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Hi All,
Hoping you can help - I've read through several advice pages but my head is spinning.
I am looking to sell my shared ownership house, I own a 50% share which has a mortgage, second mortgage and a Charging Order (Interim according to the land registry report). The statement of affairs on my property is;
Estimated value £108k (values are based on this sell price)
Housing Association 50% share - £54k
Mortgage Balance (Registered 2014) - £44k
Second Mortgage Balance (Registered 2016) - £9k
Charging Order (Registered 2018) - £5k
I am looking to sell my house to pay off my secondary mortgage, and move into rented accommodation (Family owned) as a larger premises will be better for my family plus will reduce my outgoings. There is enough equity in the house to settle the Second Mortgage, but not the Charging Order.
The charging order was applied in Oct 2018 following a failed loan in which I was guarantor for, and is tied into a CCJ which I am currently repaying at an agreed £150 a month, and in which I have been consistent with my repayments.
My query is, this charging order was applied even though there was no equity in the house at the time of issue, and therefore should I be able to sell without having to repay this on the same pretence?
Also, am I best contacting the court to obtain a copy of the document to find if it is a final order or a Interim order? I had discussed this with my creditor, but they were uncertain on any of the details.
I am yet to begin the selling process, or contact a solicitor regarding this as wanted a better understanding of what I am dealing with to prevent any hiccups during the sale.
Extract of register below:
(XX.10.2018) UNILATERAL NOTICE in respect of an equitable charge
created by an interim chargeing order dated XX October 2018 in the
County Court Money Claims Centre under court reference XXXXXX
Thanks in Advance, and apologies if this is not posted in the correct forum.
Hoping you can help - I've read through several advice pages but my head is spinning.
I am looking to sell my shared ownership house, I own a 50% share which has a mortgage, second mortgage and a Charging Order (Interim according to the land registry report). The statement of affairs on my property is;
Estimated value £108k (values are based on this sell price)
Housing Association 50% share - £54k
Mortgage Balance (Registered 2014) - £44k
Second Mortgage Balance (Registered 2016) - £9k
Charging Order (Registered 2018) - £5k
I am looking to sell my house to pay off my secondary mortgage, and move into rented accommodation (Family owned) as a larger premises will be better for my family plus will reduce my outgoings. There is enough equity in the house to settle the Second Mortgage, but not the Charging Order.
The charging order was applied in Oct 2018 following a failed loan in which I was guarantor for, and is tied into a CCJ which I am currently repaying at an agreed £150 a month, and in which I have been consistent with my repayments.
My query is, this charging order was applied even though there was no equity in the house at the time of issue, and therefore should I be able to sell without having to repay this on the same pretence?
Also, am I best contacting the court to obtain a copy of the document to find if it is a final order or a Interim order? I had discussed this with my creditor, but they were uncertain on any of the details.
I am yet to begin the selling process, or contact a solicitor regarding this as wanted a better understanding of what I am dealing with to prevent any hiccups during the sale.
Extract of register below:
(XX.10.2018) UNILATERAL NOTICE in respect of an equitable charge
created by an interim chargeing order dated XX October 2018 in the
County Court Money Claims Centre under court reference XXXXXX
Thanks in Advance, and apologies if this is not posted in the correct forum.
