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second charges on property preventing sale?


sickasachip
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Hi all

 

I am trying to sell my house and there have been second charges granted by the courts on my property which will put me into negative equity. The solicitors dealing with the sale on my behalf are saying that the sale cannot proceed as the charge would remain on the property and this would prevent the new owners registering their details with the land registry. Is this true or will the remainder of the charge become unsecured again?

 

also

 

The debt isn't joint debt I had it before I took out this mortgage with my partner. With what little equity there is can the second charges swallow up her 50% as well?

 

any comments would be greatly appreciated, thanks

 

ps I also have a thread about negotiating a full and final reduced settlement figure with my motrgage provider if anyones interested:-)

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From my findings RE: charing orders, if it is your debt, the CO can only be applied to your 50% of any equity. But only if the mortgage is in joint names.

 

If i'm wrong here someone please correct me.

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Well, if the charging orders are against you - the orders would be secured against your own beneficial interest in the property, for more folks this would be your 50% as previously mentioned. I can appreciate the difficulty in selling the house as it is unlikely that the Charge creditors will agree the sale. You could apply to the court for an order for sale which could override the creditor but their interest in the property may still stand. I'm going to quickly research this and post back.

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many thanks, the only other option I can see is for the property to be repossessed and then I believe the debt would become unsecured again, but that doesn't help out our buyers or the fact that we'll still owe the estate agents and the solicitors a whole wad of cash for effectively nothing

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