Can IP put charge on my home without my knowledge?

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kim250
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by kim250 » Thu Jun 29, 2017 10:35 am
Would my IP put a charge on my home? And if so would this be without my knowledge?
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Michael Peoples
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by Michael Peoples » Thu Jun 29, 2017 11:02 am
The IP cannot put a charge but can put a restriction against the property with your consent. Why do you ask?
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kim250
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by kim250 » Thu Jun 29, 2017 11:30 am
Because this seems to be what they have done and its been done completely without my knowledge. :?
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kallis3
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by kallis3 » Thu Jun 29, 2017 11:32 am
Did you sign an RX form as part of your application? All it means is that you cannot sell without your IP's permission and it will be removed as soon as your IVA is finished.
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Lisa Thomas
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by Lisa Thomas » Thu Jun 29, 2017 11:40 am
You would have had to sign the form at the beginning and in any event it just ensures that the IP is notified it you attempt to sell your home without their knowledge so nothing to worry about.
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Michael Peoples
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by Michael Peoples » Thu Jun 29, 2017 12:18 pm
You should contact your IP and get them to explain what has happened. It is not a big problem for you but it should have been explained properly when you were signing the various pieces of paperwork.
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Shaun Vickery
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by Shaun Vickery » Thu Jun 29, 2017 1:45 pm
I agree with previous posters and, in fact, the Land Registry department responsible for recording details of charges/restrictions etc. registered against property wouldn't have accepted it if you hadn't signed the relevant documents...at least not without a court order.
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kim250
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by kim250 » Thu Jun 29, 2017 2:06 pm
So my IVA finishes in October after being extended to a 7th year as I could not release any equity from my property due to mortgage arrears. I was told the property would not be looked at again by my IP but that would appear not to be the case.
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Shaun Vickery
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by Shaun Vickery » Thu Jun 29, 2017 2:11 pm
If you extended your IVA in lieu of equity then you shouldn't be expected to release any equity now. The restriction would remain on your property until the IVA is settled however because if you sell the property in the meantime you would still need to pay more into the IVA.
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Foggy
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by Foggy » Thu Jun 29, 2017 3:15 pm
As mentioned te restriction, which would have been put on at the start of your IVA will not be lifted until you complete your arrangement.
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Michael Peoples
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by Michael Peoples » Thu Jun 29, 2017 4:16 pm
We send a recorded letter to land registry removing the restriction on the same day as we send the certificate out. We can even do it earlier if necessary and in fairness to land registry they remove the restriction immediately.
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kim250
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by kim250 » Thu Jun 29, 2017 5:43 pm
If I were considering a secured loan I have 2 questions, would the Iva allow it and would they want a %?

Thank you all for your help so far.
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kallis3
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by kallis3 » Thu Jun 29, 2017 6:03 pm
If your IVA completes in October it's not worth trying for a secured loan now.
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Foggy
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by Foggy » Thu Jun 29, 2017 6:22 pm
The chances are that you would be refused a secured loan at the moment and that refusal will stain your soon to be clear credit record.
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Michael Peoples
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by Michael Peoples » Fri Jun 30, 2017 8:57 am
It may be possible to get a secured loan but your IP would need to approve it. This may be fine as the equity has been addressed by the extension and the property now excluded. Speak with your IP and possibly contact Shaun Vickery from Select who posts here. I know he has access to lenders who offer secured loan to those in IVAs.
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