Charging Order

[GypsyGSD]

Company a had registered unsecured debt on property with land registry company b bought debt does the courts decision pass to company b or do they have to reappl y to court for new order

[factor-fiction]

I'd have thought they would just have to notify the land registry of the change of 'owner'- I see no reason why it would need to go back to court

[GypsyGSD]

To you for reply but would all the court paperwork have to be changed from company a to company b as they are two different companies

[factor-fiction]

I wouldn't have thought so, since I assume the court paperwork simply allowed A to be given some entitlement on your property at the Land Registry, and as long as A notifies the Land Reg that that has been transferred from A to B I'd have thought that would be sufficient.
But I'm not an expert so maybe there are some special considerations that someone like buildersmate may know

[scooping]

How can the debt be unsecured of it's on property with land?

[buildersmate]

I thought this might tell me, but it doesn't seem to.

http://www.landregistry.gov.uk/professional/guides/practice-guide-76#guide-mark-5

A call required to the Land Registry, perhaps. they don't bite.

Scooping: the answer to your question is that a debtor having tried various means to get his unsecured loan back can resort to the courts for a charging order. To that extent, I suppose it then has become securitised against the land.

[black_cat51]

it probably doesnt change the answer, but i'm not sure there is land - just a house. The addition of a full stop after "registry" changes the meaning.

[factor-fiction]

Some posters find punctuation difficult, black cat, so never use it. In this case i think the post is understandable

[black_cat51]

no, i agree, and i'm not just being pedantic. BM, who seems to be knowledgable on these things, specifically mentions the debt being secured on the land. I just wasn't sure if it would be different if the question was read another way and there was no land.

[buildersmate]

Black Cat. The Land Registry holds the records of land. The fact that a house may or may not exist on the land doesn't change anything. You can't own the house as freehold without owning the land under it!

So I'm using the term land because that's what the title register does - show ownership of the land.

The value of a piece of land is determined by where it is and what's been developed on it.

[black_cat51]

gotcha, thanks :)