Charging Order

podperson

Hi all,
Am wondering if anyone can advise on this. I have a charging order (well technically a charging restriction) on a property. I have been trying to sell it for nearly a year now and have been told repeatedly that it is worth less then the outstanding mortgage and so I will be taking a loss of it. I am resigned to this as I really just need to be rid of it as I can't afford the mortgage payments, council tax etc on it. I am now hoping to sell it at auction but am wondering whether I am obliged to inform the creditor with the charging restriction that it is being sold since the sale is not even going to cover the mortgage, let alone leave any left over for them.
Any advice much appreciated x

Hannah_10

I'm not sure, hopefully someone clever will be along soon, however I would reckon that National Debtline would know if no one here is able to answer. They're on 0808 808 4000

RAS

podperson, is this sole ownership or joint?

podperson

The property is in joint names and the charging order is just in my name so I am aware that they only have a charging restriction not an actual order.
I've read though that with a restriction you still need to let them know the property has been sold, even though you are not forced to give them any money from the sale unless they try and claim it. I'm just wondering if this will still apply even if I know there isn't going to be anything spare on it?

RAS

Read this: https://forums.moneysavingexpert.com/discussion/1839539

podperson

I have read that thread before and is extremely useful! But the thread seems to be saying that on a charging restriction the creditor isn't entitled to any money from the sale of a property they have the restriction on but they still have to be informed of the sale. I'm just wondering they would still need to be informed if there is going to be no money as a result of the sale (or no spare money at least!)