He's repeatedly asked me to take his name off that I'm now in a position to do. His iva company have said no, I can't do anything, as he understood it, the house wasn't included, he agreed to pay an extra year to ensure that was the case. I'm basically stuck, can't re mortgage, can't sell? Cant get a better rate? Can they seriously do that?

It depends upon whether his understanding that the extra year was in lieu of equity was correct. Have you seen a copy of his proposal and Chairman's Report ? What does it say about the house as an asset ?

Foggy wrote:

It depends upon whether his understanding that the extra year was in lieu of equity was correct. Have you seen a copy of his proposal and Chairman's Report ? What does it say about the house as an asset ?

I've not seen it, I'm reliant on what I'm told at the moment, dont know if he would show me

You may not be able to do it anyway as the mortgage lender may not let you do it.

I suggest you seek legal advice as this makes no sense at all. If you want to switch the mortgage to your name only then this is a perfectly reasonable request. Your husband has only to sign the conveyancing documents and the process is relatively straightforward especially since it is highly unlikely his IP has a restriction against the property.

Your husband may not be telling the truth as I see no reason for the IP to have a problem. The property was excluded and an extra year offered so creditors have nothing to gain or lose from the transaction. Tell your husband to ask for a variation to be called immediately asking creditor permission for him to sign the contracts and explaining what is happening. The IP must call such a variation within twenty one days so if he refuses to ask or the IP refuses to call the variation then you will know who is causing the problem.

Sorry Michael - misread the post!

I did the same last week! Must be old age catching up on us.

Michael Peoples wrote:

I did the same last week! Must be old age catching up on us.

Who? What ??

The property is jointly owned and unless you have reached an agreement to buy his share then he still owns part of it, despite the fact that you have been paying the mortgage for 10 years.

Having said that the fact that you've been paying and he hasn't would normally man that your share of equity would be much higher.

You could offer to buy out his interest from him - these funds would be payable into his IVA.

This still doesn't mean that the Mortgage Company would take him off the mortgage.

You will need to consider equitable exoneration when calculating how much interest he has, which might be nominal in the circumstances.

A good solicitor should be able to help you with the calculation and advising you.

Lisa Thomas wrote:

The property is jointly owned and unless you have reached an agreement to buy his share then he still owns part of it, despite the fact that you have been paying the mortgage for 10 years.

Having said that the fact that you've been paying and he hasn't would normally man that your share of equity would be much higher.

You could offer to buy out his interest from him - these funds would be payable into his IVA.

This still doesn't mean that the Mortgage Company would take him off the mortgage.

You will need to consider equitable exoneration when calculating how much interest he has, which might be nominal in the circumstances.

A good solicitor should be able to help you with the calculation and advising you.

I was half expecting them to say I'd have to pay something to his iva but I've just been told no, I can't do anything!

Been told no by who?

If you purchase his share of equity in the property it will have to be paid over into the IVA but you need to make sure it is done properly and as I said above may still not necessary mean he comes off the mortgage.

Lisa Thomas wrote:

Been told no by who?

If you purchase his share of equity in the property it will have to be paid over into the IVA but you need to make sure it is done properly and as I said above may still not necessary mean he comes off the mortgage.

He called his iva company the response I got back via him was 'no'

As far as I am aware all you need to know is how much to buy him out for and ensure your solicitors have recommended the settlement figures and confirmed that the settlement is legally binding.

Whether he declares it/pays it over to his IVA company is not really your problem but your solicitors can liaise with the IP accordingly.

As I said before this may ensure the property belongs to you solely but doesn't mean the bank will allow you to have the mortgage in your sole name.

You need to take legal advice.

I agree with Lisa -- it is not for your husband's IP to dictate what you do and the IVA is between IP and your husband ... not your problem.