Charge on house

itydntk

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itydntk wrote: »

OK, so the answer is - 12 years from the date of the charge obtained by the OR. So the OR will receive the 30% not your husband.

If I read it correctly, then the 12 years doesn't actually start with the charge being obtained?

See the ruling discussed in paragraphs 17-19 of

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter33/Annex/annex_2.htm

EDIT: That specifically refers to charges under s313 of The Insolvency Act 1986 that the OR/trustee might obtain themselves.

I would presume that can't be extended to the original charge in the divorce proceedings.

itydntk

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itydntk

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itydntk wrote: »

I think the sale order is required within the 12 years of the charge, but would need a legal person to give a clearer picture.

In the case of a CO made under s313 of the IA86, that final appeal court ruling seems to disagree with that?

But yes, complex. Which is why I normally try to avoid threads like this.

fermi

itydntk wrote: »

This suggests as long as the OR has applied for a charge then the beneficial interest will not revest with the bankrupt.

If they have applied their own charge, then yes.

Just a question of how long that can be enforced.

aproblemshared has got at least 10 ish years to get a solid legal opinion on that.

aproblemshared

Gonna see a specialist solicitor on this one as the new rules are somewhat confusing. But thanks anyway

silvercar

aproblemshared wrote: »

How long does OR have to realise that charge though is it still 12 years or is it 3? He and his ex had a mortgage free house when they divorced so he got a charge on the house because kids were still at school. Now his ex wife has offered to buy him out of his % early for whatever reason and we just want to know what happens now?????? Does OR get all the money from the sale or only a fixed amount? Would that be why he has not been reassessed for IPA as OR is going to get money from house?

I don't know whether it would be up to the bankrupt to accept/ turn down the offer or whether the ex should be making that offer to the OR.

If it is up to the bankrupt, then it may be in his interest to say he doesn't want to be bought out at the present time.