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While the death or insolvency of a party to a contract does not automatically terminate a contract, it is arguable that the charge has lapsed in view of the passage of time and the charge-holder no longer being an extant legal entity.
I recommend that you investigate the current corporate incarnation of the charge-holder. It may be the case that the company was bought out by another company when it went into administration or liquidation and that the new company has assumed all the assets and liabilities of the old company.
For example, if the original charge-holder was the now-defunct Northern Rock bank, their purchasers, Virgin Money may be the charge-holder.
If you can no longer identify the charge-holder, I recommend that you instruct specialist property solicitors to review all your documentation and apply to the Land Registry for the charge to be removed from the property’s entry on the Register.
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I am not aware of any legislation that would mean that the charge would "lapse" after a period of inactivity.
I would need to see the original loan and charge documents to advise if there is a minimum term before the borrower is released, but this would certainly be an unusual provision.
Going by basic contract law principles, I believe that the liquidation of the lender and the long period of inactivity would lead a court reasonably to conclude that the loan contract and the charge has lapsed.
You should seek advice from the Land Registry. However, they may insist on an Order from the Lands Tribunal for the charge to be removed.