Restrictions vs Charging Orders ? Advice greatly appreciated. Thanks

[RobFunky]

Hi Everyone,

 

I am seeking some help or advice from anyone who has in depth experience of Charging Orders as opposed to Restrictions on house title deeds, and how I can sell my half of a property without giving my equity to the vultures.

 

My Situation:

Joint owner of ex property with my ex wife (joint names on property deeds)

Divorced amicably in 2017

Divorce settlement included keeping 50% of the marital home, until one of us was ready to sell to the other ).

 

The time has now come for my ex and her new husband to buy my half of the property.

However, I have several large Restrictions (or charging orders?), solely in my name. I was led to believe by the debt claimants that they were charging orders.

 

Having examined the title deeds, all 3 are ALL listed as RESTRICTIONS.

 

They are all worded like this. All 3 are registered in 2207 or 2008.

• (01.10.2007) 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 XXX Services Limited at care of XXX Solicitors, XXX xxx, being the person with the benefit of an interim charging order on the beneficial interest of Mr XXX XXX made by the Stockport County Court on 20 September 2007 claim number xxxxx

 

Now, I remember reading an old post a while back that said if it is a RESTRICTION it is not the same as a FULL Charging Order ?

PLEASE CAN ANYBODY PLEASE CONFIRM IF THIS IS THE CASE having read the wording above ?

 

I also read that you / your solicitor are under no obligation to pay the restrictions / orders from the proceeds of the sale.

PLEASE CAN ANYBODY CONFIRM IF THIS IS CORRECT ?

 

If there is anyone out there who has been in a similar situation and can offer practical advice on the process of selling my half of the property,  without giving up the equity to the vultures, I would truly truly appreciate any help or advice. Or maybe even point me in the direction of a solicitor they have used successfully ?

 

Also, if there are any solicitors reading this who can help / act on my behalf, please do get in touch.

 

Thank you all in advance, and Happy New Year to you all.

 

All advice gratefully received.

[dx100uk]

you are correct 

you do not need a solicitor

 

all the buyers solicitor simply needs to do is to write to the named restriction holders and tell them you interest in the home has been sold.

 

Remortgage issue - Mortgages and Secured Loans - Consumer Action Group

 

Lowell interim charging order from credit card debt 2009 - General Debt Issues - Consumer Action Group

 

Advice required re: charging order - General Debt Issues - Consumer Action Group

[RobFunky]

dx100 thank you for the reply. Very much appreciated.

 

is it just the buyer that needs to employ a solicitor ?

Do I not need one too, as the seller ?

 

If it is the buyers solicitor who deals with the restrictions,

I am worried that he might employ a solicitor who doesn't know the difference,

who just pays the vultures outright !!!

 

Please forgive my ignorance. 

Thanks in advance.

[dx100uk]

thats what i meant by you don't need a solicitor ...if the ex's one knows his onions, which they should do, that might negate your need for one, as i believe there is no normal conveyancing role here to perform simply one of the removal of your interest in the property.

 

With a Restriction K many conveyancers believe is the same as a full charging order, but the terms of the Restriction only require the conveyancer to certify that they will inform the holder of the Restriction of the sale.