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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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i had a business that i had to enter into voluntary administration

Resolved Question:

i had a business that i had to enter into voluntary administration ,but because i had personnel guarantee against me for the rent of the business the landlord took and got a second charge on my house, the debt is in my name the house in both myself and my wife ,i also pay £250 against the debt every month ,but the question is he has also got a second charge on the original leaseholder who i rented property off can he persue two parties for the same debt which is the rent of the business that has had to close due to economic downturn .
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts : Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : When you say two parties, who do you mean please?
Customer:

The business was a menswear shop i bought from a ex collegue, the landlord maintained that the existing tenant who held the lease stay as lease holder as i did not have retail expereince in his eyes ,that is why he wanted a PG signed which i had to do ,so when i went i put the business into voluntary insolvancy the landlord came after me for outstanding rent and future loss of rent ,he then succeded in getting second charge on my house and also have to pay £250 per month to him ,and now i find out he has also got a second charge out against the original holders of the lease so effectively he has a charge on both houses for the same debt

Alex Watts :

Yes that is correct, but he cant claim the same debt

Alex Watts :

Therefore if you are paying £250 a month that goes towards the debt

Alex Watts :

But once it is paid off then both charges have to be removed

Alex Watts :

It makes no difference who is paying the debt as you are joint and severally liable

Alex Watts :

But once the debt is discharged, it makes no difference which party, then the charge must be removed

Alex Watts :

He can not claim the debt twice

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

you say he cannot claim the debt twice but is that not was he is doing ,but you say we are joint and severally liable ,

Alex Watts :

Yes

Alex Watts :

He can have 2 charges, nothing to stop that

Alex Watts :

It just maeans the debt is secure on both properties.

Alex Watts :

Does that clarify?

Customer:

yes that does,, effectivally he has charge on both houses but thought the fact he has second charge why do i still have to pay £250 each month if his debt is secured both ways

Alex Watts :

Sadly yes that is right

Alex Watts :

The other party does not have to pay anything as its a joint debt

Alex Watts :

I am sorry but I have a duty to be honest

Alex Watts :

Does that clarify the position?

Customer:

It does can i ask one more question if the equity in the house if we sold did not fully cover the outstanding debt can he stop me selling ,the debt in my name only and house is in both my wife and my name ..and thank you

Alex Watts :

No he can't stop you selling.

Alex Watts :

Its yours to sell

Alex Watts :

Does that help?

Customer:

yes thank you

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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