repossesion and charging order help

shufmuff

hi, i will stick to the facts, i need some advise please, thanks

my house has been repossessed.
it is a joint mortgage and i have since split from my other half.
all credit card and loans were i my name.
we have charging orders and ccjs in my name only
the house is going to sell with alot of equity.

can i have some advise on what is going to happen, will the equity be shared evenly after the charging order have been taken?, this is very confusing and am going to speak to a solicitor but i am doing some homework first, thanks

Dave_Ham

With a lot of equity surely there was a better solution than repossession, was this recently?

In any case, take formal advice from a solicitor as much depends upon the detail of how the ownership was set up.

silvercar

Assuming the mortgage lender was the one that repossessed:

The property will be sold quickly (so possibly not for the best price). The proceeds will first be used to clear the mortgage, arrears, lenders charges, estate agent fees etc. Any excess will then be used to clear secured loans in the order they are on the deeds.

Any unsecured debt like credit cards etc remains.

charging orders are slightly more complicated. You are obliged to repay the debt from your share of the equity. The charging order can only be made on the equity of the person that has the debt, in the case of jointly owned properties.

foxy-stoat

silvercar wrote: »

Assuming the mortgage lender was the one that repossessed:

The property will be sold quickly (so possibly not for the best price). The proceeds will first be used to clear the mortgage, arrears, lenders charges, estate agent fees etc. Any excess will then be used to clear secured loans in the order they are on the deeds.

Any unsecured debt like credit cards etc remains.

charging orders are slightly more complicated. You are obliged to repay the debt from your share of the equity. The charging order can only be made on the equity of the person that has the debt, in the case of jointly owned properties.

What Silver hasnt said that any equity remaining (if any) will be shared equally to the people named on the mortgage.

silvercar

foxy-stoat wrote: »

What Silver hasnt said that any equity remaining (if any) will be shared equally to the people named on the mortgage.

Not exactly. Any charging orders in OPs name only will come out of his/ her share of the equity. So the split is made after the mortgages and secured loans but before charging orders in one persons name.

shufmuff

ok, thanks, i got the solicitors tomorrow, i will fill in some details if anything missed from above, thanks