Advice pls regarding IVA, getting a loan and moving abroad!!

Laura-lee

Hi, don't know of anyone can help as I'm asking a lot of questions...

Here goes anyway...

Myself and my husband are in an IVA, we have 2 years left. However next week I have an appointment with a solicitor regarding having my name put on the land registry for a property that has been left to me. The property was not left in a will as my father never left one, so it automatically went to next of kin, myself and my half brother. I cannot move into tw property as my grandparents live there. Very confusing and long story!!

My first question is would I be able to get a loan against the property once I am the registered owner? Even though I'm in an IVA. I would like to pay this off If possible, only have a out £3k left.

Secondly if I were able to get a loan, could I move abroad and make the payments as normal?

Thankyou in advance!

Tixy

Hi

You would be better asking this question on the IVA section of the forum - and the impact of the property being in your name. If your IVA repayments are not expected to pay 100% of your debts off then you may be required to try to borrow against the equity in the property to repay in to your IVA. Have you informed your IP of the inherited property share?

Do you mean a secured loan/mortgage on the property or an unsecured loan?
The chance of getting accepted for an unsecured loan whilst in an IVA is virtually nil. And it is against the terms of the IVA.

If you mean a secured loan/mortgage then will you be joint owner of the property with your brother? to get a secured loan would need at least his consent but more likely he would need to be a party to the loan (i.e. a joint loan). Your IVA will also impact on your chance of getting a secured loan and at what rate. And if its a joint loan with brother then your poor credit history will impact on him.

You would also need to inform the potential lender that there are tenants living in the property.

jonesMUFCforever

I will say no as you are not the sole owner.
The IVA will also be against you.

Can the half brother buy you out?