Charging Orders ( Restrictions )

[macca1858]

I own a property with my father and I am having to sell ( mortgage expired and cannot get a new one ).

On my beneficial half I have charging orders ( called restrictions on land registry search )

There is insufficient fund to clear these from my half and getting mixed messages if I can continue to sell .

Also two of the charging orders have been issued by Northern Rock Personal loans and Egg .

They have sold the debt on and from what I am told Northern rock and egg no longer have a beneficial interest in the property via the restriction so I am told I can apply to get these removed by land registry .

Any experience / advice

[Amethyst]

Re: Charging Orders ( Restrictions )

You should first check the status of the restriction (charge) on your account. You can check details of charges on property online through the Land Registry website www.landregistry.gov.uk which costs around £3. (site seems to be down at the moment)

When were the charging orders (restrictions) applied to the property?

You can apply to the Land Registry to have the restriction removed, they will ask the owners of the charge for their agreement, this would be the best way to deal with it IMO, particularly as the debts been sold on without amending the charge (presumably) but others may have different views.

However, as far as I am aware, the restriction doesn't affect you selling the property, you would need to inform your buyers solicitors of the restrictions (and this can cause issues sometimes with putting a buyer off) If you do find a buyer, then the new buyers or their solicitor write to the creditor informing them that they now own the property and then confirm to the Land Registry that they have given notice and the restriction is removed. The creditor (so Egg / Northern Rock) would get a notice telling them the property's been sold (from the new buyers/solicitors) and the restrictions been removed. As they have sold the debts on then its doubtful if they would be at all fussed.

[Guest]

Re: Charging Orders ( Restrictions )

You should first check the status of the restriction (charge) on your account. You can check details of charges on property online through the Land Registry website www.landregistry.gov.uk which costs around £3. (site seems to be down at the moment)

When were the charging orders (restrictions) applied to the property?

You can apply to the Land Registry to have the restriction removed, they will ask the owners of the charge for their agreement, this would be the best way to deal with it IMO, particularly as the debts been sold on without amending the charge (presumably) but others may have different views.

However, as far as I am aware, the restriction doesn't affect you selling the property, you would need to inform your buyers solicitors of the restrictions (and this can cause issues sometimes with putting a buyer off) If you do find a buyer, then the new buyers or their solicitor write to the creditor informing them that they now own the property and then confirm to the Land Registry that they have given notice and the restriction is removed. The creditor (so Egg / Northern Rock) would get a notice telling them the property's been sold (from the new buyers/solicitors) and the restrictions been removed. As they have sold the debts on then its doubtful if they would be at all fussed.

Yes that is the way I understand it to. The restriction is only of concern if there are new beneficial interests in a registered estate,(new charges). It the estate is being sold , all charges will have to be settled on point of sale.