Can you sell a property without paying all of the CCJ charges on it?
Thursday, May 26th, 2011 at
4:24 pm
I bought a flat a few years ago, but over time got into serious financial difficulties, resulting in CCJs and eventually additional charges being placed on the flat. So on the flat I’ve currently got a mortgage, an additional borrowing loan and two further charges. I’ve been repaying what I owe to the two companies that have the charges (and maintaining the mortgage and loan payments), making monthly payments for over a year now, but is there any way I can sell the flat while its sale price doesn’t cover the amount of all that is secured on it? The sale price would cover the mortgage and loan, but not both of the charges. The alternative accommodation I’ve been offered (sharing with friends) would lead to smaller outgoings, which would enable me to pay back that what is owed in larger chunks and so much quicker.
I’m in better control of my finances now and am determined to pay off all that is owed!!!!
Thank you all for your help.
Passive Income
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Tagged with: Finances • Financial Difficulties • Loan Payments
Filed under: flat sale
I would say you could do worse than approach all the parties in this and ask their advice. The snag is that the flat is the collateral for those companies that laid the charges. The companies would probably/almost certainly want their money first which leaves you with a shortfall re the loan/mortgage. Can you cover that somehow?
In my experience if you show, as you are doing, that you are being sensible and mature about things they will do all they can to help…its being kept in the dark while someone who owes money just gets into worse problems that makes them dispair.
Good on you though for doing what you can.
You must be joking! You owe these people money and they want it; hence the CCJ’s. You are a bad credit risk who has defaulted once and are likely do so again so they will not let you pay back in instalments what they can grab when the flat is sold.
To be honest the flat’s not yours to sell! It belongs to all those other companies so you’ll have to ask them. I think the Citizens Advice Bureau has specialist debt advisers, perhaps they can help you. Good luck.
Generally CCJ’s are owned by yourself and not applicable to the property specifically. You would still be liable for any shortfall but as you say this may be the best course of action in allowing you to repay your debts more quickly on a monthly basis. You can only try and approach them with this scenario. The FSA’s Treating Customers Fairly initiative would hopefully make this possible but the lender does have the right to refuse your request.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to