Charging Order? The myth

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  • torty
    torty Posts: 58 Forumite
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    blueback wrote: »
    If you own the property jointly then you have not got full charging orders you have charging order restriction which means you are free to sell the property as long as your solicitor provided notice to the creditor.

    A creditor cannot be granted a charging order on a jointly owned property

    The proceeds of sale will be yours and the restriction falls away on completion.

    I am not a solicitor and you should get proper advice before proceeding

    Cheers
    when you say own do you mean mortgaged as still outstanding mortgage on it but ome equity
  • blueback
    blueback Posts: 78 Forumite
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    ''when you say own do you mean mortgaged as still outstanding mortgage on it but ome equity''

    Yes, jointly mortgaged
  • moneybuster
    moneybuster Posts: 313 Forumite
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    who will buy a house with a restriction on it ????? the buyers would should run a mile only possibly a fully clued up shark would be temped ???? what do you think

    Regards MB
    three things for the life ahead
    Faith Hope and plenty of Charity
  • blueback
    blueback Posts: 78 Forumite
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    The people who bought our house bought it because their solicitor had an undertaking that the restriction would fall away on completion.

    The Land Registry does what is says on the tin - BTW, I am just alerting people to the facts, they can confirm it themselves by calling a solicitor that knows the law.
  • FirstTimer4Me
    FirstTimer4Me Posts: 1,079 Forumite
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    blueback wrote: »
    The Land Registry does what is says on the tin - BTW, I am just alerting people to the facts, they can confirm it themselves by calling a solicitor that knows the law.


    ta but we still don't understand any of what you're saying and as for calling a solicitor, we used up our 1/2 free time, most others don't seem to know / care what effect the actions of nr have on people

    ta anyway
  • blueback
    blueback Posts: 78 Forumite
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    "ta but we still dont understand" You are being a bit foolish if you think that just because you do not understand something everyone else will not understand either, arnt you?

    I think I have been very clear in alerting people to the fact that just because they are told they have a charging order does not been they will lose anything now or eventually.

    It has not been that long since people reaslised or were told their rights regarding the CCA Act and begun to fight back.

    The more people that are aware that they are not obligated to pay back anything to a creditor when selling their house with a charging order restriction, (which is the type of charging order that every single creditor has with personal debtors having a joint mortgage), that can only be a good thing, cant it?
  • moneybuster
    moneybuster Posts: 313 Forumite
    edited 28 July 2009 at 6:02PM
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    So say for instance at a charging order hearing you happen to mention that the mortgage is jointly owned and you know they can only get a restriction on the property, that could move them to go for a forced sale or even bankruptcy for the home owner (equity in property) so is it best to keep shtum about what you know and let the legals deal with it after .



    also if a charging order is made it is only applied to that persons half of the house who owns the debt if not a joint credit card loan debt...............

    MB
    three things for the life ahead
    Faith Hope and plenty of Charity
  • blueback
    blueback Posts: 78 Forumite
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    yep, you've got it. Let them go through the process (fighting them all the way of course). Once the restiction is in place ( Land Registry send you a letter) put the house on the market, inform your solicitor of the situation (make sure thay understand restrictions) and wait for completion.

    Enough on the subject now as we dont want to alert the vultures
  • tra12
    tra12 Posts: 18 Forumite
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    i have found this thread very useful so even if my partner gets the charging order wen we go to court if we !!! to sell are home as long as we get a solicitor who nows about the restriction we wont av to pay them anythin even out ov hes share of the property is that right?
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