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    • richy4
    • By richy4 17th May 17, 9:28 PM
    • 124Posts
    • 20Thanks
    richy4
    Ex forcing sale of shared property with deliberate IVA
    • #1
    • 17th May 17, 9:28 PM
    Ex forcing sale of shared property with deliberate IVA 17th May 17 at 9:28 PM
    Asking on behalf of a friend:

    My friend lives in a property which she is on the mortgage with her ex. They bought several years ago. He contributed only towards furniture and solicitors fees on initial purchase. While he lived in the property, he paid half the mortgage payments.

    He moved out 3 years ago. She carried on living in the property and paying for everything, she also put in the deposit money on initial purchase. The mortgage has continued in joint names until now.

    Her ex is now saying he is about to apply for an IVA because he is struggling with his bills as he has just got married and has had a baby. Also struggling to keep up on rent payments.

    My friend is worried that this is a deliberate attempt for her ex to simply rack up a load of debt to deliberately require an IVA which in the process will mean their joint asset, the property, will be used to settle some of the money owed.

    Can anyone outline what process the above situation follows?

    Can my friend get her ex off the mortgage before he applies for his IVA and then its all down to him to deal with himself?

    If the IVA is approved, what impact will this have on my friend as she wants to stay in the flat and she has been paying on time every month! She does not want to sell or give her ex 50% as he never contributed this in the first place!

    Will this affect her credit rating in the future?

    Thanks for any replies or advice in advance!
Page 2
    • richy4
    • By richy4 18th May 17, 6:34 PM
    • 124 Posts
    • 20 Thanks
    richy4
    Thank you so much again for your replies, much appreciated especially the detail.

    Someone asked for a bit more clarity of the situation, the context is they were jointly on the mortgage and all documents since purchase several years ago. No children involved and not married.

    Ideally, she would like to keep solicitors out of the equation as currently she does not know if her ex is actually bluffing or if this is actually serious.

    One point I'd like to re-confirm is that if the ex's IVA goes ahead, he will most likely try to get equity from the shared ownership of the flat. If my friend totally refuses to allow this, can she actually do this and flat out refuse? And if so, does the flat still enter into the IVA despite no equity or money getting involved. So the flat is still an asset which no one can do anything with for the length of the IVA?

    What happens in the above scenario if this then forces her ex to declare bankruptcy?

    Her current thoughts are she hopes to negotiate with her ex between the two of them and come to some agreement to get him off the mortgage through transfer of equity and then to sort out (most likely with a solicitor if required) a fair share based on reasonable assumptions, as a previous poster stated on this thread.

    If this does not work, then she will obviously understand that this is part of his plan to get a sizeable part of the equity via an IVA deliberately and her thoughts are to block this by refusing to allow the flat to come into the IVA, regardless of the consequences this will have for her not being able to sell or remortgage the flat during the length of the IVA.
    • AnotherJoe
    • By AnotherJoe 18th May 17, 7:33 PM
    • 7,255 Posts
    • 7,773 Thanks
    AnotherJoe
    Thank you so much again for your replies, much appreciated especially the detail.

    Someone asked for a bit more clarity of the situation, the context is they were jointly on the mortgage and all documents since purchase several years ago. No children involved and not married.

    Ideally, she would like to keep solicitors out of the equation as currently she does not know if her ex is actually bluffing or if this is actually serious.

    .
    Originally posted by richy4
    I'll repeat myself
    She needs to see a solicitor (this half a***d approach has got her into this mess in the first place)
    • zagubov
    • By zagubov 18th May 17, 9:36 PM
    • 14,766 Posts
    • 126,148 Thanks
    zagubov
    I'll repeat myself
    She needs to see a solicitor (this half a***d approach has got her into this mess in the first place)
    Originally posted by AnotherJoe
    ^^^^^^^^^^^^
    What AnotherJoe said!
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
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