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House sale and charging orders


madh21
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Hi. I have a mortgage with GMAC for which the outstanding balance is £118000, a secured loan with Picture for £42000 and 3 charging orders...Lloyds TSB £4500, Moneybarn £6000 and for a water charge of £1800.

 

I want to sell my house which is now only worth aroud £115000. I have received an offer of £105000 from a cash buyer. I have spoken to Gmac who have agreed the sale, Picture have also agreed it with a proposal to pay.

 

My questions are: Will the presence of the charging orders prevent me from selling?

 

And will my prospective buyer be informed of my secured debt and charging orders?

 

 

The buyer is a family member and thus I do not want them knowing my position.

 

Any advice will be welcomed.

 

Thanks

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The buyer's solicitor will be made aware of the charges against the property, as all charges have to be discharged on sale, be that by repayment or agreement, so it is very likely your buyer will find out that there are multiple charges against the house.

 

You are in a lucky position though to have been able to sell given the outstanding loans/charges, as the second charge could have refused permission to sell given that they won't be paid a penny. So the relative finding out should be the least of your worries.

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Thanks for reply but if it means that my relative will be informed then there is no way I will be able to sell. I can understand the solicitor having to know but why should my personal info be passed on to the buyer? Its non of their business so long as it is being discharged on sale?

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Thanks for reply but if it means that my relative will be informed then there is no way I will be able to sell. I can understand the solicitor having to know but why should my personal info be passed on to the buyer? Its non of their business so long as it is being discharged on sale?

 

It's a matter of public record - anyone can find out what charges are on a house, it's neither personal nor private once a charge has been registered.

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