Quizzes & Puzzles4 mins ago
Charging orders on jointly owned property
4 Answers
I own a property jointly there is a charging order on it for a debt in my name. The debt is nothing to do with my co-owner can the creditor stop the sale if the debt is nothing to do with my co-owner
Answers
Best Answer
No best answer has yet been selected by tottenham598. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The charging order will only apply to your beneficial interest.
When the sale goes through the secured creditors will be paid in the order they registered their charges (so the mortgage provider will be paid first). If there is not enough to clear the mortgage then the other secured creditors won't be paid. (The mortgage company and other creditors can of course still use any of the other available methods of enforcing any outstanding debt).
The creditor can't prevent the sale from going ahead.
When the sale goes through the secured creditors will be paid in the order they registered their charges (so the mortgage provider will be paid first). If there is not enough to clear the mortgage then the other secured creditors won't be paid. (The mortgage company and other creditors can of course still use any of the other available methods of enforcing any outstanding debt).
The creditor can't prevent the sale from going ahead.
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.