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Stuart J
Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 20067
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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I have four interim charging orders for personal debts on a

Customer Question

I have four interim charging orders for personal debts on a jointly owned property totaling £40k. They are shown as restrictions on the title deeds against my share of the property. Interim orders were granted in 2004.

My ex wife is the joint owner of the property in question and she is about to transfer her share to me. Once the creditors with interim orders are informed of this is it likely to encourage them to go for full orders?

I remarried 3 years ago and have a 3 year old daughter. The mortgage lender can't decide whether to take my ex of the mortgage or to just transfer title to me whilst leaving her on.

What can I do to protect my new wife's interest in the property? Would remortgaging in new joint names make a difference.
Submitted: 1 year ago.
Category: UK Law
Expert:  Stuart J replied 1 year ago.


Hello, I am Law Denning and I
am a practising solicitor in a High Street practice. I have been an expert on
this website in UK law since 2008. During that time, as you appreciate, I have
answered thousands of questions from satisfied users on a variety of subjects.
Because we are all in practice with clients and court and other users, I might
not always respond in minutes, particularly evenings and weekends. Please bear
with me in that case



It is my pleasure to try and assist you with this today. Please bear with me
while I gather some further information from you in order for me to be able to
advise you fully.



Unless I
have all the facts that I need, my answer would not be accurate.



Is the ex giving you money for her share?
Customer: replied 1 year ago.

No, she agreed to transfer her interest in the former matrimonial home and I agreed to indemnify her against the mortgage, a secured loan and to repay a joint CCJ (CCJ is now satisfied)

Expert:  Stuart J replied 1 year ago.




The restriction is against your
equitable (financial) share. Your ex-wife owns half the property and because of that, your
creditors cannot have a legal charge they can only have an equitable one. A
legal charge can only cover the whole property and not half of it and as your ex
wife owns half of the property, they cannot have a legal charge. So, that explains
why it is shown as a restriction and not a legal charge.

If the whole property is transferred
to you then the charge refers to the whole property and the creditors can apply
for a legal charge to attach to the whole property.



If you take your ex-wife off and put
your new wife on directly i.e. her half of the property goes directly to your
new wife, you may possibly get round it. I emphasise, possibly.



Your new wife would have to be paying
full value for the half share of the property



If the whole property was transferred
to you and then to your new wife your creditors could probably get the transfer
to your new wife in part, set aside, because it may be seen as a disadvantage on
your creditors.



However you try to get round this, if
the court views it as a way of trying to avoid your obligations to your
creditors, they can set which ever transaction
it is, aside.



There is no guaranteed magic way of
doing it to ensure that your ex-wife's half of the property is ring fenced
apart from her keeping it herself and holding it on trust for you (you can have
a separate trust deed) until such time as your creditors have been repaid.



I'm sorry, I appreciate that this is
not the answer you wanted but there is no point in me misleading you.



Does that answer the question? Can I
assist any further?



I am happy to follow up any individual
point you make



I am online and off-line each day and
most weekends so please bear with me if I do not come back to you within
nanoseconds.



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If in ratings you feel that you expected more or it only helped a little,
please ask. Thank you.



Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 20067
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and 2 other UK Law Specialists are ready to help you
Customer: replied 1 year ago.

Thanks for your response. Would it make any difference if we remortgaged in joint names with wife instead of ex wife?

 

(04.12.2006) RESTRICTION: No disposition of the registered estate is to
be registered without a certificate signed by the applicant for
registration or his conveyancer that written notice of the disposition
was given to Eggicon banking PLC (Co. Regn. No. 02999842) at Pride Park,
Riverside Road, Derby DE99 3GG (A/c Ref: xxx being the
person with the benefit of an interim charging order on the beneficial
interesticon of xxxx

I have four of these dated 2006/7 and they are restrictions because my ex wife is joint owner of the property.

What happens to these restrictions if I-

1. Have title transferred to me as sole owner?

2. Remortgage in joint names with new wife?

3. Sell the property and buy a new one in joint names?

Thanks

Expert:  Stuart J replied 1 year ago.
1 the restrictions then apply to the whole propert because you own it all
2 They will stop the remortgage unless you pay them off or come to a deal
3 A buyer wont but with restrictions in place and even if they did they would simply apply for further order against the new property.

The sytem is designed to stop them doing just what you want to do. sorry

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