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I have a charge for 200k on a property I own with my ex

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I have a charge...

I have a charge for 200k on a property I own with my ex wife, the charge was sort without her consent and a condition of a business loan, subsequently the business is insolvent and I was made bankrupt, the trustee did not try to take the property as my wife and child lived there, I was discharged in 2010. My wife wants to move but is scared as she thinks 200k from the sale proceeds will go to the bank of scotland and after the mortgage of 194k she will be left with nothing

Lawyer's Assistant: What state are you in? And has anything been officially filed?

I am in uk, where are you USA?

Lawyer's Assistant: Has anything been filed or reported?

Whare do you practice law UK or USA

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I want to know where you practice law, answer the question

Submitted: 1 month ago.Category: UK Property Law
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Answered in 1 day by:
3/11/2018
Solicitor: JimLawyer, Senior Associate & Consultant replied 1 month ago
JimLawyer
JimLawyer, Senior Associate & Consultant
Category: UK Property Law
Satisfied Customers: 204
Experience: Senior Associate Solicitor and Litigator
Verified
Hello and thanks for the question. If the charge of £200K remains then effectively as soon as the house is sold and the funds made available, the mortgage is redeemed first and then the charge. There’s a possibility that your ex could contact the charge holder and negotiate a lesser sum to be repaid upon completion of the house sale. There isn’t much more that can be done as really the Trustee has the power to force a sale and the charge holder would then have recovered their money. I’d imagine the Trustee said your ex can stay in the house until the child reached 18 years of age? If not and she can live there after that then it makes sense to note move house.
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Solicitor: JimLawyer, Senior Associate & Consultant replied 1 month ago
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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