Rx1 land registry

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Ashpizey

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Joined: Wed May 25, 2022 5:04 pm
Post by Ashpizey » Wed May 25, 2022 5:56 pm
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Just set up an iva but ip as said rx1 form land registry is in place(application to enter restriction). Any ideas please
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Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Wed May 25, 2022 6:48 pm
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It is common practice to lodge an RX1 at Land Registry when a house owner enters an IVA. This places a restriction on the title deeds so that the IP is warned if you try to sell the property. This is because any equity release from a sale would be payable to creditors. When the IVA completes successfully the restriction will be removed with an RX4 --- it is best to remind your IP at that stage and to get confirmation that this has been done.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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