Will acquiring extra land affect my present IVA ?

[alisskint]

Good morning,
Recently a neighbour,an old lady of 102 has passed away, her son has offered me the land ajoinning my property,it will double the size of my garden and therefore increase the value of my home, there is a chance my parents may fund this as i cannot,it will have to be recorded on my property deeds,i was wondering how, or if, this would affect my present iva, ?? any help would be greatly appreciated
many thanks...

[Foggy]

If your parents are funding the land purchase, would it not be simpler for them to hold the parcel in their names until the IVA has concluded ?

[alisskint]

yes Foggy that has crossed my mind,and thanks for your help,and yours too luluj..

[luluj]

your welcome - honesty is the best policy so it is best discussed with your IP from the outset so you can do what is right and best for the situation.

[Foggy]

Sorry Luluj, but if the parents buy and pay for a parcel of land adjoining the garden, it has nothing to do with the IP.

The land will not be in the ownership of the debtor, nor will it appear on the title deeds, as it will have it's own title.

[luluj]

I stick by my comment as the OP states in his initial post that it will appear on his title deeds ... I would still be upfront and ask the question... This is the joys of this forum ..everyone is free to have their own opinions!

[Foggy]

Of course, luluj, you are correct if the OP follows the initially indicated course of action, as this will have an impact on the available equity in the long run.

However, if the alternative route is chosen, whereby parents purchase, pay for and own the parcel of land, the whole scheme is outside the influence of the IVA and is no concern of the IP.

[plasticdaft]

It will do no harm to inform the ip but can see the point made that its nowt to do with them if the parents make the purchase and hold the deeds to the extra piece if land.

Paul