Buy ex out who has an IVA

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Widdle

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Post by Widdle » Wed Nov 24, 2021 11:05 am
I have already commented on a post about this but I just wanted other peoples opinions
My ex husband entered an Iva a year ago I now I want to buy him out of the house/mortgage
I am in the process hopefully of doing this with my solicitor and his IP
He has got Equity in the property and they are having a meeting in a few weeks to discuss him being released from the property with creditors
I went to see about getting my own mortgage which I can get to buy him out and have the house in just my name I’m just hoping that the creditors agree with this is my confusion again is him being released from the property is it just the house or mortgage too, he has told me he will not sign over the house but will he have too if I pay his equity?
It’s all so confusing and there’s just no help out there apart from expensive solicitors which Ivan paying a lot already
I just don’t want to pay anything unless I know he will have to sign the house over to me, any help out there please?

Foggy

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Post by Foggy » Wed Nov 24, 2021 12:40 pm
He will have to transfer the house to you with a formal transfer, if he does not sign, he does not get his share of the equity. In a nutshell you and him as the current owners are selling it to just you, in return ( the price for the sale) you are giving him his share of equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Widdle

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Post by Widdle » Wed Nov 24, 2021 1:47 pm
Thank you for your reply
The meeting with creditors is in 3 weeks I’m hoping they will all agree

kallis3

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Post by kallis3 » Wed Nov 24, 2021 4:17 pm
Fingers crossed!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Widdle

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Joined: Tue Nov 23, 2021 6:53 pm

Post by Widdle » Wed Nov 24, 2021 7:39 pm
Thank you
Just wondering what we’d do if he totally refused but surely he can’t
I will let you know soon
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