My estranged husband wants me to sign an RX1 FORM for his IVA. He claims that this only affects his equity in the property? Is this true or can I be forced to sell or release my share of the equity?
Hi and welcome if in any doubt, why not ask your husband to provide details of his IP so that you can discuss only this aspect of the IVA with them to put your mind at rest. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi as above, the RX 1 form is used to register a restriction on the land registry as he has an interest in the property. It will not affect your share or equity and as advised above it means the property cannot be dealt with without all persons listed on the register having notice. Sam
Your husband's IP should have written to you separately and fully explained the need for the RX1 whcih does only affect your husband's share. What is rather more alarming, is that you do not seem to have been consulted on the possibility of him being required to seek further funding from the equity in your jointly owned property during the final year of his proposed arrangement. You would need to provide your agreement to this prior to the IVA being entered into, and whilst it may be unlikely in today's market that you would be able to re-mortgage, that does not mean you should ne forced into doing this if you do not want to.
I personally feel that you need to know more about your ex-husband's plans and what he is committing to, as this could seriously affect you in the future and also the viability of his own IVA if you refuse to co-operate when the equity release is due to be looked at.
