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Hi, I am the 3rd Charge Holder on a property that has been repossessed, and the sale has just completed , However I never received the funds from the party that took possession. The 2nd Charge Holder obtained a possession order and proceeded with the sale , which completed on friday, they were at all times notified i had an interest but failed to provide a completion statement until requested. However they then paid the outstanding money from the sale into court. How can this be as I thought all charge holders were to be paid first . I understand that if the Second Charge Holder gets a possession order - granted by the courts - even the First Charge holder has limited power and they have to apply to the courts to have their interest represented, such as assurance that all out standing arrears, interest payments will be secured. Why was this money paid to court as apposed to discharging the charges which were legally registered , mies was the 3rd and final charge on the property ? There is also a shortfall of the amount owed which is circa 50K .. can this be secured against another property that the party owns , that owes me the outstanding charges ? and can i seek a bankruptcy order if they fail to pay within 30 days - or is that unreasonable ? i have waited 18 months for payment ?
Sorry just got this - the first charge holder was paid and the second charge holder also paid . My charge was correctly registered and granted by the party who owned the property. The money was paid into court as opposed to settling the charge
I believe it was paid across on friday - but there are no other registered charge holders
No - is that the process - why was the charges not discharged I understand that this is the normal process ? Why was it paid into court as opposed to paying the charge holders ?
Yes .. So there is a shortfall and the charges were registered with the land registry .. what are my rights given that there is a shortfall of some 50K .. do i have to issue proceedings to recover this shortfall .. and can i secure this against any other property ?
and what is the reasonable timescale for payment before i can issue bankruptcy proceedings ?
Ok .. Answered correctly , FYI; I have just been informed by lawyers what happened;
1; The original possession order was made in 2013, stated that the 2nd charge holder would sell the property and return the proceeds to the property owner, after discharging payment to the first charge holder;
2; However, on enforcing a possession order, some 10 - 12 months after it was granted, they became aware of "our charges", so had to apply to the courts to amended the possession order, this new order stated that the balance of the sale money could no longer go to the property owner after the 1st charge holder and the party with the possession order had been paid, instead it has been paid to the courts. Thus preventing the party who gave us the charge as security from obtaining the sale proceeds.
So correct we now have to apply to the courts for the release of the mont to my lawyers.
so what do i have to do to release your payment ?