The beneficial interest in a property can be realised (turned into cash) in a number of ways depending upon individual circumstances.

In an IVA the repayment proposal will detail the anticipated method, but this may change.

Typically this could involve a voluntary sale with the individuals beneficial interest passing to the Supervisor of the IVA for the benefit of creditors.

Alternatively a re-mortgage / secured loan can be obtained equivilent to the amount of the beneficial interest. This lump sum is typically introduced at the end of the IVA, and is therefore in addition to monthly contributions.

Less likely in an IVA (but more common in Bankruptcy) the co-owner (or another family member) can offer to pay in a lump sum that effectively purchases the debtor’s beneficial interest. (see What will happen to my home if I am made bankrupt?.)