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Hi there

Can anyone help, I have a lodged RX1 form with the Land Registry in relation with my agreement. I only have to pay 2K in the 4th year clause, BUT I have now sold my house 18mths in and want to keep that 2K until the fourth year, can I do this?

Many thanks

Are you sure that your exposure was limited to £2,000, or are you expected to get your property revalued and the equity therefore recalculated during the fourth year.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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http://www.melaniegiles.com/ivaEnquiry.asp

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Hi Melanie

Yes it was definitely written into my agreement for 2K regardless in the 4th year.

Sarah

It may have been wrote into your proposal that the £2k is what you should realise - however this is very low and would not normally ask for re-mortgage to release that level of equity as the costs involved in re-mortgage would noramlly cost more than £2k

Would normally ask for a 6 year iva in compensation for equity.

The RX1 is to put your supervisor on notice should you decided to sell. So if you have already sold then i would question why your supervisor has not asked you about this as they should have been notified by the land registry.

If you have sold 18 months in then you need to speak to your supervisor as i would suggest paying this equity in now (to avoid temptation of spending)

You also have an obligation to notify the supervisor of your arrangment of any change of address and they will perhaps need to review your I&E as you are no longer paying a mortgage.

Have you purchased another property or moved into rented accomodation?

I thought the RX1 form actually put a charge over your property preventing the sale of your home without the IP s permission and signature, doesnt it do more than merely put your IP on notice?

It is a restriction that effectively restricts a sale without the knowledge of the IP, and would effectively prevent a sale, as any good conveyancing solicitor acting for the purchaser would want clarification of its removeal before concluding the sale.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp