Hi I settled an IVA after 3yrs a creditor who failed to attend the creditors meeting has a restriction on my property I need it removed in order to complete a remortgage this was 6 yes ago any advice please.
To withdraw a restriction H M Land Registry would normally expect to receive a completed form RX4 by the person or company that has the benefit of the said restriction. If the beneficiary is unable to provide this RX4 then this form should be completed by whomever has inherited the benefit of the restriction and appropriate evidence of devolution of title lodged as part of the application. This evidence should show a clear link between the beneficiary named on the title register and the applicant that has completed form RX4.
If restriction is not withdrawn, then an application would need to be made for its cancellation. Cancellation is the term used in rule 97 of the Land Registration Rules 2003 to refer to an application to cancel a restriction that is no longer required.
Any person may apply to cancel a restriction. The application must be made in form RX3 and no fee is payable.
We will cancel the restriction if we are satisfied that the restriction is no longer required. The application must be accompanied by evidence to show that this is the case. If anyone is referred to in the restriction and if an address for service is listed for that person, we will usually notify them of the application and give them an opportunity to object to the application before canceling the restriction.
Practice Guide 19 provides further information on notices, restrictions and the protection of third party interests in the register.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Is the charge from the creditor listed as interim or final? And does the charge pre-date the approval of your IVA?
If so, it may well be that the debt is/was secure and therefore not bound by your completed IVA. It may be why they never claimed, as they benefited from having that security.
I would be contacting the creditor to get a copy of their final charging order to determine if it's a secured debt, or not.
If it's secured you may need to factor it into any remortgage/property sale/release of equity.
If the charge was applied after your IVA was approved, you might have a little wiggle room, if the debt was only made secure after approval, to have them remove the charge as the debt was bound by the IVA. A very big if though!
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?
