what is involved in a charge against my property? Will i lose my home or do i have to pay back the debt as and when i sell my house?

kburnage | 08:36 Fri 02nd Jul 2010 | Law

11 Answers

Finders Keepers !!

Parking on the pavement

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Count-A-Strong

I take it you owe someone some money who has registered a charge against your property with the land registry. This means they have an interest in the sale proceeds of the property. This forewarns any person intending to buy your property which can obviously make selling it difficult.

kburnage

Question Author

We are going through court proceedings now. My solicitor is telling me its unenforceable. I just want to know what the worst possible scenario is. I dont want to lose my home.

ummmm

My Ex had a charge on our house for an unpaid credit card. They took the money from his share of the equity when we sold it. The charge was there for about 4 years before it was sold.

kburnage

Question Author

Cool, that much clearer and i can get some sleep. Hopefully we will win and this wont be the case! Thanks

buildersmate

Your solicitor should have explained this properly to you.
It means that the creditor will seek the repayment of the debt when the property is eventually sold, but not until.
The property cannot be sold without the creditor finding out that it is about to be sold - because the LR will tell.

kburnage

Question Author

OK I understand. Does the debt still accrue interest in the meantime?

ummmm

No....

kburnage

Question Author

Top info from everyone. Thank you :-)

tastymorsel

Wow!!! I didn't know any of that.Worth knowing as an option if the need ever arises though.

bowls1958

Your home is the property of the main mortgage provider or lender not anyone that you owe money or any kind of dept to. But when you sell your home, you will find it,s a legal requirement to settle with all depts secured on your home, e.g. mortgage and any other third party.

kburnage

Question Author

When it comes to high court enforcement, what rights do we have. We want to keep the car and can offer a lump sum of £1000 plus monthly payments. Surely if we aim to make payments of some kind they have to accept this. Or can they refuse it and take the car anyway?

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