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Restriction on land
Posted: Fri Feb 07, 2020 8:51 am
by sharon474
Hi I entered into an IVA in August last year and just received a letter from the Land Registry to say they are putting restrictions on the land what does this mean it seems really worrying. I have paid my IVA on time every month
Re: <t>Restriction on land</t>
Posted: Fri Feb 07, 2020 9:10 am
by Foggy
It is standard practice so that the IP is informed if you try to sell or raise finance as the equity would be payable into the IVA if you did.
Re: <t>Restriction on land</t>
Posted: Fri Feb 07, 2020 9:53 am
by kallis3
Nothing to worry about at all.
Re: <t>Restriction on land</t>
Posted: Fri Feb 07, 2020 10:07 am
by Lisa Thomas
It's standard practice to register the IVA interest in the land and stop you from selling it without declaring the sale/paying any relevant proceeds into the IVA.