Selling my home.

dazzadub

Fully aware of vacant on completion but the question is. The IVA question and tenants serves no bearing on that topic 

teachfast

AdrianC said:

She's a cheeky one, trying to get you to cover £11,500 of her debt!

The one time it could be an issue is if the IVA is more than her half of the equity - her creditors would be losing all security, with debts outstanding. But that's not an issue here - her £27,500 equity should cover her £23,000 IVA quite happily.

This is your answer

Crashy_Time

Are you both very keen to sell?

dazzadub

We are both keen to sell.

So the solicitor dealing with the sale has said we have to agree who covers the IVA payment. 

As I've stated the IVA is in her name and nothing to do with me and was done after our split 3 years ago. 

I've said I have no intention paying someone else debt and losing my equity from the house

My ex has got crappu with this and is threatening to pull the sale.

 

sammyjammy

I don't see why your conveyancing solicitor has anything to do with her IVA, she will be in receipt of a sum of money when she gets her share and its in the terms of her IVA to declare it, end of! Are you tenants in common or joint tenants?

AdrianC

Slithery said:

dazzadub said:

The house is let to my friend and I only charge him rent to cover the mortgage and insurance and I make no profit  she doesn't get anything from the rental. 

Irrelevant to the question in hand but you do realise that you stilll need to declare the income to HMRC and pay tax on it?

Debatable.

If the property is still in the father's name, then the income should still be part of the father's estate... The OP is managing it as executor, not as landlord.

Chandler85

The problem is it is a negotiation is your ex is using the IVA and the fact it can affect you to get you to pay it off.

Yes it is her fault, her debt and nothing to do with you.  But it is secured against a property, which she had half of the equity in and she's effectively forcing you to pay it.

You have multiple choices, but essentially:

1) You stand your ground and ultimately you don't sell if she pulls out.

2) She agrees to pay her own debts and you get your equity out, she gets whatever she is left.

3) You negotiate to get her to sell, you agree to pay say £3000 of the charge from your equity to make her agree to sell.  Then their is a huge scale of negotiation in between.

It is the same as couples who but each other out of properties, where if they sell they would have early repayment charges, larger solicitor fees, estate agent fees, but they refuse accept anything but half the equity and ignore any costs.  Most people are selfish and want what is best for themselves, they are less likely to care about an ex!

dazzadub

I've tried to talk to her today. She wants me to cover half the IVA. THere is no charge on the House as this has been checked and the solicitor is pretty muching stating the money will be sorted after sale and money will be held till we both agree. 

I was under the impression that the IVA will deal with my ex and the money separately and that she would have to declare the sale or face paying all the debt. 

I really can't see how the solicitor is even entertaining me being forced to pay half 

dazzadub

Chandler85 said:

The problem is it is a negotiation is your ex is using the IVA and the fact it can affect you to get you to pay it off.

Yes it is her fault, her debt and nothing to do with you.  But it is secured against a property, which she had half of the equity in and she's effectively forcing you to pay it.

You have multiple choices, but essentially:

1) You stand your ground and ultimately you don't sell if she pulls out.

2) She agrees to pay her own debts and you get your equity out, she gets whatever she is left.

3) You negotiate to get her to sell, you agree to pay say £3000 of the charge from your equity to make her agree to sell.  Then their is a huge scale of negotiation in between.

It is the same as couples who but each other out of properties, where if they sell they would have early repayment charges, larger solicitor fees, estate agent fees, but they refuse accept anything but half the equity and ignore any costs.  Most people are selfish and want what is best for themselves, they are less likely to care about an ex!

Yes she seems very selfish on this  she says she wants a fair sale and split of money. 

So in total she wants 25k for her IVA and then 10k plus and I will get around 10k. 

Fair mmmmm I'm notel sure. 

10k for me

35k plus for her.

elsien

She can indeed decline to proceed with the sale.  Yes, the IVA is nothing to do with you and it's not fair what she is proposing.  But if you have to take her to court to force a sale that's going to get very expensive. 

Where does that leave the both of you if she prevents the sale from proceeding - who does it have the biggest impact on, you or her?
That's where the negotiation comes in to either stand your ground and see who blinks first, or propose a compromise you can live with. 

You weren't married, I take it?