Charging order on Mortgage

meades1

Simply.. I have 2 charge orders on my mortgage. It is a joint mortgage but the debts are joint. I have maintained the agreed payment to the companies since the agreement and I have never been forced or requested to sell the property.
I have equity in the property whic is insufficient to clear either debt.
My question is can I keep any of the equity if I sell, to set up a new home?
Won't be a mortgage obviously.

kingstreet

You have charging orders over the jointly owned property, not the mortgage.

These are second charges and they rank behind the first mortgage in order of priority.

The solicitor handling the sale of the property will have to obtain settlement figures from all secured creditors and from the proceeds, the first charge holder has priority with the second charge holders taking whatever is left, if anything.

Trying_to_be_good

It sounds like you don't have any equity in the property if, at the moment, the amount of the mortgage and other charges are more than the value of the property - so there's nothing for you to keep, and you may still owe money after any sale.

AnotherJoe

meades1 wrote: »

Simply.. I have 2 charge orders on my mortgage. It is a joint mortgage but the debts are joint. I have maintained the agreed payment to the companies since the agreement and I have never been forced or requested to sell the property.
I have equity in the property whic is insufficient to clear either debt.
My question is can I keep any of the equity if I sell, to set up a new home?
Won't be a mortgage obviously.

I agree with a previous poster you don't have any equity. You could see if you could transfer these debts to your new property by asking the lenders but you'd be in a position of getting a mortgage with loans, which presumably was not the case last time. So, very unlikely indeed.

weimimamma

Hi guys does anyone know the best way to find out how much is outstanding on an interim charging order on my land registry from 2008 I have the court details and case number, if I contact the company involved will this make them pursue me as I haven't heard anything for years and can't find the original docs with the amounts on them I am thinking of selling but want to know what it outstanding before I instruct the agents.

Thrugelmir

On one of the forums there's a long thread on Charging Orders. Worth asking specific questions there. As some knowledgeable people on the topic.

Land_Registry

Thrugelmir wrote: »

On one of the forums there's a long thread on Charging Orders. Worth asking specific questions there. As some knowledgeable people on the topic.

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