Ex has IVA and is on joint mortgage

faulk72

My ex and I had a joint mortgage and have now been seperated for 9 years. In this 9 years he has accumulated a large debt and entered into an IVA. He is 3 and a half years into a 5 year agreement and still on the joint mortgage, which I pay for but he pays me a maintenance to me for our two children. I would like to remove him from the existing mortgage and transfer my current partner onto it. There is £100k+ equity in the property but my ex has agreed to walk away from the mortgage with £15k so long as the equity is withheld by myself and our two children. Everybody would like to move on with their lives but the IVA in some respects is stopping by us from doing that by way of association with his debt. Any thoughts on how to proceed with the best outcome for everyone.

longtermplanner

faulk72 wrote: »

my ex has agreed to walk away from the mortgage with £15k so long as the equity is withheld by myself and our two children..

I don't understand what this means and it is key to answering your question about the IVA. Do you mean that in return for your ex agreeing to be removed from the mortgage and the deeds you will pay him £15k?

ermine

Presumably the ex doesn't want to get his 15k only for it to be paid to the people he borrowed all the money from...

antrobus

faulk72 wrote: »

My ex and I had a joint mortgage and have now been seperated for 9 years. In this 9 years he has accumulated a large debt and entered into an IVA. He is 3 and a half years into a 5 year agreement and still on the joint mortgage, which I pay for but he pays me a maintenance to me for our two children. I would like to remove him from the existing mortgage and transfer my current partner onto it. There is £100k+ equity in the property but my ex has agreed to walk away from the mortgage with £15k so long as the equity is withheld by myself and our two children. Everybody would like to move on with their lives but the IVA in some respects is stopping by us from doing that by way of association with his debt. Any thoughts on how to proceed with the best outcome for everyone.

The terms of the IVA probably include some sort of requirement for your ex husband (?) to inform the IVA supervisor if he suddenly finds himself in possession of any additional funds, and might even require him to get the supervisor's consent before he goes around selling off an asset like a claim on £100k's worth of property.

I don't know. I haven't read the IVA agreement. You could wave it in front of a solicitor and see what they say.

faulk72

My main gripe is that I just want him off the mortgage so my partner and I can start a new life together, but unfortunately my ex partner's IVA could prevent this from happening. My ex has not told me what he wants to do with the money, whether he wants to pay his debt off or keep it quiet from the IVA company, although from what I gather that would be illegal and incredibly stupid. I'm looking for advice on how I can move forward and stop his IVA from affecting my future.

Foxy-Stoat_3

Speak to your lender to find out if they will transfer his equity to you, subject to your financial status and the fact that he has entered into an IVA.

Find out if your ex has advised his IP about the property he jointly owns. Not sure if the IP will find out if your ex has withheld this fact, expect this to get complicated.

May be best to leave it until he completes his IVA.