Northern Rock charging order on house we are buying

Gotkeys

My solicitor has told me that the house we are buying has a charging order attached by Northern Rock.

She has told me that we can not exchange until the vendors solicitor has identified who now owns this debt, and it has been settled. Does anyone have any idea how long this may take? Does one organisation now own Northern Rock? 

ilikewatch2

No idea how long it might take, but IIRC Northern Rock assets were originally split between Virgin and Northern Rock Asset Management (NRAM). The assets that went to NRAM have since been sold off or rebranded to Landmark Mortgages.

princeofpounds

Northern rock was split into a few pieces. Owned variously now by Virgin Money, Landmark Mortgages and NRAM Ltd, IRRC - may be a bit dated. 

This is for the vendor to sort out. It's a bit hard to comment further without knowing the precise history of the charging order. However, if the debt itself if not a problem, then it should be straightforward to solve. But it might take some weeks.

eddddy

As I understand it, a 'charging order' suggests that it's a result of a CCJ or court order, so perhaps a personal loan that wasn't repaid - rather than a regular mortgage charge. (If it was a mortgage charge, presumably the seller would know who their mortgage lender is, and just get a redemption statement.)

There are stories of those kind of small debts being sold-on to Debt Collection Agencies, maybe some years back and probably in bulk at a big discount - but the agencies fail to update LR records. So it becomes difficult to track down the debt owner.

Gotkeys

Thanks all. Got a feeling this might drag on then

Thrugelmir

Providing there's sufficient equity in the property to settle the outstanding debt shouldn't pose any particular issues. I'm sure the vendor is fully aware.