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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33813
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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My wife owns a house jointly with her brother, if I went into

Resolved Question:

My wife owns a house jointly with her brother, if I went into an IVA would the house become part of that arrangement? Because the house is owned jointly does this protect my wife from loosing her share?
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Do you have any financial interest in the property?
Clare
Customer: replied 2 years ago.

The financial interest is between our daughter in law and her brother.

Expert:  Clare replied 2 years ago.
Hi
Do you live in the property?
Clare
Customer: replied 2 years ago.

No it is let out

Expert:  Clare replied 2 years ago.
HI
Then since you have no financial interest in it it does not form part of YOUR IVA
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

There is a shared mortgaged paid monthly by our daughter in law and her brother surely this is in the category of financial interest?

Expert:  Clare replied 2 years ago.
Hi
I am sorry - are we talking about your wife or your daughter in law?
Is it your daughter in law who is taking out the IVA
Who receives the rent of the property?
Clare
Customer: replied 2 years ago.

Sorry about the confusion!!! It is our daughter in law who is part owner along with her brother who are equally paying the mortgage and the rent from the property is shared equally. The IVA is already in place for our son and his wife (our daughter in law) If they were to go into bankruptcy would daughter in law loose her share or the property, or would the fact the property is owned jointly stop er from loosing it?


 

Expert:  Clare replied 2 years ago.
Hi
Right so in fact she would be going bankrupt herself - not just your son?
Clare
Customer: replied 2 years ago.

The IVA is in the names of our son and his wife (our daughter in law)


 

Expert:  Clare replied 2 years ago.
Hi
Then the property does form part of HER IVA - and if she goes bankrupt then her share of the property will belong to the Official Receiver
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33813
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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