Jump to content


Charging order query


HP Mum
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 1056 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

A question cropped up in discussion yesterday regarding duty payable on legal charge debt purchases. Just wondered if anyone had some answers??

 

 

1stly) If someone (or a company) buys a debt that has a legal charge over a property do they pay stamp duty?

In my mind, if you buy a debt you are not transacting on the property so I would think no duty is payable?? Yes/No??

 

2ndly) If the property is subsequently sold - excluding the debt - for a price which equals the difference between the debt level and the market sale value - on what price is duty paid?

For example: the property is potentially worth say £3.5m / the 'debt' is say £2m / the title deeds are sold to someone else for £1.5m. If the debt is retained separately (by the debt purchaser) is duty paid just on the property transaction of £1.5m?

 

3rdly) what happens when the new property owner later agrees to clear the 'debt' - which is no longer charged against the property, rather just a debt? As it is just a 'debt' and not attached to the property would the new owner pay duty?

 

Anyone have any answers to these questions?

Link to post
Share on other sites

Once sold the CO is either paid or not (if restriction k)

It doesn't stay on the property

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

  • 2 years later...

Quick query - can someone get a charging order on a repossessed property?  

 

If yes, what happens to the CO claim if

a) property gets sold and there is zero equity left after 1st charge cleared?

or

b) if a different  bank/company buys the debt off the mortgagee-in-possession - what happens to the other 2nd charge charging order?

Link to post
Share on other sites

no it doesn't exist after repo.

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

No - it is someone - not a company/bank - to whom owed £s.

Bank repo'd property.  Now can't repay someone. They are unaware of the repo and gone for an ico.   

 

Edited by HP Mum
Link to post
Share on other sites

A property must be owned by you to get a co on it.

be that by a voluntary charge you agree to

or

as the result of as existing ccj and they goto court to get an ico.

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

They cant get a co on a property that you do not own

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

  • 2 months later...

Does anyone know anything about CPR 73.7 (2) ?

General form of jdgment or order states that - unless creditor complies with 73.7 (2) by filing statement of amount due inc costs & interest by x date then

1. the ICO will be discharged

2. the application for a CO shall stand struck out

3. the jdgment creditor must apply forthwith for any entry on the register at Land Reg relating to ICO to be removed

It also states that as there was no hearing the parties have a right to request decision be reconsidered by district judge.  Must send/ deliver the application within 14 days of service of this letter.   Must include a summary of the issue and explanation as to why the reconsideration is sought.  Any reconsideration will be without a hearing.

 

Does this mean the attempt to get a charging order has failed?

 

Link to post
Share on other sites

https://www.justice.gov.uk/courts/procedure-rules/civil/rules/part73#73.7

 

(2) Where paragraph (1) applies, the judgment creditor must file a certificate of service in relation to each person served together with a statement of the amount due under the judgement or order including any costs and interest, within 28 days of the date of the interim charging order.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

Link to post
Share on other sites

I've read and re-read and still not sure I understand!! 

Does it mean if no proof of service with the £s statement within 28 days of the ico that the claim for co is struck out?

No service done

Link to post
Share on other sites

Yes what it states on the tin.....

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...