Destinago
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I think I would have a good case for forcing a sale. Other attempts to obtain payment have proved fruitless given the inadequacy of current legislation. But it would be pointless forcing a sale if the house was in negative equity - which is why knowing the size of the mortgage would be useful. As for the costs, couldn't I add these to what I'm owed? If true this is bad news. I thought the benefit of putting a charge on a property was that the owner could not sell it without the permission of the charge holder. Is that not the case? It would be pointless if the debtor can sell whenever he likes - even at a loss. The bank will be well placed to pursue him for any shortfall in the mortgage repayment. But I would have to start from scratch. Is that not so?
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I obtained a charging order in the high court on a debtor's rental property (ie not his home). The mortgage company have first charge. The property may be in negative equity, but house prices are currently increasing. 1 - Is either creditor obliged (or likely) to inform the other how much they are owed? This would obviously help in deciding whether to force a sale. 2 - Can either creditor force a sale against the wishes of the other? 3 - Can either creditor stop a sale by the debtor? 4 - Until the debt is repaid I understand the charging order will stand indefinitely. Will the statutory 8% interest also run indefinitely? Thanks.
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