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  • FIRST POST
    • suzisuzz13
    • By suzisuzz13 12th Oct 17, 10:59 PM
    • 6Posts
    • 1Thanks
    suzisuzz13
    charge on property
    • #1
    • 12th Oct 17, 10:59 PM
    charge on property 12th Oct 17 at 10:59 PM
    I had a charge of 30,000 against our house in my name by a brewery we worked under for unpaid rent on the pub. This charge was put on in 2011, since then the house is now in joint names with my partner and we have 83,000 outstanding on our mortgage 170,000 value which ends next yr. So we tried to remortgage was all going fine now they say they won't complete with the charge in place and to get it removed then they will proceed...
    HELP what do I do now... the charge is not borrowed but a debt::
Page 1
    • glosoli
    • By glosoli 12th Oct 17, 11:13 PM
    • 662 Posts
    • 378 Thanks
    glosoli
    • #2
    • 12th Oct 17, 11:13 PM
    • #2
    • 12th Oct 17, 11:13 PM
    Can you release equity to consolidate the secured loan into the mortgage agreement?
    • silvercar
    • By silvercar 13th Oct 17, 9:42 AM
    • 36,062 Posts
    • 151,658 Thanks
    silvercar
    • #3
    • 13th Oct 17, 9:42 AM
    • #3
    • 13th Oct 17, 9:42 AM
    Usually all parties would be happy with a deed of postponement. This puts the lender in first place on the list should the worst happen and the property repossessed.

    I can't see any mainstream lender accepting going in second place behind a charge and generally charge holders are understanding of this issue.
    • David White
    • By David White 13th Oct 17, 9:50 AM
    • 835 Posts
    • 358 Thanks
    David White
    • #4
    • 13th Oct 17, 9:50 AM
    • #4
    • 13th Oct 17, 9:50 AM
    generally charge holders are understanding of this issue.
    Originally posted by silvercar
    Secured loan companies yes, people you've knocked for money who have subsequently put a charge on your property? Not so much.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • davidmcn
    • By davidmcn 13th Oct 17, 10:08 AM
    • 5,930 Posts
    • 5,687 Thanks
    davidmcn
    • #5
    • 13th Oct 17, 10:08 AM
    • #5
    • 13th Oct 17, 10:08 AM
    Are you borrowing enough to pay off the debt? Not clear from your post.
    • silvercar
    • By silvercar 13th Oct 17, 11:08 AM
    • 36,062 Posts
    • 151,658 Thanks
    silvercar
    • #6
    • 13th Oct 17, 11:08 AM
    • #6
    • 13th Oct 17, 11:08 AM
    Secured loan companies yes, people you've knocked for money who have subsequently put a charge on your property? Not so much.
    Originally posted by David White
    Would the charge holder have had to agree to transfer the mortgage/ property into joint names? If so, it shows they are prepared to talk at least.

    Are you borrowing enough to pay off the debt? Not clear from your post.
    by davidmcn
    Presumably not as the charge just sits there until sale, with no need to pay interest or make repayments to the charge. That would be an option - to take a mortgage large enough to clear the charge.
    • David White
    • By David White 13th Oct 17, 11:49 AM
    • 835 Posts
    • 358 Thanks
    David White
    • #7
    • 13th Oct 17, 11:49 AM
    • #7
    • 13th Oct 17, 11:49 AM
    Would the charge holder have had to agree to transfer the mortgage/ property into joint names? If so, it shows they are prepared to talk at least.
    Originally posted by silvercar
    How flexible would you be if suzisuzz13 owed you 30 grand?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • silvercar
    • By silvercar 13th Oct 17, 12:22 PM
    • 36,062 Posts
    • 151,658 Thanks
    silvercar
    • #8
    • 13th Oct 17, 12:22 PM
    • #8
    • 13th Oct 17, 12:22 PM
    How flexible would you be if suzisuzz13 owed you 30 grand?
    Originally posted by David White
    Pragmatically, if they paid off a chunk now, I would agree a deed of postponement. Based on a 50% LTV the charge still sits safely til sale. That charge has sat there since 2011 with not a penny paid over. Unless they sell they aren't paying anything. Given a charge can't force a sale, the charge holder isn't seeing a penny.
    • David White
    • By David White 13th Oct 17, 12:37 PM
    • 835 Posts
    • 358 Thanks
    David White
    • #9
    • 13th Oct 17, 12:37 PM
    • #9
    • 13th Oct 17, 12:37 PM
    I'm clearly more stubborn than you are
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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