Charging Order? The myth

Mrs_Arcanum

Today in court Shoosmiths have been granted a charging order (Judges wording) on my share of the jointly owned property.

However provided I keep up the repayments at the current level (minimum) the court would be highly unlikely to allow a forced sale request. It is simply a means of ensuring payment to the creditor in the event of the property being sold.

The important part is to defend yourself properly at any redetermination hearing where the creditors will ask the Judge for leave to apply for a charging order.

Sparklyfairy

Ok, so you ACTUALLY have a Restriction..judges don't make the distinction between a charging order or a restriction...was it for your sole debt? And your house is jointly owned? Double check your interim charging order paperwork you received from Land Registry..does it say "Restriction" on the 1st page? x

fatbelly

Mrs_Arcanum wrote: »

This is DEFINITELY no longer the case.

The court grants a charging order.

If it's a sole debt on a joint property...

It is recorded by the Land Registry as a restriction

And orders for sale are just about never granted

thechippy

fatbelly wrote: »

The court grants a charging order.

If it's a sole debt on a joint property...

It is recorded by the Land Registry as a restriction

And orders for sale are just about never granted

Absolutely correct.

What people need to remember, is that if they wish to sell whilst having a restriction, you MUST use a solicitor who is familiar with the laws on this - many are not...

rose28454

So am I right in thinking that if my BS just wishes to change me onto an interest only deal then it does not require agreement of the charging order holders??

Mrs_Arcanum

Sparklyfairy wrote: »

Ok, so you ACTUALLY have a Restriction..judges don't make the distinction between a charging order or a restriction...was it for your sole debt? And your house is jointly owned? Double check your interim charging order paperwork you received from Land Registry..does it say "Restriction" on the 1st page? x

A restriction was put on the property before the court hearing. - Got well miffed with the judge over costs though. :mad:

rose28454

I am transferring my questions to a new thread to get some help.

Sparklyfairy

Mrs_Arcanum wrote: »

A restriction was put on the property before the court hearing. - Got well miffed with the judge over costs though. :mad:

I know - me too! Don't stress though - I've known of people that have done deals with the holder of the charge/restriction to a reduced full & final offer should you wish to do things that way..hth

Sparklyfairy

rose28454 wrote: »

I am transferring my questions to a new thread to get some help.

Hi Rose, really sorry but I'm unable to help - your issue sounds really specific & you might get a better response if you post a question in the CAG website or Legal Beagles sites as they should have more knowledge there.

podperson

Not sure if anyone can help with this but I had a charging restriction on a property that has since been repossessed and sold by the mortgage company at a considerable loss. I assumed that the solicitors dealing with the sale would be able to see that there was a restriction on the property but I have just had a letter forwarded to me from a dca for the old debt quoting that they have a charging order on the property so obviously they aren't aware of it being sold. Since the mortgage company is charging me thousands for solicitors fees then am a little annoyed that they haven't sorted this out. Should I be informing the dca myself?