What is a form J restriction?
We receive a lot of calls from the public about; What is a form J restriction?
A Form J restriction is an entry at the Land Registry, made on the application of the trustee, against a property that is jointly owned by a bankrupt. It is a record of the trustee's beneficial interest in the property. It means that the Land Registry must notify the trustee of any dealings in connection with the property.
A Form J restriction is different from a charge, which relates to a claim for a specific amount of money.
A bankrupt's legal interest in a jointly owned property does not transfer to the trustee. So a bankrupt and the co-owner can still sell the property, but the trustee must be paid the value of the beneficial interest from the sale proceeds.
The Form J restriction will only be removed when the trustee has been paid his beneficial interest in the property.
If the property is sold, the trustee will make a claim against the property..
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The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
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What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]