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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10400
Experience:  I have been practising for 30 years.
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My dad took an IVA which is against our family home (mum

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My dad took an IVA which is against our family home (mum didn't know it was linked to the house) and he's about 2 years into it. My dad recently had an affair and so my parents are now separated and in the middle of divorce proceedings. My mum still lives in the house and doesn't want to move out as we have lived there most of our lives. Mum has been keeping up the mortgage payments each month, dad's moved out and pays nothing. The house was hastily put up for sale but has been no interest in it from buyers for around 5 months. I would like to buy out my dad's share of the house so I joint own the house with my mum. I am in the process of securing a mortgage for this. My questions are: If I buy out my dads share, would he have to pay back the IVA debts with his equity? Would the IVA still be on the house, even though the person whose name it is under is no longer an owner of the property or linked to it? I am concerned that If I buy him out, the IVA will still be hanging over the house somehow?
Thank you

What is the exact wording regarding the IVA, against the house?

Customer: replied 1 year ago.
Equity in .......(our address)........76,725
Equity at 85% LTV 65,025Then later on in the document it says:
Unsecured Creditors
I undertake to introduce a lump sum payment of 65,025pounds into my arrangement, that being the proceeds from the remortgage of my property. Payment will be made before the completion of the arrangement.

Thank you.

I meant, is there any wording on the land Registry title about the IVA. If there is not, you simply pay your father off and the house is then yours along with your mother. Your father would have to declare the money that you have paid him. You would also have to pay the market value of his share of the house.

Can I clarify anything for you? Please rate the service positive so that I get paid. We can still exchange emails. Best wishes. FES.

F E Smith and 5 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you for your answer.What would happen if my dad didn't declare the money he had received from selling his share to me?I don't think there is any mention of it on the land registry, but will need to check with my mum.

You still get the house with good title free of encumbrance provided there is no mention at the land Registry. However your father is likely to be taken to task by the IVA supervisor . It would not affect the house or your ownership

Customer: replied 1 year ago.
after looking into the Land Registry, we have found it and it says:(22.06.2015) RESTRICTION: No disposition of the registered estate by
the proprietor of the registered estate is to be registered without a
written consent signed by ... (someone's name and address here)...4 (04.07.2016) RESTRICTION: No disposition by a sole proprietor of the
registered estate (except a trust corporation) under which capital
money arises is to be registered unless authorised by an order of the
court.Could you let me know what these entries on the land register mean? And how do they affect me buying my dads share? The house is on the market and has been since June 2016, but my mum wasn't aware of these restrictions when she put the house on the market, perhaps the estate agents are either?Thank you,

The second restriction is a Tenants In common restriction (odd wording I know) whereby the property is held as tenants in common, not joint tenants. If it’s joint tenants, and one dies, the property passes to the survivor under the right of survivorship. If it is tenants in common, and one of them dies, the deceased owner’s share passes in accordance with their will.

The first restriction in respect of someone’s name and address would depend who is the name and address was. It could well be the supervisor of the IVA who wants to consent to the sale of the property to make sure that he gets his money. Once you have purchased the property from your father, the restriction would be removed because he no longer has an interest in it. You need to know whose name and address that is of because it may be in respect of something else and before parting with any money, you need the consent of that person to remove the restriction. It’s something that solicitor would deal with normally as part of the normal conveyancing process.

The process is designed to protect everyone’s interest, especially yours.