In both bankruptcy and IVA proceedings, creditors will be unhappy with a charge created at a time when you are insolvent and ought to be considering their position as well as your personal one. At present you have assets which, if realised, would cover your debts.
The Official Reciever, in a bankruptcy scenario, may well challenge the Consent Order you enter into in this regard - there have been a few successful cases in the Courts recently in this regard - and if successful your debts could be paid in full. It will be difficult to counter this under IVA proceedings, unless you are able to offer a very good dividend return.
Is your wife in a position to purchase your share of the equity now?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk