Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

By nickyh60
#201093 I jointly own a property with my ex partner which has been rented out since we split.

I recently received a letter dated 16th May stating that an application for a charging order has been received for a £12k unsecured Natwest loan in my ex partner's name. Is it likely that they will force us to sell the house if the charging order is granted?

Similar properties are going for 140-145k and our mortgage is almost 140k inc redemption penalties so there is no equity in the house for them to take!

I've been to the CAB who have said that I should either put the house up for sale or allow it to be repossessed. My mortgage rate is due to go up in Jan 09 from 690 to 910 and there is no way for me to make the shortfall (my ex hasn't paid a penny toward the property since I left over 2 years ago). With my ex's bad credit history, it is unlikely that we would get a good deal anywhere.

My tenants want to buy the house but can't get a big enough deposit together -is there any way we could transfer the mortgage to them and how much would this likely to cost?

If I just stopped paying the mortgage, how long before NR repossesses the property? Would i then be best to apply for bankruptcy?

Sorry for rambling-I'm just so confused with it all!
By Johnny Debt
#203623 Having a charge place on the property does not mean that they will force a sale on the property. They can force a sale, but may not. Besides in this current financial climate they may not do that.

The charge holder will though if they do not force a sale expect some form of monthly payment.

I take it that your ex-partners name is on the title?
By disneylover43
#203624 Hi,i got a charge on my house,but the judge made it very clear that she would never agree to force sale to get them their money back,so we were are not at all worried about this,i was told that the only way judge would agree to force sale is if you were planning on disappearing and the creditor got wind of it
By spunkymonkey
#203629 i had 5 charging orders on my house. i have SOLD it AND PICKED UP A CHEQUE FROM THE SOLICITORS. i cleared the mortgage only.
i had 3k equity which went on solicitors fees, my wife had the cheque for her equity for 3k. the co's totalled 45k. i had to prove my NEW ADDRESS so as they could contact me to come to an arrangement for the rest of my debt.
NOW I WILL GO BANKRUPT. LIFE IS TOO SHORT TO WORRY PEOPLE.
IT CAN BE DONE