Interim charging orders

[DDhelp]

Hi all

 

I would be grateful for advice on the following -

 

I share joint ownership of former matrimonial home with ex wife who signed her equity over to me as part of the divorce consent order agreement.

Mortgage lender has agreed transfer of title to me but she has to stay on the loan.

 

I have interim charging orders on the property for debts that were in my sole name.

They are shown as restrictions against my equity

 

 

my concern is once I own the title could the restrictions easily become full charging orders?

 

I have remarried and would like to get my new wife onto the title.

As I have a ccj outstanding the bank won't remortgage us jointly and I don't want a new mortgage as we might want to move next year and most adverse credit mortgages lock you in for the first two years.

 

Wording of restrictions is

 

No disposition of the [registered estate or registered charge dated [date] is to be

registered without a certificate signed by the applicant for registration or his

conveyancer that written notice of the disposition was given to [name of person

with the benefit of the charging order] at [address for service], being the person

with the benefit of [an interim]or [a final] charging order on the beneficial interest

of [name of judgment debtor] made by the [name of court] on [date] [Court

reference

 

Thanks

[DDhelp]

Can anyone recommend a really hot solicitor who specialises in charging orders and civil litigation please? probably best by PM

 

Thanks

[DDhelp]

(04.12.2006) RESTRICTION: No disposition of the registered estate is to

be registered without a certificate signed by the applicant for

registration or his conveyancer that written notice of the disposition

was given to Egg banking PLC (Co. Regn. No. 02999842) at Pride Park,

Riverside Road, Derby DE99 3GG (A/c Ref: xxx being the

person with the benefit of an interim charging order on the beneficial

interest of xxxx

 

I have four of these dated 2006/7 and they are restrictions because my ex wife is joint owner of the property.

 

What happens to these restrictions if I-

 

1. Have title transferred to me as sole owner?

 

2. Remortgage in joint names with new wife?

 

3. Sell the property and buy a new one in joint names?

 

Thanks

[AndyOrch]

You must settle the debts first for all three options.

 

Regards

 

Andy

[DDhelp]

Thanks for your response Andy but my understanding is that this is incorrect. A restriction in itself will not prevent a sale see

www bllaw co uk article

 

Once the property is transferred to me I can see that the situation will change as my share becomes 100% but I am not sure about the practicalities of this. All the original debts have been sold on and the charges were taken by the original creditor. How on the ball are DCA likely to be? will the spot a transfer and act? Egg debts sold to Barclaycard, HFC has been sold to Lowell

 

Thanks

[steampowered]

The wording of the restriction seems pretty clear to me. It says no disposition of the registered estate is to be registered without the signed certificate. All three of the options you described are dispositions and all three would need to be registered.

 

Please review information provided by the Land Registry here: http://www.landregistry.gov.uk/professional/guides/practice-guide-19 and here: http://www.landregistry.gov.uk/public/guides/public-guide-23a.

 

"P9: Will the restriction entry stop me from selling or mortgaging my property?

A9: Not necessarily. The restriction will not stop you from selling or mortgaging, provided that its terms are complied with (if they apply). It would however be up to a buyer or a lender to decide whether to proceed if there is a restriction on the register."

 

There is a line of thought suggested here and elsewhere that you can sell property despite the existence of a restriction, with the restriction getting overreached by the sale. This is a bit theoretical because (1) it has to be a full-value sale not a family transfer; (2) I do not think many buyers would be willing to take the risk and would instead ask that the restriction is removed as solicitors would generally advise against proceeding; (3) unlikely a bank would be willing to accept the restriction for a mortgage.

 

Of course the restriction says nothing about timing, so I guess you could give the notice and have full title transferred to yourself before Egg have a chance to react... this may lead to legal action against you (since you would have acquired the interest which is subject to a charge) and wife would have to be satisfied with the fact she would then have no interest in the property whatsoever but that is the risk you take.

[AndyOrch]

I was referring to points 1&2 in reality DD...... not actually selling the property.

[DDhelp]

I have an interim charging order from Egg (2006) which shows on my deeds as a restriction on my equitable interest in the property, which is jointly owned with a non debtor, my ex wife

 

Egg sold my account to Barclaycard - will they have re assigned the interim order to Barclaycard as part of the deal?

 

How easy would it be for Barclaycard to convert the interim order into a full order?

 

Thanks