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I am asking this on behalf of a friend of mine, a clergyman.
My friend considers he is owed money by B. He has not yet issued proceedings for recovery. In the meantime, B has 'skipped' overseas.
However, B owns an investment property in the UK worth £500k. There is a £300k mortgage and hence £200k equity. The amount owed to my friend is around £5k.
I have two questions:
1. It will take at least a couple of months for the proceedings against B to conclude. In the meantime, is there anything my friend can do to prevent B transferring the property to someone else?
2. Assuming my friend wins his claim, how does he get his hands on some of the equity in the property? Would the court order the property be sold, or would he have to content himself with a second charge on the property? That would be unsatisfactory, as it might be decades before the property is sold.
My friend considers he is owed money by B. He has not yet issued proceedings for recovery. In the meantime, B has 'skipped' overseas.
However, B owns an investment property in the UK worth £500k. There is a £300k mortgage and hence £200k equity. The amount owed to my friend is around £5k.
I have two questions:
1. It will take at least a couple of months for the proceedings against B to conclude. In the meantime, is there anything my friend can do to prevent B transferring the property to someone else?
2. Assuming my friend wins his claim, how does he get his hands on some of the equity in the property? Would the court order the property be sold, or would he have to content himself with a second charge on the property? That would be unsatisfactory, as it might be decades before the property is sold.
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