ChatterBank1 min ago
charges on property - personal liability?
3 Answers
there are 3 charges on a freehold which I am one of the registered owners. The other owner of it wishes to have his name removed, leaving me as the sole owner. When the property is sold, if the sale price does not coverall the charges, do I become liable for the outstanding charges?
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For more on marking an answer as the "Best Answer", please visit our FAQ.My understanding is that, to remove the other owner's name, there is a transfer over to you. Whoever has the charge on the property can claim their money back whenever there is a transfer, so whoever has the charge on the property would receive what they are owed from the money that changes hands when the property is transferred.
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