Author Topic: Wife has an IVA and we are Seperating and Selling our House  (Read 796 times)

Steveo

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Hi,
Mysef and wife have decided to seperate and are selling our house we have decided to go 50/50 on all of the sale proceeds, the question I need answering can her IVA company touch my sale proceeds?

Thanks

Steven Jackson

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Re: Wife has an IVA and we are Seperating and Selling our House
« Reply #1 on: Aug 27, 2010, 11:22:09 AM »
Hi Steveo
 
The answer to this is no. If your wife is in an IVA, only her assets can be used to repay her creditors. In terms of home equity, half of this is hers and may have to be paid into her IVA. The other half of any equity is yours and will be given to you to do what ever you want with.
 
As an aside, it is possible that your wife's insolvency practioner has put a restriction order on the property. This means that it can not be sold without the IPs knowledge to make sure that they do indeed receive your wife's half of the equity from the solicitor managing the sale on your behalf.
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nileshrathi

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Re: Wife has an IVA and we are Seperating and Selling our House
« Reply #2 on: Sep 14, 2010, 10:15:32 PM »
Hi Steveo,


The property market is not looking very good right now. Are you following the traditional route of selling your house through an estate agent?


Cheers,
Nilesh

Steven Jackson

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Re: Wife has an IVA and we are Seperating and Selling our House
« Reply #3 on: Sep 15, 2010, 12:54:53 PM »
How is the sale process going Steveo? You need to make sure your wife contacts her IP and informs them of your decision to sell. If you do not do this, any potential sale may be blocked by the restriction order. At best this would sole up the process and at worst might scare off a potential buyer at the last hurdle.
Debt Expert
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