We entered into an iva in 2011 and then ended it early with a full and final settlement at the end of 2013. We have received our completion certificate.
Will the property restriction held on our home be lifted now? Can I get proof of this somehow? I rang grant Thornton and they said it will be lifted but I'd like to see proof!
Do you think it is ok to sell the house? And keep any equity?
The restriction should be off the property by now and a simple land registry check would show this. If it is not you need to push GT as it could cause a problem with a sale even though the property is now yours to do with as you wish.
I've just done this for my property, and although it is not the most straight forward document (legal speak)! and costs £3! i think i have worked out that there is still a restriction on my property. What do i do now? My IVA completed in October 2013, and i got my completion certificate in November 2013. Should i send a copy to my IVA company (McCambridge Duffy)or contact the Land Registry? Thanks
I have spoken to the Land Registry, and they say it is a 'Form A' restriction on my property, does anyone know what one of these is, and how i get get it removed? I dont now think it is anything to do with my IVA, but rather my Ex's bankruptcy! Even though the Insolvency Service sent me a letter last year telling me they had no further interest and stated that they would remove the restriction with the Land Registy.
Back in my day this was in three parts: A - Property Register, giving a description of the subject property. B - Proprietorship Register, giving details of the owner and the type of ownership and C - the Charges Register, giving details of charges and restrictions.
Hopefully things won't have changed too much !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've copied the following directly from H M Land Registry website for you, as I think that it is explained rather well:-
Owning property as tenants in common means the property belongs to you jointly but you also own a specific share of its value. You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will. This type of ownership is reflected by an entry on the register for the property known as a Form A restriction: Form A 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.” The effect of this restriction is that if you are the last survivor of all the owners you must appoint another person to act with you in any deed of sale or mortgage and to jointly receive any sale price or mortgage advance. A tenancy in common ends when either: you all sell the property (with all the shares) to someone else you all convert to a beneficial joint tenancy, or one owner acquires all the shares in the property. A tenancy in common does not automatically end when all the original owners have died. It will continue unless one person has become the owner of all the shares or the property is sold. The law makes provision about who can become the registered owner or who can sell the property when this happens. - See more at: http://www.landregistry.gov.uk/public/g ... fyfOd.dpuf
Thanks Melanie, i think that helps! Lol. Does it mean that the restriction is not anything serious, and wont be a problem when i try to either sell or remortgage?
