Impact of placing a charge on a property.

[GT03ROB]

Say one was to secure through the courts the right to place a charge on a property for the payment of outstanding debts, what is the practical impact of this on the person who owes the debt? How does it assist you secure payment. I understand that if they come to sell the property they have to cough up at that time, but if they have no intent to sell in the forseeable future how does it make a practical difference?

[vescaegg]

If a charging order has been secured against a property, a creditor can then apply to the courts to force the debtor to sell the property. Court can grant this and the debtor will get a certain amount of time to pay up or get out basically.

[GT03ROB]

Thanks

[blueg33]

vescaegg said:

If a charging order has been secured against a property, a creditor can then apply to the courts to force the debtor to sell the property. Court can grant this and the debtor will get a certain amount of time to pay up or get out basically.

I suspect that this wont work if the property is in joint ownership though