our house

[kilasuit]

Re: our house

The arrears pf £30 a month is too much for us to manage we did tell the mortgage company that we needed it to be less but they said NO , i am thinking more like £10 off the arrears which would be better .

Can you not ask for the term to be extended to lower the normal payments to a level that allows the arrears to still be paid of at the level they are now???

[Spent2much]

Re: our house

The arrears pf £30 a month is too much for us to manage we did tell the mortgage company that we needed it to be less but they said NO , i am thinking more like £10 off the arrears which would be better .

[Spent2much]

Re: our house

I just want to say thank you to you all for guiding me through this i appreciate it a lot and feel much more positive now and glad i listened and we are now keeping our lovely home.

The problem of this months mortgage is still here though as we won't have the full amount and they are xpecting full payment plus £30 arrears .

[Spent2much]

Re: our house

Do you mean the CCJ still only says £1 a month and the increase was volunteered by PayPlan but the original order was not varied upwards Because if that's the case then maybe you don't need be apply for a redetermination on that one and you could go back to paying the £1. Someone on here will help because this is not my subject area

I think this is what happened ,but thiniking about it i now feel that payplan who helped me fill in the form for the ccj actually told me to put down £3.89, i could always ask the dca who have the account they should know what the ccj was set at .

[PlanB]

Re: our house

just received the form for the variation on the charge, hubby is going to ask for it to be reduced to £1 we need all the money we can free up to pay the mortgage. Also not sure if anyone read what i said about the ccj which is mine, but this was only a £1 a month when the ccj was granted but when we started the dmp with payplan they offered them £3.89 , i may apply for this to reduced to be on the safe side i think.

Do you mean the CCJ still only says £1 a month and the increase was volunteered by PayPlan but the original order was not varied upwards Because if that's the case then maybe you don't need be apply for a redetermination on that one and you could go back to paying the £1. Someone on here will help because this is not my subject area

[Spent2much]

Re: our house

The form has some questions i would like opinions on how to answer please ?

We are in arrears with our NIC also the water rates and the water company have reduced the monthly installments to £20 until a four month review , shall i put down the arrears on both and the reduced amount we pay, we no longer pay NIC as the business does not make enough , but we still hav arrears until we get a reply from NIC to see if they will take any off .

Also shall i cancel this months payment via payplan which is £27.77 and enclose a £1 postal order with the form which has this option , does this show willing ?

[Spent2much]

Re: our house

Hopefully all this will be completely redundant information for S2M who we will help fight to keep her home and not sell it, and certainly not get it repossessd. That's the plan anyway

just received the form for the variation on the charge, hubby is going to ask for it to be reduced to £1 we need all the money we can free up to pay the mortgage. Also not sure if anyone read what i said about the ccj which is mine, but this was only a £1 a month when the ccj was granted but when we started the dmp with payplan they offered them £3.89 , i may apply for this to reduced to be on the safe side i think.

[PlanB]

Re: our house

Hopefully all this will be completely redundant information for S2M who we will help fight to keep her home and not sell it, and certainly not get it repossessd. That's the plan anyway

[Never-In-Doubt]

Re: our house

I speak from personal experience as a purchaser whose solicitor refused to complete on a tansaction until all charges were removed.

Ahh but you need to check this before you appoint a conveyancor you see. So in theory, in this day and age if you ever appoint one always check how they're prepared to deal with things - just in case

I know you know your beans so I am not teaching you to suck eggs, I am just saying it's a fine line and a hard one to make the right call on - I am not suggesting it is easy, it should be, but I bet it aint... You can confirm this, I can't so I'll go with you on it

In my case the vendor was in negative equity and couldn't pay the creditor the sum due (£1,500 approx) out of the proceeds of the sale. So she reduced the sale price of the flat accordingly and I (the purchaser) paid the creditor direct on completion.

Ahh see, similar to what I was trying to imply above - basically there are ways around it but still you as the purchaser instruct your solicitor, they cannot tell you what to do - you tell them, 'send this to LR as it is' and they must do it. You would draft up the document, to make life easier for the seller... But for the same respect we seen with the case linked above, most won't get involved usually due to lack of knowledge and as you correctly say, the risk that they'd be liable if it went wrong

My contribution is made so as not to raise the expecations of S2M who is weighing up her options

Totally agree.... Thanks for bringing this to the table, always best to see both sides of things.

Thanks planB

[PlanB]

Re: our house

I speak from personal experience as a purchaser whose solicitor refused to complete on a tansaction until all charges were removed. In my case the vendor was in negative equity and couldn't pay the creditor the sum due (£1,500 approx) out of the proceeds of the sale. So she reduced the sale price of the flat accordingly and I (the purchaser) paid the creditor direct on completion.

This happened because the mortgage providor would not release the funds unless the property was free of all charges on completion. It's a standard condition in all mortgage contracts. Obviously with a cash buyer it could be different. But 90% of property transactions involve a mortgage lender these days.

My contribution is made so as not to raise the expectations of S2M who is weighing up her options on how to manage her unsecured debts, her CCJs, her mortgage and her struggling business. She's receiving some benefits and it seems every penny counts with her budget. I feel it may be unwise to feel overly confident that she can rely on the £6,000 debt evaporating on the sale of her home. Because if her husband (it's his debt) starts work again the creditor could pursue him for an attachment of earnings.

The OP's home is possibly in negative equity.

[Never-In-Doubt]

Re: our house

My point is that the purchaser's solicitor will mostly refuse to complete unless all charges are guaranteed to be paid and removed on completion. It's not only the vendor's solicitor who has to be willing to co-operate it's the other party to.

But the charge does not have to be paid, usually in such cases you would request that the purchaser solicitor write to the Land Registry confirming that their client now owns the house, hence the charge is released.

You're looking too deep into this, point is the process is easy and any good solicitor will tell the purchasers the process, ie it does not affect them in any way whatsoever so stop stressing kinda thing.

Beaumont Legal is one of the biggest conveyancors that do it near me.... Basically to release the restriction you need to let the purchaser know early doors and consider knocking the price of sale down or offer a cash incentive for them to request that their solicitor send the notice in. The seller doesn't need to do much, it is all down to the purchaser in reality!

The debtor and his joint owner’s freedom to sell the property is not affected by such a restriction. They could sell the property as if there was no charging order against the debtor. All that was required was that the new buyers or their solicitor write to the creditor informing them that they now owned the property and then confirm to the Land Registry that they had given that notice. Then the buyers could register the property with no further complications. The creditor, who is sitting back, waiting to get paid, instead just receives a letter confirming that a sale has already taken place, typically a week or two after the sale so there is little they can do to get the debt paid. In theory the creditor could apply for a freezing order against the debtor to try and obtain the cash from the sale proceeds. However, most creditors will never make such an application:

The cost of applying for such a freezing order would run into thousands of pounds. The debtor might have spent the cash from the sale of the property before the freezing order was obtained, so there is little, if anything, for the freezing order to bite on.

[PlanB]

Re: our house

My point is that the purchaser's solicitor will mostly refuse to complete unless all charges are guaranteed to be paid and removed on completion. It's not only the vendor's solicitor who has to be willing to co-operate it's the other party to.

Google is full of frustrated sales as a result. In an ideal world it would be different.

[Never-In-Doubt]

Re: our house

Indeed FP, but the conveyencor was at fault.

Niddy summed it up in post 138.

I posted this in post 138 ---> http://forums.all-about-debt.co.uk/s...&postcount=138

But the main point here, which is what matters I guess, is this part:

All you need to do is notify the chargee (whoever has the CO/restriction) that you're disposing of the asset which can be done at the point of exchange. It does not affect the sale of the house.

Yes it can be done

[vint1954]

Re: our house

But the restriction will show up at the legal searches stage during conveyancing, and the buyer's solicitor will often refuse to exchange/complete on the sale unless the vendor's solicitor gives an legal undertaking that the debt will be satisfied on completion. The solicitor (for the vendor) will then refuse to give an undertaking (which is legally binding on his firm) unless he has his client's instructions to pay the creditor.

But if you've seen it done dozens of times please PM me the law firms who'll do it so I've got them on my speed dial if ever I need one, and I won't have to eat my hat

PlanB,

You just need to google it.

The notes above, come from HMRC website. Land Registry have also confirmed that all they need to remove the restriction, is a certificate from the sellers solicitor, confirming that the interested party has been informed of the sale.

You don't need a genius solicitor, just one that knows the law and how to apply it. This is not doddgy dealings.

The wording on restrictions is fairly strict.

And indeed, if you google it, it will come up on may websites, which is where I found it, not through knowing loads of solicitors who will do it.

[vint1954]

Re: our house

Yes, but not always easy to get your conveyancer to handle appropriately ---> allaboutFORUMS

Indeed FP, but the conveyencor was at fault.

Niddy summed it up in post 138.