question category: Other Debt Questions

Query about charge against family home
Submitted on: 16th Dec 2009 by Non-Member | Total Answers: 1

If a creditor places a charge against your home, that creditor then goes bankrupt and they decide not to recover the charge against your property is that charge then seen as no longer valid and legally applicable?

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Re: Query about charge against family home

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A debt to a creditor can be assigned (transferred or "sold") to another creditor.

It happened to me when i took out a mortgage with one company and it was transferred to another. Confusing - but it made little difference to me.

If your creditor was an individual and they went bankrupt your debt became an asset of the Official Receiver. If your creditor was a company which went into liquidation - your debt became an asset of the Official Receiver. If your debt was sold or assigned to someone else then you owe them the money.

I'm sure you are getting the message. You still owe the money - the debt doesn't go away - it gets transferred to someone else.

As regards the charge on your property - contact the Land Registry and check what charges or cautions are against your property and to whom. If you are planning on selling your property your conveyancer or solicitor will do this and will advise you further

Submitted on: 21st Dec 2009 by Darren Member

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