Charge over my house from previous loan

StevieJa

Hi,

I had a previous loan which I paid off many years ago however I thought the loan was unsecured. I received a letter from I think it was a solicitors telling me I had to pay £150 to remove the charge from the property as the loan was now paid off. I didn't pay it.

Now I am BR is this something I can include in my debts? Or is this secured debt and therefore unable to remove?

Thanks,
Stevie

emlarbs

Sounds like a secured loan and therefore not included in BR. If you paid off the loan then why would it need to be included in BR anyway?

The £150 fee to the solicitors may NOT be part of the secured loan though so worth checking what you still owe that and whether this was mentioned in the original loan agreement or not.

Matts_Mum

If you go bankrupt and you own a property the OR should do a check of the Land Registry records to see who has a charge on the property. If anyone has a charge on it they will ask you about it. If you say you have repaid the loan and have proof that you've done this, the OR will ask the lender to remove the charge at their cost. Anyway, it does not cost £150 to remove a charge at the Land Registry (in England and Wales). When I worked in mortgage securities it cost nothing at all, so these fees are just asked for to cover lender's & solicitor's staff fees, and they will be nowhere near £150!