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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Hi not sure you are the right person to answer this but

Resolved Question:

Hi

not sure you are the right person to answer this but maybe you can give me a direction.
I have a property in joint names with my wife. We recently started divorce proceedings and I would like to prevent her from taking a loan or somehow borrow from the equity in the property. Can I put a charge or something like that with the Land Registry to avoid this?

kindly advise
Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Hi
If the property is in joint names then she cannot borrow against it without your knowledge or agreement.
The only way that a charge can arise would be if she fails to pay an existing debt, is sued, and a Charging Order is then placed on her share of the property
There is no way that this can be prevented
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 3 years ago.

Thanks, XXXXX XXXXX you please expand further on "fail to pay an existing debt", will this include her solicitor's costs for example? or let me reformulate, can her solicitor fees be paid out by her equity of the property in any way?


 


Also if a Charging Order is placed on her share, how this will affect the mortgage? We have a mortgage in joint names and I am currently paying it


 


please advise further

Expert:  Clare replied 3 years ago.
Hi
No I mean existing loans in her name which she defaults on.
Her Solicitors fees may well be paid out of the equity once the final financial orders are made
A Charging Order will have no effect on the mortgage
Clare
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