Charge on Property

Thrugelmir

Was a financial consent order drafted when you divorced?

silvercar

I’m wondering if the easiest solution is to keep very quiet. Let the ex’s estate be settled and when the time comes to sell and you need the charge released his beneficiaries can release the charge.

davidmcn

silvercar wrote: »

I’m wondering if the easiest solution is to keep very quiet. Let the ex’s estate be settled and when the time comes to sell and you need the charge released his beneficiaries can release the charge.

I think there's a practical problem here if the estate is insolvent, as there are no "beneficiaries" other than the creditors, and taking on the role of executor is likely to be a thankless task. It's possible it will just be left in limbo, which may then make it tricky for the OP to get anybody to discharge the charge.

xylophone

I’m wondering if the easiest solution is to keep very quiet. Let the ex’s estate be settled and when the time comes to sell and you need the charge released his beneficiaries can release the charge.

The sole beneficiaries of his estate are the OP's (now adult) children - but see

https://forums.moneysavingexpert.com/discussion/6058155/resigning-as-executor

-they have advised his creditors that their father's estate was insolvent
- if the benefit of the charge passed to the estate then it may not have been insolvent?

And even if there were not enough money within the amount charged to meet all his debts, it may be enough to meet some of them?

The OP is going to be taking legal advice which seems very wise - perhaps she will come back to tell us how it went.

getmore4less

silvercar wrote: »

I’m wondering if the easiest solution is to keep very quiet. Let the ex’s estate be settled and when the time comes to sell and you need the charge released his beneficiaries can release the charge.

Subject to what the actual charge says it is more likely that only those named on the grant can release the charge.

Beneficiary won't have the authority to release the charge.

AdrianC

getmore4less wrote: »

Subject to what the actual charge says it is more likely that only those named on the grant can release the charge.

Beneficiary won't have the authority to release the charge.

Would the executor have the authority to replace the charge with one in favour of the beneficiary/ies?

But that would be passing an asset out of an estate without paying the creditors.

silvercar

getmore4less wrote: »

Subject to what the actual charge says it is more likely that only those named on the grant can release the charge.

Beneficiary won't have the authority to release the charge.

But if the only person named is deceased what happens then?

getmore4less

AdrianC wrote: »

Would the executor have the authority to replace the charge with one in favour of the beneficiary/ies?

But that would be passing an asset out of an estate without paying the creditors.

Administrator can be as neglegent as they want but become liable.

getmore4less

silvercar wrote: »

But if the only person named is deceased what happens then?

Executor chain kicks in or new application for a grant.

spidercrab

Hello everyone. I see plenty of people have been commenting which I do appreciate. I gather some have seen my other thread where I mention that my children are also executors of his estate, even though they haven’t had a relationship with him for almost twenty years. It’s a complicated situation but the charge on the house is my biggest worry. It really is a basic document and the wording is pretty much when the first of our children leave home permanently I will sell the house and give him £50,000. This was drawn up because I took over the mortgage and had the house put in my name. The money was to give him back about half the value of the property when he left. I had thought of keeping quiet about this but as my children are executors (even though they have tried to relinquish this responsibility) I would be concerned that in the future they would get into trouble for not declaring this. Also, I don’t think my conscience would let me do this. Therefore, I’m obviously going to be stuck with some legal bills.