Property purchase with secured CCJ's
Discussion
Dont suppose anyone could offer me any advice before I make an offer on a property?
A vacant property has come up for sale that im interested in that has been to auction and didnt meet reserve and is now being marketed by agents.
Im very interested and have done some digging regarding a commercial tie that im happy with however having downloaded a copy of the land registry details there are 6 county court judgements secured on the property.
The property was purchased in joint names of a couple (appear to be unmarried) in 2006 however things appear to have gone a bit pear shaped in 2009 as 6 charges were placed on it by various banks up until 2011 all in the name of the female not the male owner. The property has been repossessed and is being sold by the bank however neither the auction house nor the agents appear to be aware of the CCJ's.
So my question; would i need to get my solicitor to remove the charges from each creditor prior to purchase or would the bank selling the property have taken steps to notify the various creditors as the charges state it cannot be sold with written consent?
A vacant property has come up for sale that im interested in that has been to auction and didnt meet reserve and is now being marketed by agents.
Im very interested and have done some digging regarding a commercial tie that im happy with however having downloaded a copy of the land registry details there are 6 county court judgements secured on the property.
The property was purchased in joint names of a couple (appear to be unmarried) in 2006 however things appear to have gone a bit pear shaped in 2009 as 6 charges were placed on it by various banks up until 2011 all in the name of the female not the male owner. The property has been repossessed and is being sold by the bank however neither the auction house nor the agents appear to be aware of the CCJ's.
So my question; would i need to get my solicitor to remove the charges from each creditor prior to purchase or would the bank selling the property have taken steps to notify the various creditors as the charges state it cannot be sold with written consent?
As far as am I am aware CCJ's are attached to a person and not a house - so by the sounds of it these CCJ's will have no impact on the house.
However I think a property can have a 'charge' registered against it so you may neesd to clarify what is coming up on ypour search.
I am by no means an expert so would stand to be corrected on the above.
However I think a property can have a 'charge' registered against it so you may neesd to clarify what is coming up on ypour search.
I am by no means an expert so would stand to be corrected on the above.
fizz47 said:
As far as am I am aware CCJ's are attached to a person and not a house - so by the sounds of it these CCJ's will have no impact on the house.
However I think a property can have a 'charge' registered against it so you may neesd to clarify what is coming up on ypour search.
I am by no means an expert so would stand to be corrected on the above.
These are charges secured on the property becuase the CCJs have not been paid by the proprietors.However I think a property can have a 'charge' registered against it so you may neesd to clarify what is coming up on ypour search.
I am by no means an expert so would stand to be corrected on the above.
That was my thinking muncher.
All charges state "restriction: no disposition of the registered estate, other than the disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that writtern notice of the disposition was given to - creditors name"
Im not entirely sure what the above means but my feeling was that I would need to get my solicitor to write to each creditor and have the charge removed due to repossession by the original lender. I guess i may be asked to cover the costs of removing that charge by the third parties?
The current sale price is almost half was was paid in 2006 so my assumption at the moment is that the sale price wont cover the debts secured on the property.
All charges state "restriction: no disposition of the registered estate, other than the disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that writtern notice of the disposition was given to - creditors name"
Im not entirely sure what the above means but my feeling was that I would need to get my solicitor to write to each creditor and have the charge removed due to repossession by the original lender. I guess i may be asked to cover the costs of removing that charge by the third parties?
The current sale price is almost half was was paid in 2006 so my assumption at the moment is that the sale price wont cover the debts secured on the property.
So some digging on the web appears to suggest that.
The property was in joint names and the CCJ's in one name; this means that they are restrictions and not charging orders.
The owner (repossessing bank) will need to provide notice to the creditors and give an undertaking to my solicitor that the creditor has been notified and that the restriction will become void on purchase. This will fulfill their legal obligations and it is then up to the creditors to act before completion takes place.
Looks like its less onerous for me as a purchaser and explains why they would like a swift completion into order to restrict the amount of time the creditors have in which to respond.
The property was in joint names and the CCJ's in one name; this means that they are restrictions and not charging orders.
The owner (repossessing bank) will need to provide notice to the creditors and give an undertaking to my solicitor that the creditor has been notified and that the restriction will become void on purchase. This will fulfill their legal obligations and it is then up to the creditors to act before completion takes place.
Looks like its less onerous for me as a purchaser and explains why they would like a swift completion into order to restrict the amount of time the creditors have in which to respond.
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