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Im trying to find out which charge takes priority if an unregistered non-domestic property is subject to 2 charges.
The first charge failed to register their charge, but the 2nd charge registered theirs.
The first charge appointed receivers to dispose of the property, and were paid in full from the proceeds of sale, but a shortfall in favour of the second charge resulted. There were no court proceedings as the property was non-domestic.
The second charge obtained a charging order against the mortgagor's domestic property for the shortfall.
Im sure that Ive read somewhere that regardless of when a charge is created the charge that is registered first takes priority.
Can anyone enlighten me please?
The first charge failed to register their charge, but the 2nd charge registered theirs.
The first charge appointed receivers to dispose of the property, and were paid in full from the proceeds of sale, but a shortfall in favour of the second charge resulted. There were no court proceedings as the property was non-domestic.
The second charge obtained a charging order against the mortgagor's domestic property for the shortfall.
Im sure that Ive read somewhere that regardless of when a charge is created the charge that is registered first takes priority.
Can anyone enlighten me please?
