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Charging order/Restriction on property
RandomWordOK
Posts: 4 Newbie
Hello, In 2014 I lost my business (sole trader) and was declared bankrupt. A charging order /restriction was placed on a property I jointly own with my ex wife.
Since then I have been in constant employment, with not great pay
Is it possible to remove or discharge the order from the property?
Since then I have been in constant employment, with not great pay
Is it possible to remove or discharge the order from the property?
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Comments
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Charging orders don’t expire, so satisfying the debt when the property is sold would be the normal way.
Or your ex buying you out and you paying off the debt that way, if they are financially able to do that.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.1 -
Payoff the debt then you can have it liftedRandomWordOK said:Hello, In 2014 I lost my business (sole trader) and was declared bankrupt. A charging order /restriction was placed on a property I jointly own with my ex wife.
Since then I have been in constant employment, with not great pay
Is it possible to remove or discharge the order from the property?1 -
Your ex wife needs to read the The Myth charging order sticky here and talk to a lawyer who understands the issue.If you've have not made a mistake, you've made nothing2
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Sticky? 😕. What is The Myth please?0
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If its a restriction, it won`t really affect you, was the house disregarded by the OR?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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Thank you for your reply...... It was the OR that requested the charging order.0
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Well a restriction will just sit there, is there a specific reason to have this removed?RandomWordOK said:Thank you for your reply...... It was the OR that requested the charging order.
The link you were given in an earlier post opens a sticky post on this very subject.
The Land Registry rep posts regularly on that thread, so feel free to leave a question for them.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2 -
This isnt a charging order/restriction issue that the Land Registry can help with.How much equity was there when you went bankrupt, how much is there now, do you want to sell, does your ex want their equity released, etc etc it may be better to talk all these questions through with a debt adviser eg National Debtline https://nationaldebtline.org/1
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Need some Money Saving magic!!0
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