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I own a second property with a large mortgage and we want to sell, but there are court charging orders on it: can the creditors stop us selling it?
I own two properties in joint names with my wife - one we live in with our 4 children, 2 of whom are severely disabled. The other is rented out and we owe approx £96,000 on the mortgage for which we are paying £750 a month but only receiving £484 a month in rent. We are about 3 months in arrears on mortgage. We also have a number of court charging orders on this property totalling about 40k. We want sell this house as we cannot afford to keep it. We have been offered £100k for it which is what it is worth. Can we sell it with the charging orders on it or can they stop us selling it?
You will not be able to sell without reaching agreement with all of your creditors. An essential part of the sale process involves giving a guarantee to the buyer that all charges will be released. You cannot do this.
If you have equity in your main residence the lenders may agree to a swap especially as this is cutting your monthly losses.
You should commence by opening negotiations with them to see what their response is.
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