Debt charge

[Percy2110]

Good morning
if I remortgage my house and there are charges on it do I have to pay off the charges, the house is not being sold only remortgaged and 1 of the charges is to a business who no longer exists so what about that charge . I hope someone has an answer I’m in a pickle

many thanks

Percy

[Percy2110]

Is a final charge the same as a charge ? What’s the difference please

thanks

Percy

[atticus]

What are the terms of your mortgage offer? Does the lender require all existing charges to be cleared?

Can your lender be given a first charge without the others being cleared?

[Percy2110]

Good morning Atticus

Thanks for the reply

i haven’t got that far in asking yet because I needed some advice first before I took the plunge and panicked over how I would be able to repay the charges in the first instance, but then I thought yesterday that as I’m not actually selling the house but re mortgaging then there might be some Lee way? I do intend to pay the debts and I did not actually know that I had some of them, I worked overseas for a long time and my wife took care of everything it’s only lately that I have had to deal with things due to my wife being so poorly and unable too hardly anything , not that’s it an excuse as I love her dearly. Also one of the charges is to accompany that no longer exists so I expect that this is not possible to pay?

I shall ask the broker if it’s possible to do as you have suggested and take it from there .

i don’t know where people like myself would be without a website such as this I really don’t .

regards

Percy

[Percy2110]

Good morning

I have a charge against my house which is 20 yrs old? I need to sell or remortgage but can’t trace this company I owe the money too because they no longer trade having ceased trading over 5 years ago, they can’t be contacted despite exhausting attempts.

how can I have the charge removed to move forward

[Percy2110]

Apologies i should have been more clear, i have a debt charge registered against my home with the land registry, the company that the debt is owed to no longer exists in any shape or form and there is no contact details for it, the debt is @ 20 yrs old. Can i apply to have this debt charge removed in order to remortgage or sell my home?

[atticus]

Can you please post the exact terms of the Restriction entered on your title at the Land Registry.

[Percy2110]

RESTRICTION: No disposition of the registered estate

is to be registered without a certificate signed by the

applicant for registration or his conveyancer that written

notice of the disposition.

the problem is that this company no longer exists it stopped trading 10 yrs ago and there is no contact details at all for it.

so how can I lift the restriction ? I can’t discharge the debt

[PallasAthena]

Looks like a Form K restriction but please can you tell us what the full wording says after "notice of the disposition". The name of who the notice has to be given to etc

Apart from the fact that you can't locate the company that has now gone out of business did you find out from your mortgage broker whether the lender had any issues with this? A Form K doesn't require you pay the chargeholder, nor get the chargeholder's permission, merely that you have to notify them, although not all mortgage lenders and conveyancers understand this.

Approximately how much do you owe this company?

You say the company is no longer trading but that doesn't necessarily mean it no longer exists. Have you checked the Companies House register? Does it list the company and show its Company Status as "Dissolved"? Find and update company information - GOV.UK

[Pezza54]

Please read government guidance "Send money to the Crown under a bona vacantia mortgage/charge (BVC5)" at www.gov.uk

Guidance is provided on how to repay a charge that was due to a dissolved company and is now due to the Crown

[atticus]

You have not quoted the complete wording of the restriction.

Does this help? https://legalbeagles.info/forums/for...-k-restriction

[Percy2110]

RESTRICTION: No disposition of the registered estate

is to be registered without a certificate signed by the

applicant for registration or his conveyancer that written

notice of the disposition was given to Dorma Therm

International at Thring Townsend Lee & Pembertons

Solicitors of The Paragon, 32 Counterslip, Bristol BS1

6BX being the person with the benefit of an interim

charging order on the beneficial interest of (myself)

[atticus]

That restriction does not prevent you from remortgaging, unless your new lender requires all existing charges to be cleared.

The wording tells you what to do when you sell: see the post to which I have given a link.

[Percy2110]

Thanks for the reply it’s appreciated , I did apply to the land registry and supplied them with the details that this company is no longer operating and that it has no forward details of any kind , also the solicitors that acted for them is also defunct and I sent the companies house details regarding both firms showing that they were both no longer trading and the that I have not discharged the debt because I cannot contact the relevant company or legal form to do so , the land registry want to see if it has been discharged before they lift the charge , it just goes around in circles and now I shall have to get a solicitor onto the job as I am getting nowhere , any ideas as to how to resolve this?

[atticus]

But you did not do as advised. Read the post in my other thread again.