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Charging Order Help
supertomsk
Posts: 123 Forumite
Some advice on charging orders needed pls.
My brother jointly owns a house with my cousin. To cut a long story short the cousin disappeared having not paid the mortgage or the secured loan. My brother has been paying both of these, and all the other household bills, ever since, (3 years). A company called Cabot have secured a charging order for another of the cousins debts and keep sending letters saying they will force the house to be sold.
Can they do this?
Between the secured loan and the mortgage the house is well in negative equity. What would happen if they did force a sale?
Thanks.
My brother jointly owns a house with my cousin. To cut a long story short the cousin disappeared having not paid the mortgage or the secured loan. My brother has been paying both of these, and all the other household bills, ever since, (3 years). A company called Cabot have secured a charging order for another of the cousins debts and keep sending letters saying they will force the house to be sold.
Can they do this?
Between the secured loan and the mortgage the house is well in negative equity. What would happen if they did force a sale?
Thanks.
0
Comments
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Check the thread on charging restrictions, since the house is jointly owned if the debt was purely in his cousins name then they don't have a charging order they only have a restriction and as such are not automatically entitled to any proceeds from the house being sold.0
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Read this post - https://forums.moneysavingexpert.com/discussion/1839539
They can't force sale on a property if its jointly owed as its only a restriction, not a CO. Forced sales are very rare too.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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