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T O P I C R E V I E W
tokun
Posted - 20 August 2008 : 06:05:36 someone owes me £20000 secured on his property in the UK but has simply refused to pay it back. He relocated to Nigeria to avoid payment but his property remains
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John
Posted - 20 August 2008 : 08:48:58 Hi I presume you mean you have a charge on the property for £20K. The same would apply to you as with any other chargeholders of the property including mortgage lender etc, provide the mortgage repayments are made the only time your payment can be enforced is when the property is sold.
If the mortgage is in default and repossession ensues, the property will be sold at auction (usually around 70% of market value) and the charges will be settled in order of priority until the sale funds are exhausted.
If this leaves a shortfall and your charge is not paid, the debt to you becomes unsecured. If the debtor were then to file for bankruptcy I'm afraid your money is lost.
