IVA B136 Land Registry Restriction Application

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travan80
travan80 Posts: 1 Newbie
edited 26 June 2009 at 11:04AM in IVA & DRO
I am aware that IVA companies can apply for a restriction on the title deeds of a property (form B136), thus securing outstanding debt on property. The restriction comes into effect when the property is sold and can affect upto 75% of the equity (if any) in the property - this Money is then used to pay any outstanding creditors.

My question is: In the case of joint names on the Title deed (if the IVA covers only only of the named persons on the title deed!) can the debtor revoke/remove their name from the deed, even at the point of the IVA company having lodged a B136 application?

Typically only 14 working days notice is given, and if no (valid) objections are lodged with Land Registry the application is automatically granted in favor of the IVA company!

Do you fully understand the IVA rules and potential implications of an IVA? 2 votes

Yes, I fully understand the IVA Rule and Implications.
50%
XSpender 1 vote
Yes, I partially understand the rules.
0%
Not Sure, because the rules and details were not properly explained.
50%
travan80 1 vote
No, I do not understanf the FULL implications of an IVA.
0%
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