Help Building Society not help re Charging Order.

rose28454

Can someone advise me on this. I have 2 charging orders in my name and one in OH 's against our jointly owned and mortgaged property. I am living in the property on my own and the Bs have agreed to let me go onto interest only payments ( which will more than 1/2 the monthly payments ) for a year or until I sell the property( whichever is the sooner)
I do intend to sell in the next few months but could do with a breathing space to get the house ready for sale.
However after agreeing to this interest only payments a few days ago they just called to say that they could only change it with the agreement of the CO holders. I however was under the impression that Charging Orders against a jointly owned property were only restrictions if the debts were in sole names. From what I can see on the Land Registry the restriction is merely in place to prevent sale without them knowing.
I know that if I contact these DRC's to ask their permission they will chase me for more money. I am already on a tight budget and am only paying them a token amount each month.

Having looked on other Charging Order threads on here it seems that all a restriction does is restrict you selling up without informing CO holders?

rose28454

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Culex

rose28454 wrote: »

Can someone advise me on this. I have 2 charging orders in my name and one in OH 's against our jointly owned and mortgaged property. I am living in the property on my own and the Bs have agreed to let me go onto interest only payments ( which will more than 1/2 the monthly payments ) for a year or until I sell the property( whichever is the sooner)
I do intend to sell in the next few months but could do with a breathing space to get the house ready for sale.
However after agreeing to this interest only payments a few days ago they just called to say that they could only change it with the agreement of the CO holders.

That is utter nonsense; a charging order no more gives the creditors to whom it was made any say in how one's mortgage lender might conduct business than it would give one's creditors any say in the colour of one's living room curtains or in one's preferred brand of loo paper.

What a CO does is to secure the debt against the property and to delay the exchange of title in the property until the charge has been paid.