Charging Order? The myth

DAKOTA45

Well… he's definitely there… just saw him towing one of his boats along our track. Pffft!!

D45

Distracted

eggbox wrote: »

But there is ALL the information you require, on this thread, from the Land Registry to explain to any interested party (and therein lies the clue) that a Restriction is not an Equitable Charge on the deeds and, therefore, can be removed without the CO it notifies having to be discharged prior to a sale of the property.

As ever, good luck and thank you for taking the time to update us and if you require help just let the thread know!

Right, time for an update, I've had an offer accepted on our property, and had an offer accepted on a house.

I've selected a solicitor and explained the situation and will be meeting him Monday to discuss further.

My purchaser is actually someone I know and will be getting a mortgage against the property, I take it the Form K will show up in their mortgage lenders searches.

As I understand it the Form K is a registered interest against a beneficiary, not an equitable charge on the deeds, surely this will satisfy a mortgage lender?

With the recent posts about breach of trust etc do you think this will be an issue regards my document that we have signed that the ownership was an unequal one (99% 1%) in terms of paying out after the sale.

My new mortgage will be in my name only in an effort to prevent this following us again or could they pursue us even though the debt is my wifes (albeit her previous partner being the culpable party)

eggbox

Distracted wrote: »

As I understand it the Form K is a registered interest against a beneficiary, not an equitable charge on the deeds, surely this will satisfy a mortgage lender? Not usually as they normally insist a "clean" title prior to sale. The best thing to do is request they withhold your funds until the register is clear.

With the recent posts about breach of trust etc do you think this will be an issue regards my document that we have signed that the ownership was an unequal one (99% 1%) in terms of paying out after the sale. I'd ignore the Breach of Trust issue its a Red Herring

My new mortgage will be in my name only in an effort to prevent this following us again or could they pursue us even though the debt is my wifes (albeit her previous partner being the culpable party)

The debt isn't your wife's if it was her ex partner's debt. She is no more responsible for the debt than I am.

Distracted

Unfortunatley it was a mortgage in joint names , paid out of joint bank account - she put the money in, he took it out. The Mortgage and Bank required his co-operation to change the arrangement, he was unresponsive and refused to, also refusing to move out meaning that my wife had no choice but to be dragged down with him.

She didn't get the best advice at the time she was shattered from a relationship breaking up so horribly

He's got a full CO on a flat but its not been enforced (even though he doesn't even live there)

I've been reading this thread from the start, theres a lot of info on here but its giving me some confidence. I've just got a copy of my register and its worded as such

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 [NAME OF CREDITOR]

I'm going to see my solicitor on Monday to discuss this and the general move, the only difficulty I could see is if our buyers mortgage company gets the gitters, but are you telling me I can ask them to withold their funds until after the Land registry have changed the registered owners?

Has there been many people who have been on here who have managed it?

The debt people chased up my wife through as we had ignored them by an income assesment form hoping to recoup some money that way, as my wife is now officially disabled due to suffering Breast cancer the Courts dismissed it

Distracted

Also I presume my Bank would require clearing of any outstanding before I transfer the title to a third party? Saying that I am moving my mortgage with them

eggbox

Distracted

Sorry I forgot it was a debt against your partner on the current house.

Yes regarding the withholding of funds. If you search this thread for a poster called Brightonian this is the way he managed a sale.

And, obviously, yes regarding your existing mortgage lender otherwise they won't remove their Charge for the mortgage on the deeds.

Distracted

Thanks Eggbox, I'll have a search now - your advice over the years has so far been invaluable. Lets hope it all pays off in the end

stuart30

Question regards Charging Order...ive had what i believe to be a charging order made against our house.

Back in 2010 made redundant and later that year went joint bankrupt..however before that happend a well know finace firm took me or possibly myself and the wife (that time period is bit of a blur due to medication was taking) and was awarded a charging order.

Is a charging order a CCJ and id expect it to show on Credit file (i can clearly see my CCJ"s with water company)...nothing shows up,no mention of it...i do get the yearly statement showing balance which is now the maximum it can reach.

Im looking at remortgage with a different lender...will this charging order if that what it is need to be settled or is that when house is sold.

I really should know much more about this than i do.:o

eggbox

Charging Orders don't show up on credit files only the CCJ on which the Charging Order was pursued.

If the charging order was made against both owners of the property then it will be registered on the deeds as an equitable charge and will have to be dealt with when you sell your property.

If, however, the charging order was only made against one of the joint owners then the charging order can only be notified by a restriction on the property deeds. As this thread is highlighting, when you sell your property there is no obligation placed on the debtor to settle this debt at the time of the sale.

You can download a copy of your property deeds from the land registry website site for a small fee and this will tell you exactly what registered and against who on your deeds.

stuart30

eggbox wrote: »

Charging Orders don't show up on credit files only the CCJ on which the Charging Order was pursued.

If the charging order was made against both owners of the property then it will be registered on the deeds as an equitable charge and will have to be dealt with when you sell your property.

If, however, the charging order was only made against one of the joint owners then the charging order can only be notified by a restriction on the property deeds. As this thread is highlighting, when you sell your property there is no obligation placed on the debtor to settle this debt at the time of the sale.

You can download a copy of your property deeds from the land registry website site for a small fee and this will tell you exactly what registered and against who on your deeds.

Thanks for that and apoligises if im being incredibly dim...but neither of us have a CCJ against us for this matter.

I have a couple that are water bill related..my wife has none at all.

Ive downloaded as suggested and ive seen this...

(15.03.2010) Equitable charge created by an interim charging order of
the Peterborough County Court dated 3 March 2010 in favour of Link
Financial Limited.

Is that a full fat charging order or .....?

Im thinking as part of the remortgage borrow extra and make them an offer for 65% of whats owed...or make them wait another 20yrs when mortgage expires.