how do i get a charge removed from my property?

curlyclaire

Hi,

Can anyone help me with removing a charge on my property? I signed as security for a loan for my ex partners business which was secured against my property (jointly and severally with his business partner).

I have now separated form my partner and despite his promises to move the charge over to his new property I still have this security looming over me. I have my property on the market but fear if the charge isn't removed I will have to repay this loan when my property sells.

To add to my problems the bank who the charge is with are refusing to give me any info about how much the security is now for as the loan itself isn't in my name!

I'm in a spin trying to get my head round it all and dont know what else to try.

inmypocketnottheirs

You would I think need to contact whoever has the charge. They are the only people who can consent to any matter regarding the charge. It is not possible for your ex partner to decide what security is offered, it is up to the bank to decide whether to accept.

silvercar

The bank would need to accept that your partner has sufficient equity in his property, after the mortgage, to ensure the loan could be repaid. If this is so, they should agree to the charge being transferred. There will be legal charges in doing this as the removal of the charge and securing it on the new property would both need to be registered. The bank may also insist on a valuation.

Your right htat you won't be able to sell without either removing the charge or paying it off.

curlyclaire

So what happens if my ex partner is refusing to enter into talks to transfer the charge!

Is there any way I can ask to have the charge removed on the basis that i'm no longer with him and therefore shouldn't be responsible for his business loans?

His business partner has joint liability for the charge secured on his property so does this affect what happens if I sell my property?

silvercar

It is going to involve solicitors if you can't reach agreement.

The only way I can think of for you to get the charges removed as unreasonable is if you weren't made aware of the consequences when they were put in place. I would guess that you signed something to say you understood the need to take independent legal advice, even if you didn't then follow up on it.