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Register a restriction
Posted: Wed Feb 12, 2020 7:19 pm
by chrisg
Hi, I have had an IVA now with creditfix since August last year. Today I returned home to find a letter which said ‘Application to register a restriction again the land’ This has been lodged by creditfix.
Is this normal ? And do I need to sign it ? This feels so weird. Please can someone give me more info?
Re: <t>Register a restriction</t>
Posted: Wed Feb 12, 2020 7:25 pm
by Foggy
It will be an RX1 --- the restriction is so that the IP will be informed should you try to sell or remortgage your home, as the equity released will be an asset due to be paid to your creditors. This restriction will be removed when the IVA completes successfully. It is standard practice for homeowners.
You usually need to sign and return it the Land Registry, giving permission for the restriction to be lodged. Refusal to do so may see the IVA failed.
Re: <t>Register a restriction</t>
Posted: Wed Feb 12, 2020 7:27 pm
by kallis3
Just a normal thing with an an IVA - nothing to worry about.