Charging Order? The myth

eggbox

The only people people who can answer if they know the process are your solicitors However, it can easily be explained to them that the Land Registry will confirm that all that is required to register a new owner on the deeds is for the terms of the restrictions to be complied with. If creditors don't come forward to claim the proceeds they should then be passed to the seller. The restrictions are cancelled upon sale meaning the creditors claims pass to the money in your possession. That's between you and the creditors, it has nothing to do with the solicitors after that.

If they start quibbling at this then you should draw there attention to the case of Dattani & Anr v Rasheed & Ors (link below and which Land Registry Rep kindly highlighted a few posts back) which ruled solicitors aren't being dishinest by giving over the proceeds of the sale to the seller upon sale.

OldBagpuss

Hi 
I have been reading this thread but am still a little confused, sorry! I live in a property with joint mortgage/ownership with my wife.

I have 2 restrictions on the property 
1 - SCM Solicitors from 2010 - believe they no longer exist - the debt was with Lloyds - the County Court don't hold the records anymore so cant tell who to contact?
2 - MKDP LLC I know they are a debt collector but have no idea about the debt - again court have no records>

We are looking to move, but if we cant find who to pay can we supply a form K and wait to see what happens so not to hold up the chain?

thanks and if anyone has any contact details for the above happy to go that way

Land_Registry

OldBagpuss said:

Hi 
I have been reading this thread but am still a little confused, sorry! I live in a property with joint mortgage/ownership with my wife.

I have 2 restrictions on the property 
1 - SCM Solicitors from 2010 - believe they no longer exist - the debt was with Lloyds - the County Court don't hold the records anymore so cant tell who to contact?
2 - MKDP LLC I know they are a debt collector but have no idea about the debt - again court have no records>

We are looking to move, but if we cant find who to pay can we supply a form K and wait to see what happens so not to hold up the chain?

thanks and if anyone has any contact details for the above happy to go that way

If you have 2 form K restrictions and you are selling then the thread explains how to deal with them. 

The wording of the restrictions is key so you/the conveyancer follow what the restrictions state and that way you comply with them and complete the sale/purchase 
Theres no form K to supply. That’s the form of restriction. Speak to your conveyancer, comply with the restrictions and keep the chain moving  

PanPen

I've just heard about deed of postponements and wonder if they could be used in this situation if you wanted to remortgage but can't pay off the KS for now?

eggbox

PanPen said:

I've just heard about deed of postponements and wonder if they could be used in this situation if you wanted to remortgage but can't pay off the KS for now?

I'd say if you don't ask you won't get. But I'd also say don't hold your breath. The reason that mortgage companies want first charge priority is in case the borrower defaults. The first chargee is granted "power of sale" in the event of default which allows all other charges on the register to be ignored to allow the property to be sold. Why would a lender risk that priority and face the potential od being one of the creditors that loses out if a repossesion occurs?

mainstand

Hi, hope somebody can help, notably Land Registry and eggbox.
In the process of selling my home to downsize, but there are a few "restrictions" with the Land Registry. Haven't read through all the thread, but take note there is a possibility that these would not have to be repaid, they are from around 15 years ago in most cases, some were mine, some my late wife who died in 2011. Fully intend to let the solicitor know about this, if they dont know already.
However, I would like to know the value of these restrictions going forward. I did pay a few pound to get the listing of the restrictions, but this only shows names, not values. Does anybody know how I can get this information?

Thanks in advance

Land_Registry

mainstand said:

Hi, hope somebody can help, notably Land Registry and eggbox.
In the process of selling my home to downsize, but there are a few "restrictions" with the Land Registry. Haven't read through all the thread, but take note there is a possibility that these would not have to be repaid, they are from around 15 years ago in most cases, some were mine, some my late wife who died in 2011. Fully intend to let the solicitor know about this, if they dont know already.
However, I would like to know the value of these restrictions going forward. I did pay a few pound to get the listing of the restrictions, but this only shows names, not values. Does anybody know how I can get this information?

Thanks in advance

Most likely only from the creditor themselves. The actual court order will refer to the original amount only 

mainstand

Thanks very much Land_Registry, appreciated

eggbox

Also, it's been proven by other posters that Courts don't keep records very long. As also has been proven, many creditors don't even remember, or have records that they are owed the debt.

That's why the method of selling up as described on this thread is useful to understand in these situations, because it allows you to move on.

Angelcrackers

Where restrictions are found and from over 10 years ago and these were possibly original from companies like Vanquis, would there be anyway of challenging them under unfair lending/affordability?