Paying off charging order/restriction & transfer of equity

[geoxxxx]

Hello
im in a situation similar whereby the people i am buying from have this issue. How long did it take to receive a settlement figure? They’ve applied for one
thanks for your help

[islandgirl]

I had a charging order on someone's property and was receiving :£100 a month. I agreed to have it removed (at debtor's cost) if I was paid the outstanding debt in full. I was, and I did. I would not have settled for anything less than the full amount - I would have kept getting the £100 and knew a lump sum would come along eventually. A big firm may have a different view.

[MagicMan71]

Hi all,
Sorry for delay. In my opinion you need to see how much is owed now. The restriction won't be lifted until the sum is paid is the usual course of things.
If you are also indicating that you are buying the other co-owner's share I suspect they won't have much sympathy if you don't clear the debt with them too.
Have you had confirmation from the mortgage lender that they will agree to the mortgage being transferred into your sole name?
The debt is almost a separate issue as far as getting it negotiated to a settlement is concerned. In any event even though the debt is yours without the restriction being removed and the mortgage lender's agreement to transferring to a sole person you can't really move forward. The restriction won't be removed by the creditor until it is dealt with I would suspect.
Sorry may not be as positive a response as you wanted.

Im no lawyer but I have done extensive reasearch into this and you CAN sell your house with a restriction on it and your not obiged to give any of the money to the Creditor. Many Lawyers seem ot not know this is the case and try to make you pay the debt.

Once the property is sold the charging order just simply falls off

[atticus]

Welcome MagicMan71 - You will see numerous recent threads here explaining the position with Form K restrictions.