Restriction on property at land registry

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ching
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by ching » Sat May 20, 2017 1:32 pm
Why my broker put a restriction on my property at land registry.

Thank you
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Foggy
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by Foggy » Sat May 20, 2017 2:23 pm
I assume you are in an IVA and the "broker" is your IP (Supervisor). In which case, and this should have been explained to you, you will need to see about releasing equity near the end of your IVA. The details of this will be in your paperwork. The restriction is merely so that you don't sell the property without your IP knowing --- as, if you did sell, the prioceeds would be payable into your IVA for your creditors.
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kallis3
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by kallis3 » Sat May 20, 2017 2:44 pm
Agree with Foggy - are you in an IVA?
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Ryan
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by Ryan » Mon May 22, 2017 9:36 am
As has already been mentioned if you are in an IVA it would have been registered by your Practitioner - nothing to do with a Broker. Best to make sure that they arrange to have it removed once the IVA has ended as sometimes they overlook this which can lead to delays in re-mortgaging, etc.

Regards
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