Charging Order? The myth

Sparkles69

Don't know if anyone from the site can help with this, but for the second time there is a fake bit coin story on my Edge internet news feed, seemingly by, Martin Lewis on This morning, with links to a fake bit coin trader. It needs taking down!
S69.[Link Removed]

adgeman

Hi All

I have read most of the thread wow...anyway i have 2 section k restrictions in place, which my solicitor has informed the creditors of our impending sale. The restrictions are in my name and on a jointly owned property.

We did not instruct the Solicitor to inform them of the sale ...
I have originally had paperwork from one of the Creditors stating they will offer a discount. They are now saying it needs to be in full due to our impending sale.
The other creditor are well not very helpful.
1, Do we instruct our solicitor to not pay them, and the balance be paid into a joint account.
2. Do we make a complaint about our Solicitor.

Many Thanks

eggbox

adgeman

Solicitors are more interested in their own reputations rather than trying to help the clients that PAY for their services? So unless your Solicitor is on board with you not settling the debt when selling the property; you are unlikely to get any joy out of them at this stage?

They will simply say the buyers Solicitor wants an "undertaking" the Restrictions will be removed prior to sale and the only way to do that is to settle the debts from the sale proceeds?

However..........you are well within your rights to explain that you do not wish to settle the debt at the point of sale and you can explain why that is with the info here? You are also within your rights to explain that if do have to settle the debts; then if they don't negotiate a lower settlement figure with the creditor you will have no alternative but to sue them for the difference as they have acted negligently regarding the sale?

This is because they advised the creditor of the sale but did not discuss how the debt should be paid, with you, prior to doing so? As a result the reduction that was available on the debt has been withdrawn due to their actions?

adgeman

Hi eggbox

Everything you say is correct and it is exactly what they have done. I will be doing as you say. I cannot thank you enough.

eggbox

No problem and please come back here if they try to bluff you with any any "they aren't responsible" nonsense?

adgeman

Well we have had the Buyers solicitor will not agree to this proceeding without my undertaking that these Restrictions will be removed. Thus i pointed out it was not up to her in a polite way. We have also had....
She was very clever in her wording ....National Debt are incorrect as the Land Registry will not let any application the Buyer’s Solicitor make to register their Client’s interest in the property proceed until Certificates are received from Royal Bank of Scotland and Investec. Not actually naming National Debtline, and i have been back onto them, the advisor reads this thread...

I have also questioned her on her statement....
They in turn will not produce the Certificates unless the sums due to them are paid. Stating we are at stalemate then, as they wont be paid as there is not enough equity.

She also was proposing to send a copy of a completion statement to both Investec and Royal Bank of Scotland’s Solicitors confirming that there will be insufficient funds to repay the sums due to their Clients and see what they say.

She has been instructed not to...
I will await her reply....

Flavamum

Hi
I've been reading with great interest as I've run into some issues myself today.
I recived a letter from Kearns solicitors telling me as I was aware (nope) the account had been sold to asset link capital (no5)and link financial outsourcing limited.

A application was made to the high courts to change name ect ect and copy from high court of justice.

I had no clue about this but on searching through some paperwork I found it to be a mba credit card who took a ccj on my husband in 2010.
Around this time I had cancer so heads was buried and things snowballed.

I have nothing on my credits reports or register trust.
I got a copy of my title deeds and found a restriction on there from mbna.
Now I know this won't go away but what should I do? Will assert link send bailiffs round? What can they do?
Hubby is in a panic and wants to try add to the mortgage but i fear in doing so will leave us with higher payments than could manage.
I would rather pay them on sale of the house but that won't be until my children leave home.
Is there anything I can do as I really can't cope with jumping when the door goes.

eggbox

Adgeman

Unless the creditors have a modified Restriction that require the Land Registry to receive certificates from the creditors to remove the restriction; then your Solicitor is wrong. It's easy to check, however, as you simply look at the wording on the Restriction placed on your deeds? 99% of debtors have the following standard Restriction placed which reads;

No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction registered charge dated {date} referred to above, other than a disposition by the proprietor of any registered sub-charge of that 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 person with the benefit of the charging order] at [address for service], being the person with the benefit of [an interim or a final] charging order on the beneficial interest of {name of judgment debtor} made by the {name of court} on [date] (Court reference {insert reference}).

As you can point out to your Solicitor, the terms of a Standard Form K Restriction (if that is what you have registered) only requires a certificate from the buyer or his Solicitor to enable the Restriction to be removed (as highlighted.) She therefore needs to explain why she believes otherwise? She can also confirm this with the Land registry if she still doesn't believe you.

Provided the property is then sold for "value" (cash not a transfer of the property) then the Restriction is automatically removed as it becomes overreached (but be prepared for the blank look when you explain this to your solicitor)

You should also point your solicitor to the below which explains how and why the restriction is removed without the consent of the creditor;

Use the Land Registry Practice Guides to explain;

Practice Guide 19

Section 3.7.4 third bullet point

Practice Guide 76

Section 4 third paragraph

eggbox

FLAVAMUM

Firstly, take a deep breath and then relax as nobody will be knocking your door. All that has happened is that a debt collector has bought the debt from MBNA and had the debt legally assigned to them. They do this as they only pay around 10% of the debt value to "buy" the debt.

All that has happened is you have been notified of this fact. Whilst its possible you may get some paperwork from the new creditor trying to put pressure on you to start repaying the debt they won't be sending bailiffs round and you shouldn't be pressured into making repayments as the creditor has a CO on the debt.

So don't worry about anyone knocking the door as you will get paperwork first if anything? If you do just come back here and we'll run you through how to deal with it.

Googly_eye

Hi Eggbox,

We have just sold our property and are starting the solicitor process. My husband and I have several restrictions on our property but I am not sure if they are Form K Restrictions. The wording is as follows -

. (11.10.2010) 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 XXXXXXXX
. XXXXXXXX at Department CDR Litigation, 3 City Park, Droveway, Hove,
. C/o SCM Solicitors, Dept SO, 3 City Park, Droveway, Hove BN3 7AU and of
. DX 36675 Brighton 2 (Co. Regn. No. 2065), being the person with the
. benefit of an interim charging order on the beneficial interest of
. XXXXXXXX made by the Norwich County Court XXXXXXXXX

Please could you advise if they are Form K restrictions?

In total we have 6 restrictions (all in individual names, none of them are joint names but our property is in joint names), I have been informed by Cabot financial that one of these is a Final charging order, although the land registry list I retrieved last month did not state a final charging order just an interim charging order, could Cabot be telling lies or could the land registry list be incorrect?

I have spoken to a solicitor who was a little coy about avoiding the creditors being paid upon the sale of our property but she was hinting it could be discussed. If I know the Interim orders are K Restrictions then at least that gives me a little backing. Im really nervous about this stage and am worried that we will be landed with having to pay all six orders from the sale proceeds.

Thanks for any advise/help.