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Charging order then house repossessed
Standishdale
Posts: 13 Forumite
A house I owned had a charging order attached to it, which was nothing to do with the mortgage, then the house was later repossessed by the mortgage company. If I buy another house can the company who had the charging order apply to have it attached to the new property?
Thank you.
Thank you.
0
Comments
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If you owe money and you have an asset to secure against the debt. Then yes.0
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The mortgage company who repossessed would sell the property and use the proceeds to clear their debt. If there was money left over it would be given to the company that has the charging order to clear that debt. Any money left after both debts are cleared would be given back to you.
If there wasn't enough money to clear both debts, then either loan company could apply to a court for a new charging order on any other asset you own.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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