Charge Against Property

Watson306

Hi,
I'm hoping someone maybe able to advise.
Myself and my ex have split up, and my remortgage is really tight.
She is saying I owe her an extra 2.5k, which I have agreed, but she wants to put a 1.4% charge on the property.
My question is will my mortgage company have to agree to this?

Many Thanks in advance

Marcon

No - and they are unlikely to do so.

No judge is going to enforce a charge for such a tiny amount if it would mean making you sell your home, so it's a pretty pointless exercise anyway.

Watson306

Marcon wrote: »

No - and they are unlikely to do so.

No judge is going to enforce a charge for such a tiny amount if it would mean making you sell your home, so it's a pretty pointless exercise anyway.

Apologies for my ignorance. I just want to be sure.
So is the mortgage company or other parties only made aware of a charge if the person the charge affects refuses to pay etc?

foxy-stoat

No, the lender with the first charge has to agree to the second charge.

For this amount of debt a court order or ccj would need to be made against you - and would go on your credit report, and the judge would have to agree that an order can be made.

Quite a few hoops and legal costs i would think and it would mean that your changes of remortgaging or obtain credit would be made a bit harder.

Can you not agree payment terms in writing to pay the £2.5K off in a year or 2?