Coast Finance Charge on mortgage

nicrob109

Wrote to welcome years ago for a SAR never received anything havet paid or spoke for 10 years apart from letters from coast,  which I have never responded to 

nothing on crecit file regarding welcome

so sold house and day before completion was told had welcome on land registry 5 months and Solicitor’s still not sorted as they are trying to speak to original liquidators i really  do not know what to do as husband and I have separated house was emptied Cant  sell house will get repossessed 


Update from Solicitor’s 


 As you are aware there are a number of restrictions registered against the house which took some considerable correspondence and time to obtain appropriate figures and confirmation they would remove their restrictions on completion.

 

A complicating factor is that there is a specific charge registered in favour of Welcome Finance that we have been trying to sort, but it transpired that Welcome Finance went into liquidation and it had been very difficult trying to ascertain who is now authorised to deal with their old debts . We have recently been given a name and organisation to approach and have done so and await her response. We have chased her again and will continue to do so. We cannot finalise the sale until someone with appropriate authority agrees to remove the charge.

 We will revert to you as soon as we are able.

Ebe_Scrooge

There's no need to start 3 separate threads on the same subject

I'm a little unclear as to what your question is.  In general, a charging order means that the debt is paid off from the proceeds of the house sale.  A simple example - if you've got a debt of £10K, you sell your house for £100K, once the sale is complete then £10k is paid to your creditor and you get the remaining £90K.

From what you've described, it sounds as though there is some uncertainty over the validity of the charging order due to the liquidation of the original creditor (though very often, when a company goes into liquidation, another company will buy their assets and liabilities).  It sounds as though this is what your solicitor is trying to sort out.  I would suggest that if you've already got a solicitor working on it, there is little extra that any "stranger on a forum" can usefully add.

Sounds like it's a case of waiting until the solicitor has done his thing, then seeing what the outcome is.  Yes, it will cause delays, but that's unavoidable.

It's unlikely the house will be repossessed, unless the debt is greater than the sale value of the house.  If your solicitor can get the charging order removed then that's a great outcome.  If not, you would still receive the difference between the sale value of the house and the value of the debt.

All of the above is a general outline of how charging orders work.  Obviously, without knowing all the details of your particular case it's impossible to be specific - but hopefully this may be of some help.