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chatham-chamber
chatham-chamber, Advocate
Category: Law
Satisfied Customers: 11614
Experience:  LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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I need some help please regarding a 'restrictive charging

Customer Question

Hi,
I need some help please regarding a 'restrictive charging order' on my property. basically due to a change of circumstance in 2007, I entered into an IVA, part of the debt ( loan via Natwest) was in joint names with my wife, as she was a joint account holder ( although no monies of hers were ever paid into the 'joint' account).
Once the IVA was agreed in June 2007, NatWest decided to pursue my wife for the debt also, as I was protected by the IVA, an agreement was set up and my wife continued to pay of the debt monthly. In January 2008, Natwest took a charge against our 'joint owned property' to protect the debt, which I fully understand.
However it has now come to light, that we are unable to sell / remortgage as Natwest have stated on the charge, no additional lending against the property are to be issued etc.
So basically what I am asking is, can Natwest take a charge on our joint owned property when the debt was 'only' in my wife's name. Surely this would affect the lives of other living in the property which have nothing to do with the debt.
I really need some help here, as Natwest are stating they will not remove this restriction until the balance of the debt is paid.
Submitted: 6 months ago.
Category: Law
Expert:  chatham-chamber replied 6 months ago.

Hi,

I am sorry to be the bearer of bad news, but Natwest are entitled to do this. A far as they are concerned, your wife owns 50% of the property and they are entitled to place a restriction on the property, as she is a registered proprietor, to protect their interest.

The charge will need to be dealt with in order for you to undertake any disposition of the property.

You may wish to contact Natwest to see if they will postpone their charge behind a new lender, however, if you are selling, it will need to be discharged upon completion of the sale.

I hope this answers your question. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Kind regards,

Customer: replied 6 months ago.
Thanks for your reply, we are looking to re mortgage, but the restriction they have put on the property says we cannot ( even though we have included the debt within the re mortgage structure).
I do not want them to postpone the charge as it will be paid off as part of the remortgage, but they will not lift the restriction, if they lifted the restriction, the remortgage would go through and they would get paid.Surely they can only put on a standard restriction, which I believe means they cannot put on any 'restrictions re re financing, aslong as their debt is paid of as part of the re finance structure.Regards
Customer: replied 6 months ago.
Sorry sir,I meant to say, the restriction they have imposed, means we cannot do anything, until they are paid off,
Expert:  chatham-chamber replied 6 months ago.

Hi,

Unfortunately, this is correct. They can impose a restriction preventing you remortgaging also.

The only way you would be able to deal with this is by negotiating. Further, your new lender may not allow the charge which would mean that it would have to be discharged following draw down of funds.

I hope this answers your question. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Kind regards,

Customer: replied 6 months ago.
Thanks,
So basically, if something was to happen to my wife, they could still take the property, even though she is responsible for the debt, and its in joint names, if this is the case, how is this fair.........Regards
Expert:  chatham-chamber replied 6 months ago.

hi,

If something was to happen to your wife, then yes they could enforce their charge against her share of the property.

I hope this answers your question. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Kind regards,

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