Selling house - not enough to cover charging Orders

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Can you advise what happens if you have a few final and interim charges on the land registry but the proceeds from the sale are not sufficient to pay all the creditors? 
Can you still sell or it is a long process to get these charges removed?

Currently buying a house and stuck due to this. My solicitor noted on the property form that it was stated not enough money would be received to pay the debt, and the response to the enquiry was that the the sellers solicitor would order redemption statements and report back to confirm if this was true.

Turns out my solicitor didn't follow it up and the sellers didn't order the redemption statements. Completion fell to pieces when it came to light none of the charges had been removed. 

Suppose I am trying to understand the process for selling if you sale price doesn't cover all the charges.

Comments

  • MovingForwards
    MovingForwards Posts: 16,924 Forumite
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    Seller has to pay the remaining monies / agree repayment plan or the creditor won't remove the charges and you don't get to buy the property.

    Keep looking for another home.
    Mortgage started 2020, aiming to clear it in 2026.
  • carrotstick_2
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    Are you buying a repossession? 
    Mortgage balance April 2022 - £235,000
    Mortgage balance July 2023 - £229,616


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