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  • FIRST POST
    Ronak78
    Selling a property with a old Interim Charging order
    • #1
    • 18th Jul 13, 7:19 PM
    Selling a property with a old Interim Charging order 18th Jul 13 at 7:19 PM
    Hi,

    This is my first post on MSE and would be extremely for any help this forum could provide.

    Will try to keep this short and to the point as much as possible.

    Position:
    1. I have a property which I am looking to sell which is solely owned by me. It is currently rented out and I now live in New York.

    2. I have a large amount of debt (solely in my name) which I built up a number of years ago for which I have not made any payments to in several years.

    3. Checked the land registry and it shows I have 5 Interim Charging orders which were registered several years ago, below is a excerpt. None of them show as being set to Final.
    (23.10.2008) UNILATERAL NOTICE in respect of an interim charging
    order dated 2 October 2008 in the Lambeth county court under

    court reference number XXXXXXX..

    4. I have sufficient equity in the property to repay the debt.

    Questions:
    1. As the order are still interim and have been so for years does this mean its not gone to the final stage and if so what the the implications of this, are they still valid, can I have them set aside?

    2. I know its wrong but am trying to limit how much I would have to pay back the creditors upon selling the property, if quiet frankly at all, although I suspect this wont be possible. From reading other posts where one has a restriction the solicitor can advise the creditors a week or two before completion by which time they most likely wont have time to respond and the creditor receives all the proceeds from the sale, would this be a option for me also?

    3. I have received Full and final offers from the creditors, would it be possible to pay them the reduced amount from the proceeds of the sale?

    Essentially trying to understand why the orders are still showing up as interim after so many years and what options I have to limit the amount I have to pay back upon the sale of the property and if the orders could cause an issue with the sale?

    Happy to provide more info.

    Many Thanks
    Ronak

Page 1
  • Land Registry
    • #2
    • 19th Jul 13, 10:07 AM
    • #2
    • 19th Jul 13, 10:07 AM
    It is rare to see a final charging order registered as it effectively protects the same interest as that triggered by the interim order.

    Very few beneficiaries register the Interim and then cancel it and register the final order as they would in effect be paying to note the same interest on the land register twice.

    I believe you would need to check with the court as named to see if the order had been made final and/or was still in place.

    I cannot advise on the other questions posted but I am sure others will - if not then try posting to the Charging Order? the myth thread instead as eggbox can be very helpful on there
    Official Company Representative
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    • Senior Paper Monitor
    • By Senior Paper Monitor 19th Jul 13, 8:35 PM
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    Senior Paper Monitor
    • #3
    • 19th Jul 13, 8:35 PM
    • #3
    • 19th Jul 13, 8:35 PM
    They certainly will cause an issue with sale !!
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Ronak78
    • #4
    • 24th Jul 13, 7:18 PM
    • #4
    • 24th Jul 13, 7:18 PM
    Thank you for reply.

    Another question. I have a number of letters from my creditors offering heavily discounted full and final offers on my debt. Is it possible to make a full and final payment to my creditors post the sale of my property using the proceeeds?

    Many thanks
    • Thrugelmir
    • By Thrugelmir 24th Jul 13, 7:49 PM
    • 62,514 Posts
    • 55,609 Thanks
    Thrugelmir
    • #5
    • 24th Jul 13, 7:49 PM
    • #5
    • 24th Jul 13, 7:49 PM
    Another question. I have a number of letters from my creditors offering heavily discounted full and final offers on my debt. Is it possible to make a full and final payment to my creditors post the sale of my property using the proceeeds?

    Many thanks
    Originally posted by Ronak78
    That's a question for your creditors. If they hold the charging orders then you'll need to settle first. Before receiving the sale proceeds.
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
  • Ronak78
    • #6
    • 24th Jul 13, 8:49 PM
    • #6
    • 24th Jul 13, 8:49 PM
    I guess if i was them i would wait until i sold and get full debt owed back. Shame wish I had the money to pay the full and final, would enable me to keep more from the proceeds.

    Its been several years and they have hardly contacted me on my debt with them, just settlement letters here and there.

    I guess i dont have many options here, sell and pay my dues.
    • terryw
    • By terryw 24th Jul 13, 8:53 PM
    • 3,823 Posts
    • 5,982 Thanks
    terryw
    • #7
    • 24th Jul 13, 8:53 PM
    • #7
    • 24th Jul 13, 8:53 PM

    I guess i dont have many options here, sell and pay my dues.
    Originally posted by Ronak78
    Possibly a fair and ethical solution but please take the advice of the LR rep and check-out the Eggbox thread.
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • Ronak78
    • #8
    • 24th Jul 13, 9:03 PM
    • #8
    • 24th Jul 13, 9:03 PM
    sorry eggbox being a poster, cant find the thread?
  • Ronak78
    • #9
    • 24th Jul 13, 9:04 PM
    • #9
    • 24th Jul 13, 9:04 PM
    ignore that, i see it, thanks.
  • Ronak78
    the eggbox thread refers to people with retrictions and with those with property in joint names. Sadly I am the sole owner of the property and debt so dont think I have many options. will reach out to a Solicitor anyway of course, maybe there are some options...well am hoping so.
    • dimbo61
    • By dimbo61 24th Jul 13, 10:10 PM
    • 10,185 Posts
    • 5,513 Thanks
    dimbo61
    Well you have earned rental income for the last couple of years.
    Property prices have increased in London over the last 5/6 years
    If you do have some savings contact the people you owe money too and see if they will accept less today rather than the full amount some time in the future when you sell the property.
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