Charging Orders and Beneficial Interest

amonag68

Hello Guys,

I wonder if someone could offer me some advice?

I have 4 charging orders on my former marital home. My ex wife still lives in it. These were put in place before I became bankrupt in Feb 2009. I am now discharged.

Since this I have transfered my beneficial interest to my ex wife as she is keeping the house. This was done through the Official Receiver as they owned my interest. As there was no equity it only cost £1 plus £211 solicitor fee to do so.

As the charging orders were to my beneficial interest only can these now be removed? If so how?

I have also read on here that as the property was jointly owned when the charging orders were made they cannot be classed as full charging orders and only a restriction?

I am getting letters off one solicitor dealing with one of them threatening an order of sale.

Sorry for the information overload!!!

Hope you can advise accordingly.

Regards

Andy

thechippy

Andy,

1. Are there any children living at the property?
2. Were the debts joint, or just yours?
3. Charging orders are against the property itself and not an individual generally, so what makes you say they were against your interest only?
4. Is there any equity in the property at the moment?

Answer these and I'll try to help further......;)

amonag68

Hi Mate,

Thanks for your reply. Ok answers in number order:

1. Yes 3, ages 12, 10 & 5

2. Debts in my sole name only

3. The debts in my name only so down as so in the register. The Official Receiver told me that if they forced a sale they can only take any funds out of my share only, but that has changed now as 100% beneficial interest is now in my ex wifes name. Done through the OR too as they owned my beneficial interest in the property after my bankruptcy.

4. No equity in the property at the moment.

Many thanks, look forward to your further comments.

Andy

thechippy

amonag68 wrote: »

Hi Mate,

Thanks for your reply. Ok answers in number order:

1. Yes 3, ages 12, 10 & 5

2. Debts in my sole name only

3. The debts in my name only so down as so in the register. The Official Receiver told me that if they forced a sale they can only take any funds out of my share only, but that has changed now as 100% beneficial interest is now in my ex wifes name. Done through the OR too as they owned my beneficial interest in the property after my bankruptcy.

4. No equity in the property at the moment.

Many thanks, look forward to your further comments.

Andy

Andy,

A judge would not grant a forced sale - they can apply all they like!!

a. No equity, so what's the point
b. Children under the age of eighteen in the house
c. You have no interest in the property.

Basically, an idle threat.

What debt is being chased anyway? all debt is writted off in the bankrupcy.

As the mortgage was joint and the debt yours only - it would only amount to a restriction anyway and not a full charging order.

I'd not worry too much.......;)