B178 Notice of an application to register restriction agains the land.
I have read it and because its in a load of jargon I'm not entirely sure I've totally understood it. I think it is basically saying that we can't sell the property or remortgage without consent from all interested parties. It asks if I consent to the application or object. I have someone buying the BI in the property which I thought would stop this kind of thing? I'm not sure what to do with it - do I object or accept?
Morning Kazza.
There is nothing to worry about as this prevents the property being sold without the approval of the OR. Once the beneficial interest has been bought back the restriction will be removed and I attach a link below from the Insolvency Service website.
I think everyone who owns their own property has one of these.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I had to sign the same type of notice for my house which basically means that any attempt to sell without informing my IP and obtaining their permission will not be allowed.
I came into this world with nothing and still have most of it left!
You normally sign this before your creditor meeting. It's nothing to be worried about.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Kallis we haven't signed anything relating to our house, our Ip has stated that in yr 4 we may have to get a loan if there is enough equity in the property. but thats all.
I believe it's an RX1 in IVA and looks like your B178 is the BR version of it Kazza. Micheal has said it's nothing to worry about, so don't, we've all had to sign one! xxx
7 year IVA completed in December 2016 - there is light at the end of that tunnel
In bankruptcy it is not optional. The B178 is simply notification to you that the Trustee has registered their interest in the property at H M Land Registry.
Is it optional in an IVA Mel? I was under the impression that everyone had to sign one if they owned their own house.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is normally a condition of IVAs now that you sign a restriction so refusal to do so would lead to the IVA being failed. Not every IVA has an equity release but even where one is not required it is still important to have a restriction placed to avoid the client selling up and moving to a Greek island.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is optional in that you have to agree to it, but if you refused then the IVA would not be put forward in the first place - especially in firms that follow strictly the requirements of the IVA protocal, as is the case in my practice for consumer debt cases.
