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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33297
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have inherited a house from my Nan. My parents are responsible

Customer Question

I have inherited a house from my Nan. My parents are responsible for probate and the house is being signed into my name next week. However I have quite a lot of debt currently being processed through IVA. How at risk is the property? I have thought of signing the house over to my son, but am unsure if I have to wait a specific time before doing so. So in summary
1) I have inherited a house (£70,000)
2) I have £55,000 of debt currently being processed through IVA
3) I have no money to remortgage the property. I am currently in a rented house.
4) The house is being signed into my name
5) How long after signing over to me can I sign the house over to my son?
Thanks
Submitted: 9 months ago.
Category: Law
Customer: replied 9 months ago.
Just thinking about it the £55,000 debt is not all mine. The IVA is shared between my wife and myself. My debt is actually £46K.
Expert:  Clare replied 9 months ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstDo you not wish to move into the property?
Customer: replied 9 months ago.
It is unlikely as we are happy where we are.
Expert:  Clare replied 9 months ago.
I am afraid that you do have to declare this property as part of your IVASigning it over to your son will not necessarily help as the transfer can be reversed if you are seen as trying to deprive your creditors.However if there was a Deed of Variation of the Will so that the property passed directly to your son then that could workPlease ask if you need further detailsClare
Customer: replied 9 months ago.
The offical will did not mention me concerning the house directly, it was an oral agreement, between myself and Nan/Grandad. Therefore the executors of the will (my Mum and Uncle) can give the house to whomever they like. My wife over the past week has managed to settle the majority of her debt, so I have the option of putting the house in her name. The house itself is not of huge value £50-£70K and it could be sold off by the executors and split between family - whatever they desire. Legal the house does not have to pass into my hands. However, my Mum and Uncle are aware of the oral arrangement. Hence what if my wife is gifted the house could that affect my IVA? - also do you know how long you have to wait to change a title deed. For example if the house were to go into another person’s name how long must one wait before transferring it to another person? Thanks
Expert:  Clare replied 9 months ago.
Just to check - what is the exact wording of the Will regarding the house.Will your son be keeping the property?
Customer: replied 9 months ago.
There is no mention of either myself or my son in the will regarding the house. Like I say it was an oral arrangement.
Customer: replied 9 months ago.
Please answer previous question - thanks
Expert:  Clare replied 9 months ago.
My apologies for the delayI do need to understand the exact positionI assume that the property has been left to your mother and Uncle absolutelyHowever they are willing to honour the wishes of your grand mother and give the house to whoever you nominateIs that correct?
Customer: replied 8 months ago.
Yes that's correct - they had talked of selling the house and splitting up the money between members. My question is if the house goes into my wife's name does this affect in any way my IVA. Also if the house does go into my wife's name and she decided to give the house to another family member how long would she have to wait. Thanks Jason
Expert:  Clare replied 8 months ago.
In that case they are free to give the property to whomsoever they wish - and so long as it does not go into your name then there is no problem - so they could give the property to your son if they so wishPlease ask if you need further detailsClare
Customer: replied 8 months ago.
OK thanks for that

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