Can we sell the house with a charge on the property?

Mips

Title says it all - he has been made bankrupt, neg equity... house sale would probably only pay off the mortgage and any BI?

debt_doctor

Hi,

You would have to talk to who ever holds the charge. If they would not get paid in full then they could object / block the sale.

They might be willing to take whatever the sale would produce as a ' full and final settlement'

DD

fiveyearplan

Hi Dippychick

If the sale of the house would pay off the mortgage then you're not in negative equity. Is is a joint mortgage? You're not bankrupt are you?

Mips

fiveyearplan wrote: »

Hi Dippychick

If the sale of the house would pay off the mortgage then you're not in negative equity. Is is a joint mortgage? You're not bankrupt are you?

It is in my husbands name, I am not on the deeds but I would have a claim in the property and be entitled to the BI.

He is bankrupt.

Thanks

fiveyearplan

When you say a charge on the house, do you mean a J charge or whatever it is (a charge put on by the trustee) or do you mean a charge as in a secured loan?

If you are talking about a charge on the property from the trustee then you can sell the house at any time.

Mips

fiveyearplan wrote: »

When you say a charge on the house, do you mean a J charge or whatever it is (a charge put on by the trustee) or do you mean a charge as in a secured loan?

If you are talking about a charge on the property from the trustee then you can sell the house at any time.

I don't know who put the charge on the property, OH says it was the OR. Not too sure he knows what he is talking about though :eek:

He says if we sell, that is all that will happen - we will be left with nothing, just the mortgage paid off. But that is a large debt - we could rent for a few hundred quid cheaper, although we would prob be paying large water fees which we dont have down here.

But at least we can then plan for the future for when he is discharged.

fiveyearplan

If he hasn't taken out a secured loan then the charge is more than likely from the OR. He hasn't had any of his creditors put a charge on his house - it would have to go to court and it is a lengthy procedure. Doubtful he would have missed this.

Does it say J restriction or something like that, if so it is from the trustee and he can sell - his share of BI will go to his OR. I don't know how you claim your BI if you aren't on the mortgage - I'm sure there's a way, I just don't know how to go about it.

Mips

fiveyearplan wrote: »

If he hasn't taken out a secured loan then the charge is more than likely from the OR. He hasn't had any of his creditors put a charge on his house - it would have to go to court and it is a lengthy procedure. Doubtful he would have missed this.

Does it say J restriction or something like that, if so it is from the trustee and he can sell - his share of BI will go to his OR. I don't know how you claim your BI if you aren't on the mortgage - I'm sure there's a way, I just don't know how to go about it.

Many thanks!!

And dumbest question of the year... but I have go to ask .....


He can't get another mortgage whilst an undischarged bankrupt can he?

Merry_Gentry

Nope, sorry honey

Mips

Merry_Gentry wrote: »

Nope, sorry honey

I did think as much

Thanks Merry.

Merry_Gentry

Does this mean lines of communication regarding the house are open again??? :grouphug: