Form K restriction for final charging order

autoplay

A charging order is discharged when it is paid and not when the restriction k is removed. Hence, the question is if the new owner will “inherit”  the charging order and the beneficial interest which is charged will pass to him? 

In this circumstance  the obligation , according to the restriction k, to inform the judgment creditor of the sale of the property should be to inform him that the property will have a new owner so that to enforce the charging order on him

Is it a reason why a buyer should be foolish to buy a property with a charging order which has not yet been discharged?

housebuyer143

autoplay said:

A charging order is discharged when it is paid and not when the restriction k is removed. Hence, the question is if the new owner will “inherit”  the charging order and the beneficial interest which is charged will pass to him? 

In this circumstance  the obligation , according to the restriction k, to inform the judgment creditor of the sale of the property should be to inform him that the property will have a new owner so that to enforce the charging order on him

Is it a reason why a buyer should be foolish to buy a property with a charging order which has not yet been discharged?

Your question has been answered by myself and the land registry. You don't seem to understand the restriction. 

autoplay

can you provide me a recap if I have not understood a restriction

I have two questions

I think that the debt is in the property not on its owner because it is the property which is charged

I would like to know if the charging order disappears after the property is sold because it is supposed to be a secured debt

The purpose of a notice is to inform i.e. to give notice to a prospective buyer that there is a charging order on the property. I would like to know how the prospective buyer is informed of the charging order with a restriction

I have read that even if the purchaser is made aware of the charging order after the property is sold the charging order still stand

autoplay

I do not think that a charging order disappear into thin air only because a restriction k is removed because it is a secure debt. I think that a charging order disappears when it is discharged i.e. when  it is paid and not when the property is sold.

I think that the creditors can make another application to register another restriction k so that the new owner has to informed him if he sells his house

I think that I have understood the problem which is that the purchaser should be made aware of the existence of a charging order on the property.

If there is notice in the title register the purchaser will be aware because of the notice.

If there is a restriction k it should be aware of this charging order because this restriction and because the lawyer informing the creditor of the intention to sell the property will be aware of this charging order.

Moreover, the creditor when according to the restriction k will be made aware of the intention to sell the property, he can inform the purchaser that there is a charging order in the property. It is possible that this is one of the purposes of a restriction k.

If I have well understood a restriction is superior to a notice because with a notice the creditor will not be made aware of the intention to sale the property.