How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I am the 3rd Charge Holder on a property that has been

Resolved Question:

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 ?

Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
Just to be clear, the 1st charge holder was also not paid?
Customer: replied 1 year ago.

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

Expert:  Ash replied 1 year ago.
Is the money still in Court`?
Customer: replied 1 year ago.

I believe it was paid across on friday - but there are no other registered charge holders

Expert:  Ash replied 1 year ago.
Have you applied yet to court for payment?
Customer: replied 1 year ago.

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 ?

Expert:  Ash replied 1 year ago.
I don't know why this was not followed. I know you have to pay off charges before your charge. It may be that charges that followed they were not too bothered about which is why they made payment into court.
You therefore have to make an application to be paid out of court. You need to complete form n244 and seek payment as the third charge.
The form is here
http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n244-eng.pdf
The court will list the matter for hearing and decide whether you should be paid. Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.

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 ?

Expert:  Ash replied 1 year ago.
Yes you can secure the debt against any other property. You do not need new proceedings. You can issue bankruptcy at ANY time.
Does that help?
Alex
Customer: replied 1 year ago.

thanks ..

Expert:  Ash replied 1 year ago.
If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.
If you need more help please click reply.
Alex
Customer: replied 1 year ago.

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 ?

Expert:  Ash replied 1 year ago.
To release it just click one of the happy faces! Thanks
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions