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Clare
Clare, Solicitor
Category: Property Law
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Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I arranged for a second charge on my property. The bridging

Resolved Question:

I arranged for a second charge on my property. The bridging company contacted my mortgage company (who have the first charge). They told them they would not allow a second charge on the property.Can the 2nd charge mortgage still take possession even though The first charge mortgage did not allow them to put the second charge on.If they were taking possession would they need to let the 1st charge know?
Submitted: 8 months ago.
Category: Property Law
Expert:  Nicola-mod replied 8 months ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
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Customer: replied 8 months ago.
I am ok to wait
Expert:  Nicola-mod replied 8 months ago.
Hello,
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Expert:  Nicola-mod replied 8 months ago.
Hello,
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Expert:  Clare replied 8 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Was the second Charge signed?

Did you receive the funds?

Customer: replied 8 months ago.
Hi Clare
Yes it was signed and yes I received the funds
Expert:  Clare replied 8 months ago.

Was it actually Registered?

Customer: replied 8 months ago.
The first and second charge are registered even though the 1st charger said they did not agree for the 2nd charge to register
Expert:  Clare replied 8 months ago.

I am afraid that the holder of the Second Charge can indeed instigate Possession proceedings if the arrears justify it.

The would indeed have to notify the holders of the First Charge - and that debt would have to be discharged first.

The fact that the first charge holder did not agree to the registration of the second charge will not be relevant I am afraid

I hope that this is of assistance - please ask if you need further details

Clare, Solicitor
Category: Property Law
Satisfied Customers: 33955
Experience: I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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