Charging Order? The myth

weimimamma

Well tried to get some advice from a Solicitor today and as predicted got the 'cant proceed without settling your charges' lecture

Did web chat with national debt line who were more helpful and clarified technically yes can keep our equity but very difficult as no one will want to buy property without us settling the interim charging orders first.

They did suggest completing a UN4 form free of charge which the Land Registry then sent to the creditors if have nothing back within 15 days then they will be removed from the report anyway they too advised need to settle debts ideally before selling house, idea of selling is to sort the debts out if I could settle them beforehand i wouldn't be in this situation aarrrggghghghghg so frustrating.

Strike a light all i want to know is if I put the house on the market and sell it and there is not enough equity in my husbands half to settle all the debts what happens - simple question really which neither CAB or Debt line seem to be able to answer!

Should I fill in this UN4 form before I put the house on the market, should I approach the creditors for full and final settlement I just don't know.

eggbox

weimimamma

Hopefully, Land Registry Rep may be able to clarify this. To me the form concerned is regarding a "notice" which I think is treated differently to a "Restriction"?

The equivalent form for a Restrictions is the RX3, but I think it's best LRR clarifies if either of the forms are useful to you? (Have also sent you PM, by the way)

weimimamma

Thanks Eggbox will speak to LR Rep and go the PM thanks again for your help!

AMBERSHADOW

eggbox wrote: »

Ambershadow

If you could let us know the wording on the deeds it would help clarify what you have registered?

I am sure they are intrim but I can't seem to find the paperwork... Can I FIND out somewhere please?




Also my daughter had one on her flat her solicitor told her at the time she did not have to pay off her restriction.. she sold her falt with no trouble at all from anyone..

eggbox

AMBERSHADOW wrote: »

I am sure they are intrim but I can't seem to find the paperwork... Can I FIND out somewhere please?.

You can download a copy of your deeds from the Land Registry Website for a small fee. This will tell you what is registered and against who.

AMBERSHADOW wrote: »

Also my daughter had one on her flat her solicitor told her at the time she did not have to pay off her restriction.. she sold her falt with no trouble at all from anyone..

If you still have the Solicitors details it would be REALLY useful if you could PM me his details (don't post their details on the thread!)

Land_Registry

weimimamma - pretty sure we don't get PMs through here as we may have differing settings to you as a private individual.

So a few things to clarify first
You say you have an ICO on the land - I know what you mean but what you really have is an ICO against you/your partner and which has then been registered against the land register for the property.

You refer to a UN4 so I assume it has been registered as a Unilateral Notice but you also refer to your just having to notify the creditor earlier - unlikely to be both so need to be certain exactly how the ICO is protected on the register. Is it a restriction, is it a Unilateral notice, simply noted in some other way........? If oyu can copy the wording (names removed) it might help?

Let's assume it is a Unilateral Notice though so

Any prospective purchaser is not going to complete whilst it is on the register

Notifying the creditor of your sale won't change that

A UN4 is the correct form for you to apply to remove the entry. If you did apply and we accepted it then we would write to the beneficiary (creditor) to notify them and give them time to object.

When the Unilateral Notice was registered they may have included the financial details re the debt on the form. You can apply for a copy of the form UN1 used to check/confirm

weimimamma

Thanks for the response LR rep

They are Interim Charging Orders with the wording that we only need to advise in writing of any pending sale. The debts are solely in my Husbands name. I have today had some legal advice and have sent off F & F settlement letters to a couple of the names on the register so hopefully that will clarify a few things.

I have been advised that although these ICO date back to 2008 they cannot be statue barred or taken off the register but will sit there until the debt is paid .

We have decided to put the house on the market and see how we go.

I have to say thanks to all who have replied to me on here especially Eggbox and any assistance with recommendations for good solicitors will be appreciated.

Wish us luck and I will keep you updated.

DAKOTA45

Hmmm.. what if you found a cash buyer who was prepared to let you have a deposit up front and the deposit was equal to any equity in the property…?
Say you had a house worth 250k and you owe 200k and the buyer pays a deposit of 50k on exchange of contracts… or does the solicitor have to hold any deposit until completion?
Just looking for a loophole… I have no idea how conveyancing works, despite having moved several times… I just used to let other people deal with it… silly, I know…
I have a lot to learn, but learning fast thanks to this site! D45

eggbox

For any cash buyer an Escrow service would be the best option.

All monies can be held securely until the new owner's details are registered.

Simples!

DAKOTA45

eggbox wrote: »

For any cash buyer an Escrow service would be the best option.

All monies can be held securely until the new owner's details are registered.

Simples!

Really?! As easy as that…? Mine will sell for cash only as it's not mortgageable… subsidence, etc…


Btw… he hasn't acknowledged yet… was served on 10th and if the day of service counts as the first day, I make that 16 days… Time enough for the court to have written back to me…

If I get nothing tomorrow I'll file for default judgement..;)

D45