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RBS/Shoos Charging order - cant re mortgage

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Hi

 

I am looking for some help...

 

I own a property with my daughter. We have a 75% mortgage and a 25% loan from Redrow that is due to be paid next year (10 years interest free)

 

I am not working, on ESA with no prospect of a return to work.

 

I have a final charging order on my share of the property.

 

We have been trying to negotiate with the solicitors who have the charging order to pay this at a reduced rate as there is no equity in the property, actually 15K less than we paid. My daughter wants to pay it and move the mortgage to her name and pay the redrow loan. She now earns enough to do this.

 

Solicitors won't accept a lower amount which means my daughter can't remortgage.

 

Our relationship has broken down and it's vital I move, I also need an adapted property.

 

Is there any way to take it back to court and ask for this to be lifted and made unsecure or get the judge to order a lower settlement. They have £3k in fees added from the original £8.5k to £11.8k

 

Anyone know if there is anyone I can talk to about this?

 

thanks for your help

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who has the charging order over you?

and why didn't you defend the original CCJ?


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RBS got CCJ whilst I was living out of the country, Shoosmiths did the charging order.

 

We have letters from court / land registry saying its a charging order.

 

When we had a buyer 2 .5 years ago, we went to the solicitors as I thought we could sell and it would go back to unsecured, but was advised had to be paid as it was on the land registry.

 

We lost the buyer and since then have been trying to resolve this with Shoosmiths so my daughter can keep the house.

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then that solicitor needs shooting.

this is a restriction k

it does not prevent a sale!

 

as for re-mortgaging yes it will prevent that.

 

go get the exact text of it from land registry bet it say RBS not shoos

 

post it here word for word minus pers details


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I'll dig the letters out shortly, but what is the difference in a sale and a remortgage in terms of the debt being paid or not? either way I am off the mortgage and not living here.

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I want someone to pop in and check me on this all as being correct

 

your situation is that:

 

you and your daughter currently have a joint mortgage

RBS got a CCJ on a debt solely yours and got a charging order

in that case it can only be a restriction k. [which is one of the many types of charging order]

 

your daughter wants to re-mortgage alone

 

you wanted to sell and some solicitor a few years back didn't know the law properly and said you couldn't sell without clearing the restriction K which is incorrect.

 

in normal circs you cant re-mortgage without paying off the restriction k

however i'm wondering in this case if that's true and she alone CAN re-mortgage without having to pay it??


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Hi

 

I found the land registry letter from my appeal to stop the charging order. I can't find the other documents but the letter says

 

The position in this matter is that the applicant has lodged an application to enter a Restriction in Form K in the proprietorship register of the above title, in respect of a charging order dates 13 July 2013. The CO was granted in Bury CC and is expressed to charge the share and interest of ( Me) in the above property as security for payment of the judgement debt due to the applicant. It is not expressed to charge the share and interest of the other joint registered proprietor in the property.

 

 

So, does this mean it's a section K and can be sold without them knowing?

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Hi

 

Yes, everything you have typed is right...

 

I hope someone can help

 

thank you all for your amazing hard work

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Restriction k yes good

Now I need andyorch to pop in and read my query in post 7


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Of course she can remortgage...if she has the income to support the application and there is enough equity to borrow to clear the existing mortgage and loan and restriction (if necessary).

 

It may be easier to use the existing mortgage company rather than a new one.


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She has the income to support the application, but there is not enough equity to clear the CO - only the 25% loan to the builders and the mortgage - the house is worth £15K less than we paid for it.

 

This is where it gets a mess...

 

can she just remortgage, pay the loan and mortgage and then the CO goes back to unsecured and I will pay £1 a month?

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Just go for the mortgage and loan and see if the application is approved.

 

With regards to the CO...this you state was originally £8.5k and now £11.8k...what fees have they added......?

 

What date was the judgment? what date was the CO applied?

 

They can only add debt interest at 8% per annum.


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Mortgage have given a DIP, waiting on builder to agree to less ( we bought at £200K, now worth £185K, original loan was £50K but you repay 25% of sold price, therefor we should only need to pay them £46K which is affordable. But then nothing left for CO. Daughter would take a hit on fees etc to keep the house

 

My fear was we would have to clear loan and CO when not enough money

 

Date of CCJ was April 2011 and CO was made final in Jan 2014, they got interim in July 2013. we tried to appeal on the grounds that there was no equity in the house

 

the fees are court fees, letters etc from the original CCJ to CO _ I think they are out outrageous, but think I am stuck with them?

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So what fees have they added ?

 

A CO cant add fees to the judgment....and not £3.2K in 4 years.


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its the fees from getting the CCJ to getting the CO along with court fees, solicitors fees, letters etc...since the CO they haven't added a penny

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Okay so the judgment was £11.8K......

 

You made it sound like fees were being added since judgment " They have £3k in fees added from the original £8.5k to £11.8k "

 

So again .... go for the mortgage and loan and see if the application is approved....forget the K restriction for now...if it requires settlement your mortgage will advise before granting the application.


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Sorry, I wasn't trying to mislead over when the fees have been added.

 

Thanks for your help

 

Lets see what the mortgage company say now

 

thank you all

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One final thought re the Solicitors......if there not prepared to accept a F&FS... you could submit an N245 through the court with your income and offer them £5 per month...at least you will have it on a legal footing rather than paying nothing...and it will teach them for not considering your offer...your choice.


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thanks andy...:madgrin:


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how'd is go?


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Still stuck here, CO has to be paid, house now up for sale and we should just about have enough to pay it off. Halifax wouldn't do anything till paid off and because there could be enough equity it has to be paid.

 

Shoos won't take a lower amount to settle now so we wait :-(

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what part of its a restriction k are they not understanding???


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