Charging Order on Jointly Held Property

[orge]

Hi,

 

My question is regarding the following charging order:

 

RESTRICTION: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to XXXXX, being the person with the benefit of an interim charging order on the beneficial interest of XXXXX made by the XXXXX County Court on XXXXX (Court reference XXXXX).

 

This was granted following a CCJ against one owner of a jointly owned property. I have not been able to dig out all the documents relating to the hearings for the interim and final charging orders (I am not 100% sure there was a final hearing but it seems fairly likely). To me, it reads like this is in the interim order and that the final order was never registered (I believe this is a separate process?). Could somebody confirm this and what rights it conveys to the creditor - I think this is Form K?

 

What does this mean in the event of a sale? How would the creditor reclaim their money from the party that the charge relates to? I don't think this would be automatic?

 

Thanks very much for any help in relation to this - it's new ground for me!

 

 

James

[dx100uk]

does this help?

[orge]

Thanks for the quick reply!

I've had a quick scan through that and it provides an overview of the process, but it doesn't seem to have the level of detail I'm looking for. I'm also reading through the lengthy CO thread, but it's a bit of a beast!

http://forums.moneysavingexpert.com/showthread.php?t=1839539&page=49

 

Ta,

 

J

[SUNDERLAND1]

Hi, i recently sold a property that was jointly owned with my ex-partner.

I had a restriction registered with the land registry for a CCJ in my name only worded exactly the same as yours

(I think its a pretty much standard paragraph they use) .

 

My restriction was registered with the land registry pretty much straight after the interim hearing, the final hearing took place a few months later and the judge granted the final charging order.

 

The claimant never got back in touch with the land registry to inform them that the interim order was now final.

When i sold the property i questioned land registry about this and was told it is quite common and that it did not make any difference really as the wording of the restriction just changes from "Interim to Final".

 

I did a lot of research about the ins and outs of selling my property so if you have any more specific questions just ask and i will answer them based on my experience.

[orge]

Hi,

 

Yes, I was under the impression that there is no real difference between the interim/final orders. I would be interested to hear what happened when you sold property, as your situation sounds very similar?

 

Thanks very much for your help.

 

James

[SUNDERLAND1]

Top and bottom is i sold my property with one of these restrictions attached and there was nothing the claimant could do to stop the sale going through.

If you research this matter thoroughly like i did you may come across some mention of a "Freezing Order" tbh i would not worry too much about one of these apparently they are as rare as hens teeth.

 

Also from what i researched a freezing order does not prevent the sale of the property, it is an order the claimant attempts to get placed on the proceeds of the property sale sitting in your bank account.

 

However a freezing order costs the claimant a lot of money and takes time, so if you were worried about it you could withdraw the money from the property sale sitting in your bank and put it somewhere untraceable.

 

Whats the story with your property then ???

What are you thinking about doing ???

Do you live in it or is it a property you rent out,

do you have a buyer in mind etc etc ???

[orge]

Thanks again for the feedback.

 

This is all quite speculative at the moment, but there is the possibility the property may be sold in the next year or two. I am currently just trying to find out what options this creditor may have if that were to happen. The debt is fairly large, so they could have enough financial motivation to pursue this. That said, the equity in the property may not be very high once higher priority creditors have been paid.

 

Does it make any difference that the CCJ would probably be over 6 years old, by this point? I have just read that, after the initial enforcement, the creditor can continue to enforce the debt in as many ways and for as long as they like (refer to limitation section):

http://www.moneyclaimsuk.co.uk/post-judgment-enforcement.aspx

 

Woudn't this mean that they could bankrupt the debtor after sale and they would then receive any profits? I believe the receiver can recover disbursed funds for up to 12 months?

 

Thanks,

 

James

[SUNDERLAND1]

Roughly when did they obtain the CCJ and then the charging order ??? Also are you in any sort of regular payment arrangement with them or are they just happy to have this restriction registered against you. If you are not making payments do you not get regular letters from them asking you to come to a repayment arrangement ???

[orge]

The CCJ was about 5 years ago and the charging order followed quite quickly afterwards (maybe a couple of months). The CCJ was a forthwith judgement for the full amount and the creditor would have suspected we would not be able to afford to pay. Since then, there have been no payments and no reply to any correspondence (of which there has been little/none).

 

Thanks,

 

James