Charging Order? The myth

Sparklyfairy

Ok, that's better that only the Restriction is with NR, not both (Rest + mortgage). Poo, Wolverhampton is miles away - here's a virtual cuppa, ok? XX

eggbox

Dawny

Glad you have clarified the issue regarding the Restrictions but I just need to ask a few last questions before I suggest your best course of action.

You say you aren't paying the mortgage (as a sale was/is imminent) buy you are paying rent? Can you explain who that is too (and why) and also how much the arrears currently are on the mortgage?

Only asking as with so little equity involved what you have been put through is ridiculous.

(Oh, and I live in Wolves too!)

dawnyp64

lol,Sparklyfairy..thanks!!x
Eggbox..yay..a fellow Wulfrunian!!lol..
I wanted to move out of the house for a few reasons:
Repairs (it was freezing in the Winter!)
really awful neighbours that went out of their way to cause grief(have had glue put in the lock.since leaving.went back to check everything and couldnt get in)
and, i just want to cut ALL ties with the ex.
so im paying rent privately and am much happier..well i would be if could settle this lot!!lol
The arrears are about £2000,lots of costs in with that tho (arrears management,court costs,etc)
the equity is about £11000..

eggbox

Dawny

I understand now about the renting!

Given what you have explained on this thread there can be little doubt NR are acting like morons as they stand to lose out if the sale doesn't go through. This is simply because if, as you state, the house will then most likely be repossed; it won't then sell for anything like a market value price and any equity will be wiped out so leaving them nothing?

There is, though, because of that fact little doubt in my mind that NR doesn't have the full facts of this sale as they are a business and, as such, wouldn't be so stupid! So you need to get to the management in NR to make this crystal clear and I would fully expect your Solicitor to be the one who explains this to them pronto!

The bad thing for you, obviously, will be the likley loss of any equity if the house is reposssed (due to the arrears and costs mounting up) but it will at least get the monkey off your back and I'm sure that might be a relief?

dawnyp64

Eggbox..i honestly dont know what NR next move will be...im thinking i have no choice but to agree 50/50,knowing that NR will get the ex share of the equity handed over to them,but will that be sufficient to lift the restriction??
If we could just get over this restriction issue,and get the sale through,then i would fight for more than the 50% share! but if i fight it beforehand,then il lose out on the sale..just dont have time on my side...

eggbox

Dawny

I know it's unfair, but you aren't going to get any share of your ex's equity as it has to be made legal that you own more and you don't have that time. And NR are only going to agree to remove the Restriction on the basis of receiving your Ex's full half share - so I would forget that as it may cost you your share if further delays cost you the sale - so my advice is to bite the bullet!

And I know you don't know what NR's next move will be but my previous point is you need to make it clear to them what will happen if they don't agree to the Restrictions removal (and not leave it chance they understand what the situation is!)

You need to make sure your Solcitor has pointed this out to them, ok?

dawnyp64

yes..youre right..NR told me last,that they were unaware there wasnt enough equity to pay all of the debt.My solicitor hadnt made this clear,apparently...so,yes will most definatley stress the point to him to be clear (however,he hant been up to now)
Iv already emailed him to go ahead with the 50/50..IF thats what it takes for NR to lift the restriction!

eggbox

Given your Ex was agreeing to give up his Equity to NR anyway, your Solicitor has been a total disgrace over his handling of this sale.

I would fully expect him to reflect this in his bill to you for this sale or you will be letting him know the matter will be reported to the SRA.

dawnyp64

well..iv had an email from my solicitor saying hes told NR that he wants the removal of the restriction upon receipt of 50% of the equity.He hasnt got back since to tell me the outcome..typically..

Sparklyfairy

NR are probably checking it's what they're entitled to from LR..sit tight, egg's advice is spot on (as usual!) & NR will soon realise it's 50% or nothing! xx