Ask a Law Question, Get an Answer ASAP!
Can you just explain a little more please what exactly this charge is in respect of.
What is it supposed to do and why?
Are you saying that there is a first charge loan against the property to a UK bank and you are second?
Is there a problem with getting paid? What is the issue?
They can put as many charges as they like on the property although very often, a lender will want a restriction on the property charge whereby there are no further charges without their consent.
If you had a charge against the property, you could have always put a restriction on it to prevent further charges after yours. Lenders do this to stop people over committing themselves and having other commitments which may prevent them paying that lenders loan.
If the property is sold, the charges are paid off in order based upon the date of creation. If there is not enough money to repay all the charges, then the property does not get sold. In one of the lenders repossesses the property, the charges are paid off in order and if there isn’t enough to pay them all, then the last ones don’t get paid.
Can I clarify anything for you? Please rate the service positive so that I get paid. We can still exchange emails. Best wishes. FES.