Charging Order? The myth

Firstly, how much arrears are we talking about and how much pressure is the lender applying? I'm only asking because, as its been explained on this thread; if your mortgage lender repossesses the house then they will have power of sale (as first charge) and all the other charges / restrictions get wiped? Any surplus funds after the house is sold and the lenders charges are accounted for are then returned to you (as all other charges have been removed.) I'm not saying it will be straightforward but its an option you may want to consider if the forthcoming case goes against you?

In the meantime, if you only have a Restriction registered there is nothing to prevent you selling as anyone else with the same problem on this thread? The 14 day notice, as I've explained whether modified or not, presents no real different hurdle as all the creditor can do is send a request for payment from your conveyancing Solicitor? They can't, actually, do anything else until its seen you've declined to pay from the sale proceeds?

Its doubtful an application to defer payment of the Charge would be entertained as it would, most likely, be the decision of the creditor whether to defer or not? But you lose nothing from asking?

Selling as an option may depend on how easy it would be to sell your property?

Many thanks, Eggbox…

I'm being pressured by the lender and am struggling to meet the monthly payments since the DWP reduced the SMI (Support for Mortgage Interest), although i have not missed any payments at all throughout the term of the mortgage..
The arrears are not huge… about £750, and occurred because of a gap between the previous 2 year fix where the interest rate reverted to the standard rate for one month, before I was able to arrange a new fixed rate.
I will struggle from April, though, as all support from DWP ends. So I may as well bite the bullet and put the house on the market.

I'm just worried because the creditor will be forewarned of the disposal by having the benefit of the 14 day notice and he will be ready to 'pounce' and the sale won't go through if I refuse to pay the charge, will it.

The other thing is that there is ongoing litigation between myself and the charge holder… I've a feeling that if he loses at trial, I won't see a penny of my claim, as I note from the title deeds of his property that he has recently re mortgaged… (probably right up to the limit), to circumvent any future liability via a CO being placed by me. Very crafty!

It's an unusual situation and I guess I need a good solicitor…one who will, perhaps, see that it makes sense that I retain the money I owe, (perhaps by way of an escrow agreement), at least until the court makes a decision re my claim?

D45

Hi Eggbox….

I have agreed a sale on my house…

D45

eggbox wrote: »

Hi Dakota I have sent you a PM

Thank you… just seen it & replied. D45

Sparkles69 wrote: »

Hi Eggbox,
We are wanting to hopefully market our property soon and are wondering if there is there a solicitor available at present who is willing to deal with people in our our situation? We will also offer to pay the buyers solicitor fees, if this would make things quicker and simpler.
Thanks, S,69

Is it possible for the sellers' solicitor to handle both sides… or would that be a conflict of interest? D45