Restriction on my property – Harrington Brooks
As in keeping with IVA’s a restriction was put against my property at the land registry (I signed an RX1). I am now selling the property to relocate but am finding it impossible to get anywhere David Rankin, my assigned Supervisor / Insolvency Practitioner, regarding the restriction on my Property. I keep getting through to various Customer Services Advisers at Harrington Brooks who are negative. I can’t seem to get past them to explain my situation and discuss my options with my IP. Is this normal?
I summarise and paraphrase here …It is stated that if I decide to relocate and sell my property for any reason, I will inform my Supervisors (in this case David Rankin) and they will advise if I am able to buy another property or whether I have to seek rented accommodation and pay no less than 85% of any net sale proceeds into the IVA.
There is more info on the clause but I don’t want to take up too much space. Basically, if I am allowed (at the discretion of the Supervisor) to buy another property, the equity on it would need to be the same as that in the existing property (which would be the case here).
I would like to buy another property but if the net sale proceeds are taken then I have insufficient funds for another property and I can’t get another mortgage being self-employed and with a bad credit history.
This is what I want to discuss but the Customer Advisors mostly say that I must pay the 85%, but this is NOT the only option stated in the clause. This is why I would prefer to speak to someone in charge and lay out my specific case.
What advice can you give me please?
Please pardon any typos, at the end of my tether and in a rush.
In the larger companies generally it is harder to speak directly to an IP.
The likelihood is that they would seek the first option as to do anything else would disadvantage your creditors.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Generally you are allowed to retain 15% of the equity if you sell in an IVA. Your conveyancer should contact HB and seek to correspond with Mr Rankin himself as undertakings will need to be given regarding the funds.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
