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
Yes that is correct, but he cant claim the same debt
Therefore if you are paying £250 a month that goes towards the debt
But once it is paid off then both charges have to be removed
It makes no difference who is paying the debt as you are joint and severally liable
But once the debt is discharged, it makes no difference which party, then the charge must be removed
He can not claim the debt twice
Can I clarify anything for you about this today please?
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 ,
He can have 2 charges, nothing to stop that
It just maeans the debt is secure on both properties.
Does that clarify?
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
Sadly yes that is right
The other party does not have to pay anything as its a joint debt
I am sorry but I have a duty to be honest
Does that clarify the position?
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
No he can't stop you selling.
Its yours to sell
Does that help?
yes thank you