What do Creditors Consider when Selling House

[darceydoo]

Hi

Selling my house at the moment. Have given Payplan the redemption statement for the mortgage and the statement for the secured loan. Payplan have advised me that I cannot make a full and final offer until I get a offer letter from a buyer, then they will decide how much they want from me.

What I want to know is what about my selling costs, and also my moving costs and the deposit on a new place, do they consider this? Also Payplan told me that the restriction will not be lifted until I get the offer letter. How quickly does this happen? I am concerned that this process will hold up the STC process and may put off buyers if 'my' end are taking their time getting the restriction lifted in order that their solicitor can so the search?

I want to offer as near to my original dividend as possible which is 35p, but I am concerned that if they can see more equity over that that they will want all of it and I won't have any funds to pay estate agent etc etc

Has anybody sold their house and paid off their IVA??

Your experiences would be much appreciated

Thanks

[kazzafunk]

You should be able to retain sufficient monies to pay all selling costs and deposit for future rental property (you may have to pay 6 months up front as you are in an IVA depending on the landlord / agency requirements). Whether or not this will leave you with sufficient funds to offer a full and final offer is another matter, but I am sure a sensible offer will be seriously considered by creditors.

I cannot answer regarding lifting the restriction but I am sure one of our professionals will be along later or early tomorrow.