Charging Order redemption - Bankruptcy

Snookie12cat

We are at the final stages of property purchase. Due to exchange but apparently are waiting on a charging order "redemption" statement for the sellers side before we can do this. It seems to be taking a long time and is now delaying the exchange. Can anyone advise how long these normally take to come back once requested?

Thrugelmir

Suspect there's more going on than you are being told. 

Snookie12cat

Thrugelmir said:

Suspect there's more going on than you are being told. 

I don't need negative speculation as there is no reason to assume something more sinister and undisclosed is going on other than what is said. Therefore I just an idea of how long these things normally take? 

doodling

Hi,

Snookie12cat said:

We are at the final stages of property purchase. Due to exchange but apparently are waiting on a charging order "redemption" statement for the sellers side before we can do this. It seems to be taking a long time and is now delaying the exchange. Can anyone advise how long these normally take to come back once requested?

Anywhere between half and hour and an infinite period of time.

In order to sell the house with a charge on it, the current owners will need to find the entity who has the benefit of the charge (which might not be the one named on the charges register due to takeovers, bankruptcies, etc.), that entity then needs to find the details of the charge in their records (the charge might be over ten years old so some digging might be required), do any calculations which might be necessary (e.g. if the charge is relating to something on which interest is charged) and write a number down on a piece of paper and send it to the solicitor.

If all goes well, it could take a couple of days (less if the "paper" is electronic), probably more likely to be a couple of weeks.  If it doesn't go well, it might be impossible to find the owner of the charge, or they might not be able to locate its details in their records, that can result in years of searching, to-ing and fro-ing and even legal action in order to get to the point where someone who the land registry accept as the owner of the charge writes a number on a piece of paper.

Snookie12cat

doodling said:

Hi,

Snookie12cat said:

We are at the final stages of property purchase. Due to exchange but apparently are waiting on a charging order "redemption" statement for the sellers side before we can do this. It seems to be taking a long time and is now delaying the exchange. Can anyone advise how long these normally take to come back once requested?

Anywhere between half and hour and an infinite period of time.

In order to sell the house with a charge on it, the current owners will need to find the entity who has the benefit of the charge (which might not be the one named on the charges register due to takeovers, bankruptcies, etc.), that entity then needs to find the details of the charge in their records (the charge might be over ten years old so some digging might be required), do any calculations which might be necessary (e.g. if the charge is relating to something on which interest is charged) and write a number down on a piece of paper and send it to the solicitor.

If all goes well, it could take a couple of days (less if the "paper" is electronic), probably more likely to be a couple of weeks.  If it doesn't go well, it might be impossible to find the owner of the charge, or they might not be able to locate its details in their records, that can result in years of searching, to-ing and fro-ing and even legal action in order to get to the point where someone who the land registry accept as the owner of the charge writes a number on a piece of paper.

That's really upsetting 😐 we have been waiting 6 months for this house to only be told this could be a problem now. 
We have in the meantime been told to send all our money over and then get emails every so often to say exchange will be next week, the week after etc...

doodling

Hi,

Snookie12cat said:

doodling said:

Hi,

Snookie12cat said:

We are at the final stages of property purchase. Due to exchange but apparently are waiting on a charging order "redemption" statement for the sellers side before we can do this. It seems to be taking a long time and is now delaying the exchange. Can anyone advise how long these normally take to come back once requested?

Anywhere between half and hour and an infinite period of time.

In order to sell the house with a charge on it, the current owners will need to find the entity who has the benefit of the charge (which might not be the one named on the charges register due to takeovers, bankruptcies, etc.), that entity then needs to find the details of the charge in their records (the charge might be over ten years old so some digging might be required), do any calculations which might be necessary (e.g. if the charge is relating to something on which interest is charged) and write a number down on a piece of paper and send it to the solicitor.

If all goes well, it could take a couple of days (less if the "paper" is electronic), probably more likely to be a couple of weeks.  If it doesn't go well, it might be impossible to find the owner of the charge, or they might not be able to locate its details in their records, that can result in years of searching, to-ing and fro-ing and even legal action in order to get to the point where someone who the land registry accept as the owner of the charge writes a number on a piece of paper.

That's really upsetting 😐 we have been waiting 6 months for this house to only be told this could be a problem now. 
We have in the meantime been told to send all our money over and then get emails every so often to say exchange will be next week, the week after etc...

You will have seen the title documents from the land registry so you will be able to see who the charge is in favour of and (I think) when it was made.  You can therefore do your own risk assessment as to how long you think it would take for the owner to provide a statement.  If the charge was made last week in favour of Barclays Bank then the odds are that Barclays can provide a redemption statement very quickly, if the charge was made 13 years ago in favour of "Wooble Finance" who have subsequently gone through a chain of 7 mergers, takeovers and asset sales then it might take rather longer.

You mention bankruptcy in the title of your post so I'm guessing that the charge may be in favour of the "Official Receiver" or "Trustee in Bankruptcy" - Trustees can be private companies / individuals so a quick Google will let you know if they are still in the business and likely to be responsive.

Snookie12cat

doodling said:

Hi,

Snookie12cat said:

doodling said:

Hi,

Snookie12cat said:

We are at the final stages of property purchase. Due to exchange but apparently are waiting on a charging order "redemption" statement for the sellers side before we can do this. It seems to be taking a long time and is now delaying the exchange. Can anyone advise how long these normally take to come back once requested?

Anywhere between half and hour and an infinite period of time.

In order to sell the house with a charge on it, the current owners will need to find the entity who has the benefit of the charge (which might not be the one named on the charges register due to takeovers, bankruptcies, etc.), that entity then needs to find the details of the charge in their records (the charge might be over ten years old so some digging might be required), do any calculations which might be necessary (e.g. if the charge is relating to something on which interest is charged) and write a number down on a piece of paper and send it to the solicitor.

If all goes well, it could take a couple of days (less if the "paper" is electronic), probably more likely to be a couple of weeks.  If it doesn't go well, it might be impossible to find the owner of the charge, or they might not be able to locate its details in their records, that can result in years of searching, to-ing and fro-ing and even legal action in order to get to the point where someone who the land registry accept as the owner of the charge writes a number on a piece of paper.

That's really upsetting 😐 we have been waiting 6 months for this house to only be told this could be a problem now. 
We have in the meantime been told to send all our money over and then get emails every so often to say exchange will be next week, the week after etc...

You will have seen the title documents from the land registry so you will be able to see who the charge is in favour of and (I think) when it was made.  You can therefore do your own risk assessment as to how long you think it would take for the owner to provide a statement.  If the charge was made last week in favour of Barclays Bank then the odds are that Barclays can provide a redemption statement very quickly, if the charge was made 13 years ago in favour of "Wooble Finance" who have subsequently gone through a chain of 7 mergers, takeovers and asset sales then it might take rather longer.

You mention bankruptcy in the title of your post so I'm guessing that the charge may be in favour of the "Official Receiver" or "Trustee in Bankruptcy" - Trustees can be private companies / individuals so a quick Google will let you know if they are still in the business and likely to be responsive.

Thank you. I can't find the title deeds that the solicitor sent right at the beginning to check, although I remember seeing them. They are over a decade old though as I can see it mentioned in the enquiries. 
Might ask for another copy and like you say, Google it and hope it's not some obscure company.

kingstreet

Download yourself from LR for £3.

Snookie12cat

kingstreet said:

Download yourself from LR for £3.

Nah, I'll just wait. Ill get it soon from my solicitor 👍

Thrugelmir

Snookie12cat said:

Thrugelmir said:

Suspect there's more going on than you are being told. 

I don't need negative speculation as there is no reason to assume something more sinister and undisclosed is going on other than what is said. Therefore I just an idea of how long these things normally take? 

If it's not your business there's no reason for you to know. Solicitors respect their clients privacy. 

Gavinp2003

Snookie12cat said:

We are at the final stages of property purchase. Due to exchange but apparently are waiting on a charging order "redemption" statement for the sellers side before we can do this. It seems to be taking a long time and is now delaying the exchange. Can anyone advise how long these normally take to come back once requested?

Hi what was the final outcome on this, I'm having the same problem