Charging Order? The myth

Ids61

Excellent stuff eggbox, have read this on CAG aswell.
The more everyone is aware the better

Sparklyfairy

Bump...its been a while...

helpappreciated

Sparklyfairy wrote: »

Bump...its been a while...

bump
we are still working on it:mad:

eggbox

Helpappreciated

Thanks for the update.

Is there any chance you can update us on any of the details of what you have been coming up against and what Solicitors have been telling you?

GIRLPOWER_2

This has been an excellent thread. Thank you so much to all who have posted. Off to find a well informed solicitor!!

Sparklyfairy

I wanted to add this link to the thread as it's somewhat a continuation to this thread...

marsamver

Hi there folks,

Here is my situation, I have 3 interim charging orders on my Land Registry title, the three CCJ's I have are being paid monthly the agreed amount, but they all applied for charging orders to secure the debt.

But I've had no notification that any have been made final or of when the hearings will be to do so.

The first one was in 2008 Black Horse, then 2010 Arrow Global and now Cabot Financial 2011 despite having agreed monthly payments with all.

LR title still states - "Equitable charge created by an interim charging order" for all three

The issue is I now need to sell my house, but there will only be a small amount of equity available, that wouldn't even pay off one of the CCJ's never mind all three!

Can I go forward and sell my house and would the conveyancing solicitor be able to sort it out for me? Also if the charging orders are finalised, what happens if I have negative equity?

any responses will be most appreciated

Thanks

Sparklyfairy

Ok, not sure if I can help with everything, but if there isn't enough equity & the charging orders aren't final anyway, then they'd have a hard time collecting anything. Tbh, as this thread tends to mainly cover Restrictions (when a charging order is placed on jointly owned home) you might have better luck either starting a new thread on this board or heading over to the CAG board (you could use the link I added above your post) & asking there as you may get a better response. Hth, SF

iwillgetthereintheend

Ok, i just want to clarify again as i dont want to feel like i have read too much into this interesting thread..........

I have a sole debt and suspect the creditor will obtain a "charging order" over my current jointly owned property.....

1. Is a charging order definately not allowed,and just purely a restriction to "inform" the creditor? are there different types of restrictions? (i.e. is there a restriction to force me to settle debt prior to completion?) may i add, national debt line informed me different, that it would be a charging order and would be paid off via the proceeds of the sale......

2. Once the restriction is removed upon completion, has the debt gone or does it simply mean the creditor has to find alternative means?

3.Informing the creditor-can my solicitor do this on day of completion? ( or 14 days?)... i ask this as some sales fall through and what happens then?

4.How does my solicitor assure buyers solicitor that the "restriction" will be removed-is a standard letter sufficient?

5. If the buyers solicitor see's the restriction can they infom my creditor way in advance without my consent?

I guess my main question is mainly no 1.

Thank you informing us of this thread.....

thechippy

iwillgetthereintheend wrote: »

Ok, i just want to clarify again as i dont want to feel like i have read too much into this interesting thread..........

I have a sole debt and suspect the creditor will obtain a "charging order" over my current jointly owned property.....

1. Is a charging order definately not allowed,and just purely a restriction to "inform" the creditor? are there different types of restrictions? (i.e. is there a restriction to force me to settle debt prior to completion?) may i add, national debt line informed me different, that it would be a charging order and would be paid off via the proceeds of the sale......
If it's a sole debt and home is joint, then it's a restriction only. NDL are wrong. Bear in mind most solicitors are unaware of how restrictions work

2. Once the restriction is removed upon completion, has the debt gone or does it simply mean the creditor has to find alternative means?

Debt will remain, they will have to try alternative means to collect

3.Informing the creditor-can my solicitor do this on day of completion? ( or 14 days?)... i ask this as some sales fall through and what happens then?

There is no time limit per se. They just need to be informed the sale has taken place.

4.How does my solicitor assure buyers solicitor that the "restriction" will be removed-is a standard letter sufficient?

They can just send a letter of undertaking that the restriction will fall away on completion(which it will anyway)

5. If the buyers solicitor see's the restriction can they infom my creditor way in advance without my consent?

It would be very naughty. Anyway, doing so could make you pull out of the sale, so not much good to their client!!

I guess my main question is mainly no 1.

Thank you informing us of this thread.....

Answers in red. If any are incorrect, please feel free to chime in people...;)