RX1

[hopefulalways]

Hello all. Hope everyone is well.
I’ve been sent a RX1 form to sign. But I’m confused as the property I live in is rented. We don’t own it or have any shares in it
Any ideas

[kallis3]

You need to speak to your IP company and tell them they have made a mistake.

[Foggy]

Check that your proposal doesn't mention equity release either !! Looks like a mix up !

[kallis3]

Shouldn't do if he rents! Left hand and right hand springs to mind!

[Foggy]

Shouldn't do if he rents! Left hand and right hand springs to mind!

True -- but stranger things happen ! Like the fact that this poster has recently complained that the IVA specified that the house should be sold !!

[Foggy]

Hello all. Hope everyone is well.
I’ve been sent a RX1 form to sign. But I’m confused as the property I live in is rented. We don’t own it or have any shares in it
Any ideas

This will apply to the house the creditors requested you sell.

Have you got a rental property ( house you own, but let out) and live in a rented property ? If so, this makes the condition the creditors placed to sell the house make sense !

[kallis3]

Hadn't realised that Foggy!

[hopefulalways]

Apologies. The home I was referring to the other day is a buy to let, I just call it home as we spent so much time there before we managed to let it out and we have quite of bit of emotions attached. To be honest I’ve just started this process , I’m still pretty overwhelmed with it all and I’ve never posted before here or any other forum, I really didn’t think I needed to be so detail on my first post. I’m on here for help not be undermined.

[Foggy]

Apologies. The home I was referring to the other day is a buy to let, I just call it home as we spent so much time there before we managed to let it out and we have quite of bit of emotions attached. To be honest I’ve just started this process , I’m still pretty overwhelmed with it all and I’ve never posted before here or any other forum, I really didn’t think I needed to be so detail on my first post. I’m on here for help not be undermined.

We are not here to undermine you -- but the new picture is vastly different to the one earlier accidentally portrayed and changes the situation entirely.
So, now we know a little more, the responses to each question you have asked will be different.
As for your earlier post: The sale of the house is not, now, unreasonable, it is the disposal of an asset. I would not be inclined to attampt to circumvent this by offering to increase the regular monthly payment to compensate --- the creditors are likely to then turn around and say that, if you have these surplus funds potentially available they should be being paid across anyway. The arguement I would use, assuming the rent from the property is covering it's costs, would be that the property is costing them nothing, could in the future contribute to disposable income and the equity will be increasing over the next 5 years. So there might be more there when the equity release clauses kick in.
Ans, as for the latter (this ) post: The RX1 is a standard requirement where a property is owned. It's function is to alert the IP if you attempt to refinance or sell, as well as to alert prospective lenders or purchasers that there is an interest registered.

[hopefulalways]

Thanks for that response, much appreciated Foggy.
Regarding the RX1 it has the address where I live and rent not the buy to let, which is odd.

[Foggy]

Thanks for that response, much appreciated Foggy.
Regarding the RX1 it has the address where I live and rent not the buy to let, which is odd.

Now, that could be a mistake ! The restriction should be lodged against the buy to let -- I doubt your landlord would appreciate his property being restricted !!

[hopefulalways]

I best phone up my IP on Monday and find out.
Thanks again.