My ex entered an iva in Dec 2012. I was sent an rx1 which I refused to sign. Can the ip force a sale of my home which I am allowed to live in with our son. I have been paying the mortgage solely since Aug 2011
We weren't married & have a joint tenancy
Yes, half from Nov 07 to Jul 11
Its bad news I am afraid.
If you refuse to sign the document then the Receiver could apply to the Court to sell the property.
Your ex, if half has been paid, has a beneficial interest in the property, even if it is small.
The Receiver may ask you to buy back that small beneficial interest
But in theory the IP could force sale, but this would take time and you would be able to buy back the interest.
However if there is little or no equity the IP may not do this
Can I clarify anything for you about this today please?
Oh that is bad news. At the date he left the property he only had about £3k in it, as the house value went down £20k at that point in time. Obviously I've got more as I've reduced the amount left on the mortgage by £10k since he's left. Is it worth making it tenants in common? Thanks
At this stage I would not.
It may be you only need to buy his interest which may be very low
Does that help?
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