Page 1 of 1
Posted: Wed Dec 09, 2015 4:27 pm
by Enjoyingthesmallthings
I had the email today asking my to sign the RX1 on my property, which then got me thinking about how long this restriction remains on file. When does the restriction get removed, as soon as the year 5/6 is completed?
Posted: Wed Dec 09, 2015 4:32 pm
by Michael Peoples
The restriction is there for the duration of the IVA so however long that takes. It has no value but only acts as a protection for creditors in case you try to remortgage or sell up. The IP will then be notified and can take steps to prevent this or approve the sale/remortgage if that is part of the IVA anyway.
Posted: Wed Dec 09, 2015 6:14 pm
by Enjoyingthesmallthings
Thank you Michael. How long does it take to remove once the IVA is completed?
Posted: Wed Dec 09, 2015 6:53 pm
by kallis3
Your IP should inform the Land Registry as soon as the IVA is completed.
Posted: Thu Dec 10, 2015 7:23 am
by Enjoyingthesmallthings
Thanks Kallis
Posted: Thu Dec 10, 2015 8:52 am
by SUC
If the IVA is settled early does the RX restriction stay in place for the 6 years from start date or does the IP remove it after completion certificate issued
Posted: Thu Dec 10, 2015 9:00 am
by kallis3
It will be removed as soon as the completion letter is sent.
Posted: Thu Dec 10, 2015 9:32 am
by Michael Peoples
Exactlt. The RX1 is only there to protect creditors while the IVA is in place and is very easily removed once the IVA has completed.
Posted: Thu Dec 10, 2015 4:18 pm
by Lisa Thomas
Once the IVA no longer has an interest in your property it should be removed, or at the end of your IVA, depending on the circumstances.