Charging Order? The myth

eggbox · 20 February 2019 at 2:18PM

Which 14 day issue might that be? :think:

Vegan64 · 20 February 2019 at 5:11PM

Sorry eggbox, providing notice to the creditor of the sale of the property is what I was referring to, and whether it's 14 days or not. The information on percentage ownership, following formal application of TIC, on this thread is also extremely useful, so thank you to everyone for their comments.

My main concern atm and thanks to this thread is just getting him off paperwork and re-mortgaging in my sole name. Once that has happened I'm sure I'll be back to discover more about the joys of selling with CO's and finding a solicitor who knows their stuff! The advice here has been so very helpful at a time when life is extremely unpredictable, emotional, and everything else the end of a very long marriage brings.

SORTED · 23 February 2019 at 2:36AM

Hi all

My wife and I currently have just over 5 years left on our current joint mortgage with NatWest - the outstanding balance on this is £23k.

We had planned to remortgage for £67k over 19 years - we have a mortgage offer from the he Halifax.

As we have 4 restrictions on the title deeds (1 in my name, 3 in my wife’s) we’re being told by any conveyancer we look to appoint that these restrictions MUST be paid off.

I’ve tried to argue the case that this is not the case as they are only restrictions and not charging orders.

The latest and most in-depth response to this is as follows:

“There’s a reason they ask for notice - to see if they can be paid off. It’s not a requirement for it to be pre completion, but I would clear them. They are not overreached as overriding interests. They are not expunged by a notice. A certificate is required and if none on each - your new lender will not be registered.”

I’m so frustrated right now. Does the above advice sound right? Am I really stuck in a situation where I cannot remortgage without paying off !!!!!! unsecured debt from years ago to Northern Rock, Egg, Robinson Way and Link?

Is there any other way around this problem?

Thanks for reading

Lee

SORTED · 23 February 2019 at 2:38AM

...apologies for my fat fingers.

That should have read ‘remortgaging over 10 years’ not 19 years!

eggbox · 28 February 2019 at 11:18AM

Hi Sorted

This is noting to do with the Restrictions, as such, its to do with mortgage lenders insisting on being the first charge holder on the deeds. They insist on this to protect themselves in the event of mortgage default as it gives them "power of sale" and which allows for the removal of all other charges on the deeds to enable the property to be sold.

Therefore, if you are re-mortgaging with your existing lender then there will be no requirement to pay off the Restrictions as they will already be the first charge holder on the deeds.

If you are seeking a re-mortgage from a new lender, however, they will require the removal of any other charges or restrictions to allow their charge to be the first charge on the deeds.

If the Halifax offer is a new lender then you could consider a "secured loan" as lenders of these types of loan don't insist on being the first charge holder on the deeds?

Slamdunk · 2 March 2019 at 12:33PM

Hi guys, my parents completed on a sale a few weeks ago, the property had a couple of restrictions on there and this was the 3rd attempt for a sale as the previous 2 backed out due to the restrictions. Just wondering does anyone know how long it usually takes for a TR1 to be processed by land registry? its been 2 weeks since completion and i downloaded the title deed today from LR website and my parents name still appears on there as current owners.

SORTED · 4 March 2019 at 1:09AM

Thanks for taking the time to respond Eggbox.

I was thinking a remortgage was treated the same as a sale in respect of paying off the original lender and thereby generating a new set of deeds with the new lender at the top of the list. I just assumed the restrictions would fall off as they do in a sale but presume this is not the case because a remortgage is not classed as over reaching?

We tried to get a remortgage with NatWest through the broker but failed there soft score checks. I suppose it wouldn’t harm to speak with them directly and explain my situation to them?

Thanks again 👍🏻

Land_Registry · 4 March 2019 at 8:16AM

Slamdunk wrote: »

Hi guys, my parents completed on a sale a few weeks ago, the property had a couple of restrictions on there and this was the 3rd attempt for a sale as the previous 2 backed out due to the restrictions. Just wondering does anyone know how long it usually takes for a TR1 to be processed by land registry? its been 2 weeks since completion and i downloaded the title deed today from LR website and my parents name still appears on there as current owners.

Average timescale is 8/9 working days. But you need to also add in the time it takes for the conveyancer to submit it after completion. That rarely happens same day and often it can be anywhere between 1 and 4 weeks depending on what they need to process/submit

I'd ask them to confirm when lodged and any problems first?

eggbox · 4 March 2019 at 7:32PM

SORTED wrote: »

I was thinking a remortgage was treated the same as a sale in respect of paying off the original lender and thereby generating a new set of deeds with the new lender at the top of the list. I just assumed the restrictions would fall off as they do in a sale but presume this is not the case because a remortgage is not classed as over reaching?

The deeds won't alter as the persons already registered on them will remain as owners. A remortgage with a new lender just alters who has the charge on the deeds for the loan granted?

Overreaching occurs when the equity within the property actually leaves the property as the existing owners have sold to a third party. This is why Form K restrictions are removed when a sale to a third party occurs as the asset on which the charging order made, and which they notify, no longer remains in the property.

Potemkin · 6 March 2019 at 3:31PM

Two years ago I (foolishly) agreed to become my dying brother's Executor ...simply because I had known him for 70 years - all my life - and you don't refuse a dying man's request. Unfortunately at my instigation he had re-married his spiteful, vicious, mendacious, grasping ex-wife in order for his police pension(s) not to turn to dust.
Even before my poor brother was laid to rest his vengeful ex began a campaign to have me removed as Executor - something I was more than willing to do as a) I was not a beneficiary of my brother's will (despite being a loyal brother to him for 70 years) and b) because I wanted nothing more to do with the 50 or 60-year old vendettas his paranoid ex was bent on pursuing.

I did not contest being removed as Executor but this crab is now attempting to put a Chargiing Order on my jointly-held property (I have no other assets - not even cars or money in the bank) and I have until 22 March to object to it - which my wife and I will most certainly do. Can anyone tell me a) how she could have started this process without me knowing and b) what is her probability of success?

Thanks in advance to anyone who can help

I think (can't be sure) she is pursuing me for her solicitor's costs or Executor removal fees?

Charging Order? The myth

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