IPA and buying a house

cariad7

I am discharged from bankruptcy but have 8 months left on my IPA. My fiance is buying a house for us (getting married in 10 months). I am are aware that if I move in when the IPA is still running that both our incomes are taken into account and adjusted accordingly.


We are unsure what we should do for the best.
Do we put house in his name only? Can I then be added to deeds when the IPA is finished?
Should we wait until IPA is cleared?


Any advise greatly appreciated

alastairq

The important bit is....the 'living together' part.

I don't think it will matter if your name is on the deeds, as such. [ Although, if a mortgage is involved, would the mortgagor be happy with the situation regarding your past bankruptcy?]...since no BI will have accrued, and you appear to have not contributed towards the purchase, financially, at this point.

cariad7

Thank you Alastair,


Our concern is the house and the best way forward. There is no mortgage and I am not contributing to the purchase. It is however going to be our marital home so I will be contributing to the running costs when I eventually move in.



I am aware as you say that both our incomes will be taken into account if we live together the reason we have continued to live apart to date. Doesn't this end when the IPA stops?


We are concerned that if I put my name on the deeds whilst the IPA is still running whether it will be regarded as an acquired asset in which case the OR may make a claim on it.


Should we put it in his name only. Then add my name when the IPA is finished.


Or should we just wait to buy until after the IPA ends and then buy jointly without worrying about it being an asset?

alastairq

When the IPA finishes, so does your legal requirement to notify the OR of a change in financial circumstances....within 21 days of that change.

queensland

I spoke to an advisor about this situation. My husband has bought a house with his own savings, we have no joint accounts, I'm not on the mortgage and when the deeds were signed it was all done in his name only. The mortgage is the same as our rent was so I didn't change anything (don't know if I should have done but financially were the same). I was told that there won't be any beneficial interest in it as we've not been there that long so it all seems ok. My IPA ends in March so hoping things are all good until then :-)