Restrictions on my flat

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kar280

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Post by kar280 » Sat Oct 12, 2019 1:28 pm
is it normal in IVA to receive a letter from Land Registry for restrtictions of my flat filed by my IP? shall i consent or object? what are the advantages and disadvantages?

kallis3

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Post by kallis3 » Sat Oct 12, 2019 1:41 pm
Do you own your flat?
Sharing from experiences of dealing with debt
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http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Sat Oct 12, 2019 1:44 pm
If you own the flat it is standard practice, you would (should) have signed the RX1 agreeing to the restriction, or are getting notice advising you that the restriction was lodged without your consent --- which is your opportunity to disagree.

Refusing to accept the restriction could see the IVA failed for non-co-operation. The purpose of the restriction is to alert the IP should you attempt to sell or re-finance, in which case the IVA could be in jeopardy again.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Mon Oct 14, 2019 8:17 am
Yes it's standard practice and your IP should have explained this to you.

If you don't consent the IVA might not go ahead.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 14, 2019 8:17 am
Take legal advice if you're unsure - it's to protect the IVA so you don't sell the property and 'run off with the money...'
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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