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Clare, Solicitor
Category: Law
Satisfied Customers: 35044
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am trying to sell my house but have a B136(CO) notice

Customer Question

Hi, I am trying to sell my house but have a B136(CO) notice of an application to register a restriction against land from the CSA.
there is still amounts due to the CSA in the region of £60k that I am currently paying off at £250 per month.
Is it possible for me to sell the house without the full amount of the debt of £60k being taken by the CSA?
The equity is in the order of £100k but half is due to by current wife who is divorcing me and I have also borrowed £25k to fund this divorce that needs to be paid from the equity.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house actually worth and what income do you have?
Customer: replied 2 years ago.

The house is worth £200k and being sold for £100k, half of which is effectively my ex-wifes.

That leaves £50k equity for myself although I have had to borrow £25k to fund my divorce settlement. I need to repay the £25k from proceeds and worse case scenario pay the CSA £25k towards my £60k liability to them, although I would rather make payments over the next 5 years than lose the £25k.

my wages are currently £20k per year but do receive a variable dividend in the region of £30k per year from a company I have a 70% share in.

Expert:  Clare replied 2 years ago.
My apologies for the delay
Who did you borrow the £25,000 from?
Customer: replied 2 years ago.

I borrowed the £25,000 from a personal friend who needs the money back as soon as possible. There is no charge registered for the loan against the property.

Expert:  Clare replied 2 years ago.
I am afraid that unless you reach an alternative agreement with the CSA (unlikely I fear) then whilst the house can be sold without the debt being paid in full you will have to pay over your entire share of the equity - despite the debt to your friend.
I am sorry - I know that this is bad news - i wish I could give you better news
Please ask if you need further details