Charge on property question

diystarter7

Hello
Asking for a family member
There business like many has had to endure hard times.
They bought  a pub  just before covid and got into big debt because of covid and no income etc along the other they bought just before that.

They had a 600k personal loan against their home that is worth in the region of 2.77 to 3 mill. 
A few months ago they managed to pay off all of the loan by selling up a few BTL's.
They have noted the charge is still on it
Who gets this removed? They said they are not bothered because its menaingless as they have paid off the loan but I told them to call their solicitor.
The dod have amulti million pound business so i guess they know but i found it odd
Thanks

penners324

The charge will need removing if they sell. The earlier this is done the better though 

diystarter7

Thanks but who does/responsible for that?
Not sure why they want it left on though.

silvercar

Ask on here - https://forums.moneysavingexpert.com/discussion/5685941/land-registry-questions#latest

You definitely want to get it done sooner rather than later, if the charge holder disappears or goes bust it will create difficulties. Just have a read on here from people who had charges from Egg who now struggle to get them removed. The time to do it is now, when you aren't under any time pressure.

diystarter7

silvercar said:

Ask on here - https://forums.moneysavingexpert.com/discussion/5685941/land-registry-questions#latest

You definitely want to get it done sooner rather than later, if the charge holder disappears or goes bust it will create difficulties. Just have a read on here from people who had charges from Egg who now struggle to get them removed. The time to do it is now, when you aren't under any time pressure.

Hi

What you have just said, I will put it to the family member etc, very helpful and I dont think I need any other help atm but if so, will ask on that forum
Thanks

EssexHebridean

It’s done by the lender - usually electronically these days. They should chase the lender if more than a couple of months has passed since it was paid off - as others have said leaving it sitting will become problematic if the lender ceases trading.