IVA, Divorce & Property - Help!

SoosieEB

Hello,

I am thinking about seeking some legal advice but just thought I would see if anyone has been in a similar situation and get some ideas ....

My husband and I split up in October 2018 and both entered into an IVA. I moved out of the flat we both own as joint tenants and I now rent a lovely flat.

Our divorce was finalised in December 2019 but we had always just agreed that he could stay in the flat (it was a dump) as it was more affordable for him and I wanted a fresh start.

We have discussed that once the IVA was finished that he would pay me £10k and that I would transfer the property into his name. This was always just a casual discussion and was never dealt with during the divorce via a financial order etc.

Anyway ...... now I have actually settled my IVA early and although it will still remain on my file for a while I want to get my credit rating back up so that I am in as good as position as possible to buy a house again in the future.

His IVA is still ongoing and won’t likely be settled before 2024!

My concerns are -  

I am still listed on the joint mortgage and therefore will have a financial connection with my ex until such time as I can transfer the mortgage out of my name and into his. I don’t want to do this though without securing that £10k that he owes me.

I am concerned that when the time does come he won’t be able to get a loan or take the mortgage solely in his name due to the IVA.

I don’t want to screw him over and I don’t think he wants to screw me over but I really want nothing more to do with him or the flat but I definitely deserve to get £10k out of all of this after everything he put me through and the fact that I basically paid for everything over the last few years of our marriage and he just worked on getting us (ME) into debt!

We don’t have any children so that's not an issue – I’m just not sure how should I proceed with the property/him and his IVA!

Anyone else had anything similar? Did you find a way to get what you wanted?

Thank you

foxy-stoat

Well an ex IVA'er wont be able to rock up to the bank and take out a £10,000 loan once they get the completion certificate - the lender needs to re-assess him for affordability for your name to be removed from the mortgage and deeds also.

So for him to find £10,000 may be difficult, and the lender has to agree that he can afford the mortgage on his own irrespective of whether he has paid it 100% by himself for the last 5 years.

You may need to lower your expectations a little or get him to sell the flat for you to get what you want....assuming the IVA company don't make him remortgage the property in year 4, at best they make him pay the IVA for another year.
 
Good lucks.