question category: Other Debt Questions

Equity and charging order in ex-partners name
Submitted on: 2nd Mar 2012 by Non-Member | Total Answers: 1

a sale on our house is about to go thru,however theres a charging order for a debt in my ex-partners name.ive been told that my half of the equity will go towards the debt which will still leave negative equity,so il come away with nothing and still owe on the property.
My ex-partner left me with other debt 4 years ago and iv been paying the mortgage ever since.The buyer of the house wants the sale to go thru in 2 weeks or he'l withdraw so i cant ask for more than 50% (which i intended to do as ive been paying the mortgage) and risk delaying the sale even further.
Ive now been told by my solicitor that the loan company may want the whole of the equity used to pay off the loan, leaving a remaining £3000+ to be paid.
I had been told by the loan company that they wont touch my 50% and just have his and make an arrangement with him to pay off the rest,but my solicitor is saying differently even though iv informed him what the loan company have said.
should i get another solicitor?

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Re: Equity and charging order in ex-partners name

If you and your ex-partner are named on the mortgage then your are jointly and severally liable for repaying the charging order on your property and there is a risk that the loan company will take any equity remaining following the repayment of the mortgage to clear this debt.

Submitted on: 6th Mar 2012 by TA Member

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