Charging Order? The myth

eggbox

LRR

Can I just ask a quick question, please.

Does overreaching only occur if you sell to two or more people (ie it doesn't occur if you only sell to a sole owner)?

Land_Registry

eggbox wrote: »

LRR

Can I just ask a quick question, please.

Does overreaching only occur if you sell to two or more people (ie it doesn't occur if you only sell to a sole owner)?

It is the other way round - a sale is a sale whether it is to one, two, three or even four. The two or more and/or sole issue is relevant with regards who is selling and not who is buying.

For example a Transfer for money by two or more registered proprietors to a third party (sole or joint) will overreach

Hope that helps

eggbox

LRR

Thanks for the update.

That was my understanding of the situation, but it was posted on another board that it had to be to two people and I just wanted the situation clarified correctly.

eggbox

Hi LRR

Just had this posted back in relation to your advice on what I asked above regarding over reaching;

"That completely contractdicts what I was taught in my law degree, oh and in the regulations.

See this: http://www.legislation.gov.uk/ukpga/.../20/section/27

And read Williams & Glyns bank Ltd v Boland and/or City of London Building Society v Flegg

Your representative hasn't got it right as far as the academic position is, at least. "

Land_Registry

Never a good idea to get involved in third-party discussions but the link provided states - Purchaser not to be concerned with the trusts of the proceeds of sale which are to be paid to two or more trustees or to a trust corporation

I have emboldened the key words i.e. Purchaser is singular and the purchase monies have to be paid to two or more. The key aspects are that there are a) purchase monies and b) there are more than two people selling and therefore in receipt of those monies

As far as I am aware how many people provide those monies does not come into play here. I have not looked at the case law quoted.

If I have got it wrong or misunderstood then apologies. and more than happy to be corrected if more information can be provided.

eggbox

LRR

Ok, I will have a look through the case law, thank you

Tillydot

I have 2 credit cards debts from a failed business venture. I have been trying to pay small amounts, but due to lack of earnings couldnt carry on. In the end the two cards were sold on to Debt collectors, one was taken to court and the money I offered them was refused and I was ordered to pay £371 a month on a £3700 debt, so to be paid off in 10 months. I was told on another site about the new ruling that if you tried to vary your ccj order, as you could prior to Oct 2012, the dc could then ask for a charging order on your property.

I am 63 and self employed and have managed to find extra work and pay the ccj every month but it is crippling me. I have paid half of it off and it finishes in 5 months if I can keep paying. I live in fear of not being able to pay it and I know it wouldnt neccesarily go to a CO or interim sale, but is scares me so much. The 2nd card I am paying £40 a month and have agreed to double this when I finish another debt next month. I desperately want to get rid of these debts, and I am trying my best but if the 2nd debt also goes to court and I have to pay that amount I am sunk.

I live on my own, and I dont have any minors living with me, so the CO would probably be grated anyway. It is all very scary stuff and something people are not aware of.

eggbox

Tillydot

First of all £371 on a £3700 debt is a ridiculous amount to be asked to pay but how much did you originally offer to pay?

Secondly, a Charging Order in your situation is not as bad as it may initially may appear providing you ensure the creditor doesn't get interest added which is not allowed on CCA debt (but some Judges seem unaware of this fact!).

If your creditor did go after a CO (and its by no means certain he would get one given what you have been paying) then nothing really changes except you can reduce your monthly payments to the level you wish until the debt is paid off. Once that happens then the CO is removed.

Its not ideal, but given you have a CCJ you are in no worse position and you can restructure your repayments to suit you not your creditor.

Tillydot

Thank you for your reply Eggbox. I only offered a £1 originally, as this was before I managed to get another contract. My main worry is if I ask for a variation in payment and they do get a charging order they will try for a sale. There is little or no equity in the property but its the thought of losing it that keeps me awake. The second card seem happy at the moment with the increase in payment next month but if they too take it to court what do you think would be a fair amount to offer them? The papers went to Northampton sorting and was never seen by a judge, so even if you offer a fair amount but they dont accept it because they want it paying off within a year there is little you can do, as I am finding to my cost.

eggbox

What do you mean it was never seen by a Judge?

And who and how were you told to pay the £371 a month?