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F E Smith
F E Smith, Solicitor
Category: UK Property Law
Satisfied Customers: 9216
Experience:  30 years General Practice. All aspects of Property Law
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I have a b136(co) if the person dies before me will this

Customer Question

i have a b136(co) if the person dies before me will this order be writ off thats all i want do know please thankyou
Submitted: 1 year ago.
Category: UK Property Law
Expert:  F E Smith replied 1 year ago.

If someone is alleged to be owed money and they have a restriction against a property in respect of the money which is alleged to be owed, then in the event of their death, the alleged debt is not written off. The restriction and the alleged debt remains in place for the benefit of their beneficiaries and estate.

Customer: replied 1 year ago.
if he dies first the order is not writ of and the moneys will go to his wife children etc
will be the amount what is owned
will they add 8% on full amount on a daily base if they do this what is the point of having my property for my family i am working fr nothing is that right.
can i do something about that get the 8% frozen.
can you tell me the best way please thankyou
Expert:  F E Smith replied 1 year ago.

That is correct.

Interest is only added at the current rate of 8% if the amount of the debt is over £5000. This is a provision under the Judgement Debts (Rate of Interest) Order 1993. Before that, the rate was 15%. It is simple interest, not compound interest.

As the interest is subject to a statutory provision, it is not possible to get it frozen.

I’m sorry, I wish I could give you a more favourable answer.

Can I clarify anything else for you?

Please don’t forget to rate the service positive. It’s an important part of the process by which experts get paid.

Best wishes.

Customer: replied 1 year ago.
I was advised today from my local solicitor as well,
That the % can only last for six years is that right,
And that they have six years to force the order,once judgement has been made
I was told ,after six its to later
And they could also go for pertion for bankrudys if there is grounds ,
Is that correct thanks tis should be my last question.
Expert:  F E Smith replied 1 year ago.

The limitation period on a debt is 6 years under the Limitation Act 1980. However that does not apply to judgements or restrictions on the property. Once there is a debt on the property, it remains beyond the limitation period.

They cannot go for personal bankruptcy once they have a charge on the property. They would have to apply to court for an order to sell the property which they will not get usually if the restriction is only against one person’s interest in the property.