rx1 land registry form , can you advise?.

[roz]

Hi We have been in an iva for 3 and 1/4 years and have this morning received a rx1 land registry form from our ip. We know what this is from reading postings on this site but would like to ask the following questions:
With only 8 months to go before remortgage is this normal practice as nothing was mentioned on the original agreement that we signed.
Also when we remortgage is this caution lifted or will we have to apply somewhere to lift it?.
On the rx1 form our ip has stated that he was only appointed our supervisor in february 07 when he has been our supervisor as far as we are aware since 2004 can you advise?.

One last question is we are looking at the issue of remortgaging in the next few months and feel we have possible equity available to offer a settlement equivalent to the outstanding payments due up to the end of the 5 years. Is it possible to remortgage at around 85-90% whilst in an iva, how would we go about it and can anyone recommend a mortgage company as there is too many to choose from and you don't know who you are dealing with these days. Thank you

[Adam Davies]

Hi
What is the exact wording of your equity release clause ?
Getting the RX1 form now is strange,maybe your IP has overlooked it ?
Regards

[carlmcmullen]

Roz,

I think your IP has overlooked this as it should be registered when your IVA has been approved.

Your IP will remove the restriction once your IVA has been satisfied and you have fulfilled your obligations.

Not sure why they say 2007 - have you had the same supervisor throughout your IVA ?

As far as remortgage i am not an expert in that area i am lead to beleive that a 85% LTV is possible, but 90% you may struggle.

There are a few poeple who post on here you want to approach, i think his ID is bright oak..... check out the expert panel.

You should discuss with your IP the possiblity of re-mortgage now..

[MelanieGiles]

Hi Roz

I can recommend both Andrew Graveson and Tony Parsons who are both contributors to the forum with great experience of raising money for people in IVAs. I have worked with both of them in the past and have received excellent feedback from our mutual clients.

[Andrew Graveson]

Hello Roz,

The mortgage market is in flux but I am aware of at least one lender who we as brokers can (today) potentially achieve a 90% loan to value mortgage. Availability and suitability of course come down to individual circumstances.

The market is changing day by day and in all honesty not for the better right now. In this environment I would strongly suggest speaking to a mortgage broker who is experienced in dealing with mortgages connected to IVA's.

As Melanie kindly mentioned amongst the posters on this site handling such work regularly are Tony Parsons (Welshboy) and myself.

[roz]

Hi The rx1 form was never mentioned when we signed up with the iva company it only stated a 80% release of equity clause by a remortgage in the paperwork that we signed over 3 years ago!!!

As regards remortgage we are currently awaiting figures of how much we owe on the existing mortgage before we decide our next move.

[jpj]

I would also get a local estate agent to value your property BEFORE you start the haul down the remortgage route. Valuers are very jittery right now,and from my experience lately are valuing down rather than up!
This way you can get a rough idea of how much equity you have in your property before you start forking out £300 mortgage valuation fees and application fees.