Charge Notice on Property - Drydens Law

ACG

When the solicitors went under, there should be another firm who picked up their files. 
Im not sure how you find out, but it might be worth googling and finding out what the situation is. 

Ultimately unless the debt has interest accrued to it, then its probably in your favour that it was missed as it would likely have needed a mortgage to pay it off I assume which back in 2023 would have been 5-7% where as now it would likely be under 5%. 

Your son might be as well putting some money aside each month and when he gets to a reasonable figure, making them an offer? 

housebuyer143

JennyBean1974 said:

PS, its an interim charging order.  What is the difference between interim and final?  Sorry for all the Q's!  Thanks everyone who has contributed so far!

Ok an interim charging order is different and actually doesn't need to be paid, although it will make it impossible for your son to remortgage until it is paid. 
Click on the link that silvercar posted and it will link you to form K restrictions and a lot of info about it. This also explains why it wasn't removed on transfer to your son. 

Essentially an interim charging order doesn't need to be paid. When the property is sold for fair value/market value the solicitor only needs to write to the creditor to tell them it's being sold and then the charge falls off on registration of the new owner. This wouldn't have happened when your son had his name registered because I imagine your son didn't pay market value for it? 

At this point you can negotiate a settlement or leave it until he sells it and know he won't be able to remortgage. When he does sell, find a solicitor who knows about form K restrictions and you shouldn't need to pay the charge.

JennyBean1974

Thank you so much!  That is really good to know!  I will get some legal advice tomorrow for sure - much appreciated!!

JennyBean1974

ACG said:

When the solicitors went under, there should be another firm who picked up their files. 
Im not sure how you find out, but it might be worth googling and finding out what the situation is. 

Ultimately unless the debt has interest accrued to it, then its probably in your favour that it was missed as it would likely have needed a mortgage to pay it off I assume which back in 2023 would have been 5-7% where as now it would likely be under 5%. 

Your son might be as well putting some money aside each month and when he gets to a reasonable figure, making them an offer? 

Thanks!  The account went to the SRA, we have requested a subject access request to get hold of the file - but they are not very quick.  We have been waiting a while for it.  But thank you for your reply - much appreciated!