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2nd charges of propertys
Tandy21
Posts: 1 Newbie
Good afternoon everyone,
Can someone please advise me on the selling a property with a second charge?
Due to a failed business I have approx 80k's worth of 2nd charge placed on the land/my interest in my home. My house is currently 10k in neg equity.
I know this creditor (aka the bank) cannot for a sale, I also know the CCJ lasts for 6years then after this period the debt cannot be chased through court.
What i want to know is can I sell my house after 6 years even if theres not enough equity in my share to satisfy the charge? or do I have to get permission from these muppets first!
Thanks
Can someone please advise me on the selling a property with a second charge?
Due to a failed business I have approx 80k's worth of 2nd charge placed on the land/my interest in my home. My house is currently 10k in neg equity.
I know this creditor (aka the bank) cannot for a sale, I also know the CCJ lasts for 6years then after this period the debt cannot be chased through court.
What i want to know is can I sell my house after 6 years even if theres not enough equity in my share to satisfy the charge? or do I have to get permission from these muppets first!
Thanks
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Comments
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As far as I know the charge will stay there until the house is sold when it will need to be repaid.
Tandy, I'm not sure why the bank are muppets for wanting money back that you owe them?0 -
I know this creditor (aka the bank) cannot for a sale, I also know the CCJ lasts for 6years then after this period the debt cannot be chased through court.
The CCJ may only stay on your credit record for 6 years, but the charge on the property remains indefinitely.
You would have to come to an arrangement with the charge holders for any sale that did not completely clear the charges. Otherwise you couldn't sell the property with clear title.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
My understanding is if there's a CCJ the matter has already been to court and can be pursued indefinitely. The 6 years is the limitation on bringing the debt to court.
When u sell the debt will still need to be satisfied.Opinion, advice and information are different things. Don't be surprised if you receive all 3 in response.
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Good afternoon everyone,
I know this creditor (aka the bank) cannot for a sale, I also know the CCJ lasts for 6years then after this period the debt cannot be chased through court.
do I have to get permission from these muppets first!
Thanks
Kermit and Miss Piggy can force a sale if the court agrees (not likely but not impossible) and they can make it very difficult for you to sell unless they are going to be repaid or you have another property the charge can be transferred to.If a creditor is not prepared to wait, then they can apply to the court for a hearing for an order for sale. It is up to the court to decide whether to make an order for sale or not0
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