How to apply for an Order for Sale

[charlie2006]

Hi

I'm new here, I hope someone can help with my question.

A couple of years ago i loaned some money to a friend. I obtained a second charge on a property owned by my friend (but not occupied by my friend). I have now found out that my friend has been made bankrupt and is no longer in control of the property. I want to protect my interests and get the property sold as soon as possible and get my loan repaid.
Does anyone know how I go about this, do I have to apply to the court to put it on the market, if so how? Do I have to involve a solicitor in this process. I realise there is a first charge on the property but in my experience lenders are very slow to take action in these matters. Who pays the agents and legal fees if it was sold?

Any advice would be much appreciated.

Thanks

[Amethyst]

Re: How to apply for an Order for Sale

Who is in control of the property now?

[charlie2006]

Re: How to apply for an Order for Sale

Hi

i assume it would be the Official Receiver.

Thanks

[Amethyst]

Re: How to apply for an Order for Sale

I would think you need to speak to them in that case. You hold a second charge on the property and it isn't the bankrupts family home so things should be dealt with quite quickly. I'm sure there was on judgment on just this subject in the last week or so but I can't find it right now, if I remember where it is I'll let you know, but I do think your first step is speaking to the OR.