Form RX1 Land Registry???

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worriedhalftodeath
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by worriedhalftodeath » Sun Jan 03, 2010 8:43 pm
My husband's IVA has just been approved. We've been sent form RX1 Land Registry - Application to enter a restriction - and he's been asked to sign and return to his IP. Can someone just tell me in simply layman terms what this form is for? We understand it's to protect the creditors' interest in the propery - the IVA is for 6 years, going on to 7 if we can't release any equity in year 6. At the moment, we're in negative equity. The flat is in both our names but only my husband has the IVA. The form just looks a little frightening... Thanks!

 

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penny
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by penny » Sun Jan 03, 2010 8:52 pm
Hi
We had to sign one of these as well it is just a security measure
for the creditors and the experts on here are brilliant and should be
along soon with more help xx

 

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Skippy
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by Skippy » Sun Jan 03, 2010 8:52 pm
I think (and someone else will be along to confirm shortly) that this form puts a restriction on the sale of the property so that it cannot be sold without your IP being notified.

 

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worriedhalftodeath
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by worriedhalftodeath » Sun Jan 03, 2010 8:57 pm
Thanks Skippy and Penny - that would make perfect sense... it's just anything that looks so official and legal puts the fear of God into us!

 

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kallis3
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by kallis3 » Sun Jan 03, 2010 9:46 pm
Everyone with their own property has to sign one.

You just can't sell without notifying the IP.

 

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worriedhalftodeath
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by worriedhalftodeath » Sun Jan 03, 2010 10:33 pm
That's ok then. We wouldn't sell without informing our IP, and wouldn't be looking to do so anyway... Thanks everyone.

 

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MelanieGiles
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by MelanieGiles » Sun Jan 03, 2010 11:02 pm
This should have been fully explained to you as part of the IVA process, and generally I get my clients to sign them with their IVA proposals rather than afterwards - but as the other posters have said there is nothing to worry about, this just alerts your IP to an attempt to sell the property, which I feel sure they will not need to rely on in your case.

 

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worriedhalftodeath
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by worriedhalftodeath » Mon Jan 04, 2010 9:00 pm
Thanks Melanie. It probably was explained but I think my husband was a bit overwhelmed by info at the time so he wasn't sure and the letter that came with it just said to sign and send back so it got us a bit worried. I knew a quick post on here would put our minds at rest. Really don't know what we would have done without this site!

 

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Shining
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by Shining » Mon Jan 04, 2010 9:07 pm
Glad the site is of help to you worriedhalftodeath, I still find things about the IVA is confusing and I can't agree more it's so much to take in at the beginning of your journey but always find what I want from the site too x

 

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kallis3
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by kallis3 » Tue Jan 05, 2010 6:43 am
Nothing like this site for allaying your fears.
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