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Charge on former matrimonial home

  • 2kidsand1ontheway
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29 Mar 12 #320642 by 2kidsand1ontheway
Topic started by 2kidsand1ontheway
House being sold as per conditions of finanicals being agreed. Divorce finalised last year and my solicitor drew up bill for £8K which I didnt have an issue with. Apparently there was a charge put on the house (It was in exs sole name) The house sale has been agreed considerably lower than the valuations at the time we were in court.
1. How does the charge come off - is it before the estate agents and other dispersements?

I may have other questions depending on this answer!

thanks x

  • epitome title
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29 Mar 12 #320736 by epitome title
Reply from epitome title

Depending on whether you have a mortgage secured on the property.

Charges are dealt with in order of priority. Have you seen an up to date copy of your title register?

A copy of your title will cost £4 and you can either get your solicitor to download a copy for you or download one yourself from the Land Registry portal. You need to look at the Charges Register and all or any "Charges" will be listed in priority and that is the order they must be repaid on completion of the sale. All charges must be redeemed on completion and the conveyancer will have to give an undertaking to the buyer''s solicitor to do this. However, they can only give this undertaking if there will be sufficient funds from the sale of the house to cover them. Hopefully you will not be in negative equity, but if that did happen, this would have to be sorted before completion, as no conveyancer would exchange on a property without knowing that all charges could be redeemed.

Conveyancing fees will be taken out of the sale proceeds on completion and Estate Agent''s fees are generally paid out of the sale proceeds then whatever is left over will be split between you as per the Consent or Court order

Hope that helps

  • 2kidsand1ontheway
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30 Mar 12 #320835 by 2kidsand1ontheway
Reply from 2kidsand1ontheway
Well there should be 9k to be split between us. I''m supposed to pay half the conveyancing and estate agents. I''m on benefits and in no position to pay these. Obviously the share of equity doesn''t cover the bill. I haven''t slept a wink im so worried how am I supposed to pay?

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