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How many charging orders


itstheone
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Hi,

Quick question, how many charging orders can be on a house at the same time, is it just the one?.

 

If it is would it be a good plan of attack to overturn a charging order because it is unfair on the other creditors?

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Hi itstheone!

 

Unfortunately I think that numerous charging orders can be applied to a property depending on the equity in your property and amount of the debt. If there is more than one charging order then the creditors will be paid in order of priority and when they were added to the register (according to how they are listed e.g often your mortgage will be the first in line for any payout).

 

There is a bit more detailed info on the uk insolvency helpline website: Debt Factsheets - Charging orders in the county court

 

and I'm sure other more wise Caggers will be along to advise you shortly.

 

ftc.

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AFAIK there can be multiple charging orders on property or assets, in effect an unsecured loan has been transformed into a secure loan. The irony is in the event that property is sold although they may be considered as priority creditors if there is insufficient funds to pay the debts they will be paid pro-rata with the mortgage, taxman etc getting first dibs. In the majority of cases it's just not worth a creditor applying one, particularly nowadays when so many properties are heading towards negative equity.

 

Creditors seem to be using it as a big stick now & I don't think that they're even bothering to check the Land Registry to see what Mortgages & SDs are already in place.

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Hi,

Each creditor can only issue one charge against the property, however, if your other creditors go for charging orders, they too, can issue this on your property.

Although sometimes they are issued with no equity in the property, it is a way of giving the creditor more security. When you sell your property, the mortgage is paid first, followed by each creditor charging order in the order that they were granted. Any outstanding amounts, will revert back to an unsecured loan, which you would be liable for.

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