IVA Restriction Order and Remortgaging

ipchick

Hey all

Newbie here - please be kind!

I currently have an IVA, and there is a Restriction Order in place on the property I own jointly with my ex husband. This states that the Land Registry need confirmation that my IVA supervisor has been notified of a disposition of the property.

If my ex-H is simply remortgaging to take me off the Deeds and Mortgage, does the IVA need to be notified?

How would the IVA company know how much my share of the equity was?

I would obviously like to protect my interests as much as possible.

thank you!!

National_Debtline

Hi ipchick and welcome to the forum.

ipchick wrote: »

I currently have an IVA, and there is a Restriction Order in place on the property I own jointly with my ex husband. This states that the Land Registry need confirmation that my IVA supervisor has been notified of a disposition of the property.

If my ex-H is simply remortgaging to take me off the Deeds and Mortgage, does the IVA need to be notified?

The simple answer is yes. If your ex is remortgaging to remove your name from the mortgage, then this definitely constitutes a "disposition" and you should inform your IVA supervisor.

ipchick wrote: »

How would the IVA company know how much my share of the equity was?

There isn't a set formula for determining this. The default assumption would be that both parties own an equal stake in the property. However, these proportions could be altered when taking into account factors such as:

- who paid what towards the deposit;

- who has been paying the mortgage instalments; and

- how other assets were divided as part of your separation proceedings.

I would expect your supervisor to lay claim to your "share" of any money raised by the remortgage, as per the standard terms of an IVA.

Hope that helps

Regards

Dennis
Twitter: @natdebtline