Court order to force house sale query

Poosmate

Well done I'vebeenknocked!!

I really hope you get your money back - all of it plus interest!

Personally, I certainly wouldn't lose sleep over what happens to this scamming thief. I really can't abide people who won't pay their debts. Fair enough if they fell on hard times and really couldn't but when they just don't want to, that's just despicable regardles of who loaned it to them.

Please be careful if the property is sold as there is only a short window of opportunity for you to get your money back even with a full charging order on the property.

There was a thread on here maybe a couple of years ago about charging orders and how to around not paying. I'm guessing it was probably called "Charging Orders" or such like but I'm sure it was posted by a user called Blue something or another. I'll try to find the thread and post a link. Please read the thread carefully and double check the info in case the laws or procedures have changed.

Edit: Found it!!

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

Once again, congrats!

Poo

Another Edit: Actually I've just read some of that thread and I don't think it applies to you if you've got a FULL CO and the property is in the debtors sole name as is the debt.

Poo

terryw

Poo,

I think this is the one:

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

Poosmate

Thanks Terry, I just started reading some of it and I don't think it relates to this case as it refers to joint ownership of property and single ownership of debt.

Poo

ivebeenknocked

Hello,

I attended the hearing and I was informed that if I am to get back all of my money, then I would have to force the sale of the debtors property. I have no qualms about going down this route as I gave the debtor plenty of time to repay this debt (6 years).
I have also obtained the statement which the debtor gave to his official receiver and I can tell you that they have been economical with the truth. They have made declarations that they are unemployed etc but this is total lies. The debtor is running a business, so I got a friend of mine to telephone this business and to make an appointment to visit the business, on the proviso that he wanted to purchase some goods etc, we recorded the whole conversation plus I took a screen shot of the debtors website that advertises their business. I was told by a friend that I need not go down this road as the debtor would get into serious trouble with the official receiver and that all I should be concerned about is getting my money back.
I know that I might have to move quickly as I have no idea what the debtor plans to do now that I have my charge. What would happen if they stop paying their mortgage, can their lender re-possess the property.? And if so, what would then happen to my charge.?

Mara69

ivebeenknocked wrote: »

What would happen if they stop paying their mortgage, can their lender re-possess the property.? And if so, what would then happen to my charge.?

If their lender starts repossession proceedings, they will get their money first. Assuming your charge is next on the list (as it were) and further assuming there is money left after the mortgage company have been paid, you should get your next.

ivebeenknocked

Ok, I hope that is the case then. I was walking around where I live and I happened to notice a property that had been boarded up for many years. I found out that the property had been repossesed by the bank etc as the previous owner had not paid the mortgage and had 5 charging orders on it. I also found out that the property has been boarded up for over 10 yrs and that it will remain so as there is no prospect of any of the 'charges' being paid even after the original lender take their money first.
So that's why I was wondering if my debtor just let the property get repossesed, would I get my money.

nottoolate

make sure you write to the official receiver with details of the charge you obtained. otherwise they may make a claim on any equity before you when it's sold

Mara69

I am assuming the charge is registered on the Land Reg?

bris

Whether you get your money or not will depend on the equity in it. The first charge is with the bank so what ever happens they get theirs first. After that it goes down the list of charging orders, if you have the second charge you get yours next and so on down the line.
If you know for sure their is at least 40k left in the property then nows a good time to force a sale, if there isn't or not even close then you may need to wait until the market picks up a bit.
Even if they do go bankrupt your charging order will take priority over other creditors, they can only get whats left after the charging orders are dealt with.

greenface

Thats alot of money . As it was 6 years ago dare to share how you come to lend such a large amount to someone (has to be a very close person) good luck with everthing. I gave someone close to me £5k and let them off with some invoices £3.2k until they got back on their feet.that was in 2008 Although they have been through good and bad points and have started new companys and paying me back in drabs they still owe £1.5k and the ignoring the debt is the worst.good luck