charge on property

suzisuzz13
suzisuzz13 Posts: 10 Forumite
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in Mortgages & endowments
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:(:(:(:::idea:
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  • glosoli
    glosoli Posts: 739 Forumite
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    Can you release equity to consolidate the secured loan into the mortgage agreement?
  • silvercar
    silvercar Posts: 46,935 Ambassador
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    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.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • David_White
    David_White Posts: 892 Forumite
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    silvercar wrote: »
    generally charge holders are understanding of this issue.

    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.
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  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Are you borrowing enough to pay off the debt? Not clear from your post.
  • silvercar
    silvercar Posts: 46,935 Ambassador
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    David_White wrote: »
    Secured loan companies yes, people you've knocked for money who have subsequently put a charge on your property? Not so much.

    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.
    davidmcn wrote:
    Are you borrowing enough to pay off the debt? Not clear from your post.

    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.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • David_White
    David_White Posts: 892 Forumite
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    silvercar wrote: »
    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.

    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
    silvercar Posts: 46,935 Ambassador
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    David_White wrote: »
    How flexible would you be if suzisuzz13 owed you 30 grand?

    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.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • David_White
    David_White Posts: 892 Forumite
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    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.
  • suzisuzz13
    suzisuzz13 Posts: 10 Forumite
    First Anniversary
    Write to them and had no respouse, this is the restriction on my deed , the cHare is only in my name and no we dI'd not get permission from the brewery when the house went into joint names ... all very confusing....
    (02.02.2011) RESTRICTION: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to The brewery, being the person with the benefit of an interim charging order on the beneficial interest of only me. made by the r County Court on anuary 2011 (Court reference ). (14.06.2011) RESTRICTION: No disposition of the registered estate,
  • suzisuzz13
    suzisuzz13 Posts: 10 Forumite
    First Anniversary
    Can't afford any more were 58 now x:(
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