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Richard.wd
Starting Member
3 Posts |
 Posted - 26 August 2011 : 10:56:40
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| My partner has been made bankrupt a couple of years ago, she owned half a property with me. When she went bankrupt she had five charging orders on the property including the first charge (mortgage) of £144k. The other four charges were owed approx £38k, (this is the same situation now). Her half of the property, was transfered to me via the recievers for a nominal fee of £1 as it was only worth £155k (therefore negative equity). The four companies with the charging orders on the property have recently began to chase my partner again, she went bankrupt to get away from all of this, and it is starting all over again. The rest of her debts were dealt with under the bankrupcy. I dont care about the property any longer (am quite happy to hand the keys back to whoever), but I am being told that any of the four companies holding the charging orders can firstly stop the sale of the property, or if I hand it back to the building society the debt owing on the charging orders ( if not paid in full) then transfer back to my partner as unsecured loans and they start chasing her all over again, despite the fact that these debts were in existance, and the charging orders well before she was made bankrupt. How do I get this situation to a satisfactory conclusion for my partner and myself, are you able to help? |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 26 August 2011 : 17:00:12
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Hi,
apart from the 1st legal charge over the property, were any of the other charges made final charging orders prior to bankruptcy? as the normal procedure is that a company obtains an interim charging order on a property, and then at a later date can apply to the court to make the charge final essentially making it a secured charge.
If any of the charging orders were still interim charges at the time of bankruptcy(and were only in your partners name) then they should have been dismissed and reverted to unsecured liabilities.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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RHB
Senior Member
1159 Posts |
Posted - 27 August 2011 : 08:40:42
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| If they were there before her BR then if they become unsecured by you giving up the house, will fall under the bankruptcy, in other words your partner won't have to pay them. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 August 2011 : 15:16:04
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you can check with the land registry to see if they were full or interim charging orders
Good Luck Richard,
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Richard.wd
Starting Member
3 Posts |
Posted - 30 August 2011 : 13:34:50
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quote:
Originally posted by Richard.wd
My partner has been made bankrupt a couple of years ago, she owned half a property with me. When she went bankrupt she had five charging orders on the property including the first charge (mortgage) of £144k. The other four charges were owed approx £38k, (this is the same situation now). Her half of the property, was transfered to me via the recievers for a nominal fee of £1 as it was only worth £155k (therefore negative equity). The four companies with the charging orders on the property have recently began to chase my partner again, she went bankrupt to get away from all of this, and it is starting all over again. The rest of her debts were dealt with under the bankrupcy. I dont care about the property any longer (am quite happy to hand the keys back to whoever), but I am being told that any of the four companies holding the charging orders can firstly stop the sale of the property, or if I hand it back to the building society the debt owing on the charging orders ( if not paid in full) then transfer back to my partner as unsecured loans and they start chasing her all over again, despite the fact that these debts were in existance, and the charging orders well before she was made bankrupt. How do I get this situation to a satisfactory conclusion for my partner and myself, are you able to help?
Hi thanks for your reply.
All four of the charging orders have been made final, and I think they were made final before the bankrupcy order. I have a copy from land registry with charging orders on it and the four dates are all prior to the bankrupcy date.
Am unsure how to proceed to resolve this situation, any thoughts would be welcome.
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Richard.wd
Starting Member
3 Posts |
Posted - 30 August 2011 : 13:37:30
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quote:
Originally posted by Richard P
you can check with the land registry to see if they were full or interim charging orders
Good Luck Richard,
I have checked and they are all full charging orders. If you have any advice it would be most welcome.
Thanks,
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RHB
Senior Member
1159 Posts |
Posted - 30 August 2011 : 14:53:40
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| If they are in your partners sole name, then let the property go if you can't afford it & those orders turn to unsecured loans if there is not enough equity to pay them, & covered by your partners bankrupty. |
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How can I sort out situation of having 4 charging orders ?
