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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I am in an IVA. A condition of the IVA is to sell my house

Customer Question

I am in an IVA. A condition of the IVA is to sell my house within a specific time.

That time is up. Is there any legal argument I can put up to delay this process. Now the housing market has picked up a rushed sale would not be in my interests or for that matter my creditors, however they have the luxury in knowing they will get their money regardless.
My supervisor is hastening me to auction. He is also engaging an asset recovery partner who in turn engaging an agent to manage this process- all this seems like "jobs for the boys" at my expense whilst I have the best estate agent in town working on the sale for a fixed % commission.

any advice appreciated?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Is there any equity in the property please?

JACUSTOMER-boiuygu7- :

yes : the original iva logic assumed nothing but they wanted me to sell within 2 years such that I could afford more monthly payments to them (the numbers are significant). House around £1.1m , equity now around 250k although 50% of this will go to my ex wife as part of a divorce settlement who she longer lives at the property.

JACUSTOMER-boiuygu7- :

I should add the main aggressive creditor in the IVA is HMRC - I have already tried reasoning with them to give me more time to sell naturally or to consider alternative approaches to financing the IVA to no avail. In the least I would like to stave off those clamouring to sell my house at auction for a massive discount. The estate agent seems confident i will get 90-100% of the asking price (i have had 2 offers of the asking price accepted but both pulled out for personal reasons not relating to me or the house value).

Alex Watts :

Yes HMRC can be a little hard.

Alex Watts :

Sadly if it is a condition of the IVA and you have breached the deadline you can't delay it

Alex Watts :

This is because you would be in breach of your IVA

Alex Watts :

That means that it would be suspended and creditors could take further action against you,

Alex Watts :

Sadly therefore based on the fact it was a condition, you may well have to do this unless you can remortgage or come to some other agreement with HMRC and get the IVA varied.

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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