Finishing IVA & Transfer of Equity

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Hi
I'm looking for some advice of Transferring Equity once my IVA has finished. I entered into an IVA in July 2006 with my partner who since Jan 2010 is now my ex. He has verbally agreed to transfer the house over to me as I'm paying the mortgage and have been since we split last year. We have 2 young children and custody is informally split 50/50 due to his working pattern. He doesn't pay maintenance due to this arrangement and he's paying the IVA until it ends in October this year. I can afford the mortgage in my own right, now I'm just wondering when we would be able to get this finalised.
Things are starting to get strained between us. We both have new partners now and the kids are being a real handful. I'm worried that he will change his mind and fight for some of the equity. When he left the house in Feb 2010 there was no equity and due to me paying the mortgage and our debt issues I refuse to let him take any equity that may be there now as I have done some work on the property.
Any advise would be gratefully received. My head is spinning with it all and I just want it sorted. Myself and my new partner want to start a family and get married, but he wont until all this is behind us.

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  • debtfree2016
    debtfree2016 Posts: 325 Forumite
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    Hi Shazzc

    Someone will no doubt have a more detailed response than me, have you discussed this with your IVA Company? as far as i'm aware any equity that can be released at the end of year 5 should be released and passed to the creditors but only if the LTV is less than 85% or over £5k (don't quote me on this but i know have come across these figures before) Your original paperwork should cover the details in this year.
    Your position with your Ex I should imagine is very difficult but it may be that you have to hold out until then, if the agreement has lasted this long it should carry on.
    You may also wish to take legal advice on this as well if you plan to remove his name from the deeds?
    I hope that some of this helps
    Never make assumptions always ask questions>>>>>;)
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