We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Creating charge against my property.
Options
john_clarke_2
Posts: 7 Forumite
After receiving an Adverse Possession order on part of our garden (detailed on the Land Registry as belonging to our house) I consulted our solicitors to oppose this order.
We arrived at a situation where our fees and possible costs could have become even larger and unaffordable. So we had to concede.
We have paid fees of £5,000 but about £3,000 is still owing to the solicitors. Unfortunately this cannot be paid before the sale of our home which is on the market.
After applying for, and getting, a County Court Order against me the solicitors are prepared to wait for the outstanding amount of about £3,000. However they understandably want a charge against the property until sold. They can arrange this at a cost, to be added to the outstanding fees, of just over £500 including small disbursements. I assume they would add VAT - making a total of nearly £600.
Arranging this seems very expensive. It equates to a set-up charge of about 20% of the outstanding fees – on which we are already being charged interest.
Can anyone please advise if I can arrange this at a much lower cost. If so how can that be done? Should a promissory note be of equal value to them, or are there other alternative ways.
Our difficult financial situation has been mainly brought about by our daughter’s long lasting and life-threatening illness including anorexia nervosa. She is now 35 and never been well enough to work. The medical help for about twenty years has had to be private. Most families have problems, often worse than this, but this one has almost ruined us financially.
Any kind help or advice would be greatly appreciated by myself and my family.
John.
We arrived at a situation where our fees and possible costs could have become even larger and unaffordable. So we had to concede.
We have paid fees of £5,000 but about £3,000 is still owing to the solicitors. Unfortunately this cannot be paid before the sale of our home which is on the market.
After applying for, and getting, a County Court Order against me the solicitors are prepared to wait for the outstanding amount of about £3,000. However they understandably want a charge against the property until sold. They can arrange this at a cost, to be added to the outstanding fees, of just over £500 including small disbursements. I assume they would add VAT - making a total of nearly £600.
Arranging this seems very expensive. It equates to a set-up charge of about 20% of the outstanding fees – on which we are already being charged interest.
Can anyone please advise if I can arrange this at a much lower cost. If so how can that be done? Should a promissory note be of equal value to them, or are there other alternative ways.
Our difficult financial situation has been mainly brought about by our daughter’s long lasting and life-threatening illness including anorexia nervosa. She is now 35 and never been well enough to work. The medical help for about twenty years has had to be private. Most families have problems, often worse than this, but this one has almost ruined us financially.
Any kind help or advice would be greatly appreciated by myself and my family.
John.
Can I create charge against my property in favour of my solicitors? If so, how? Thank 2 votes
I don't understand what to put in as an option
50%
1 vote
Same as Option 1
50%
1 vote
0
Comments
-
If you have a good credit rating, could you not take out a low % rate loan to pay the costs, then pay off the loan when the house is sold?
You'd need to work out what the lowest interest rate on a loan would be, and how long it's going to take to sell the house... but this could be a cheaper option than the solicitors fees to make a charge against the property.
ps - sorry about your daughter's illness. anorexia is a hard illness to deal with, especially because alot of people find it so difficult to understand.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
If your house is already on the market, I would use delay tactics until the property is sold.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
-
My boyfriend just arranged a charge on a house, set up through specialist conveyancers for £150n inc VAT. Send me a pm if you'd like their details, I am sure they could help you (well def do it for a lot cheaper than £500!!)0
-
Great of you to reply - many thanks. Yes, I would like to get the details of these specialist conveyancers. Thanks.0
-
Many thanks. I would be please to receive details. Regards0
-
Hello. I'm new to this so please would you let me know if you received my reply asking for details? Many thanks.airhostess wrote: »My boyfriend just arranged a charge on a house, set up through specialist conveyancers for £150n inc VAT. Send me a pm if you'd like their details, I am sure they could help you (well def do it for a lot cheaper than £500!!)0 -
Hello,
So sorry for the late reply, only just saw your request!! I have sent you the details of the person & company my boyfriend used via pm. Hope you get it safely, just pm back if you need any help!
AH0 -
I would like to express my thanks for the very rapid response, and professional advice, that Kings Wray Coveyancing Ltd emailed me. This was after a member of the Forum kindly told me about them.
Many thanks Kings Wray.0 -
Great, I am so glad they could be of help. I hope you got your problem sorted.0
-
A pleasure.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards