Charging Order
A Charging Order is a charge placed on a property in order to secure your debt against the property. You can only obtain a Charging Order once you have a County Court Judgment (CCJ) against a debtor or if the debtor agrees.
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We have seen immense growth, following the demand for client-focused, effective options for dispute resolution.
As a company we have no aspirations to be a full suite legal service provider. Instead we concentrate on providing enviable legal services in our specialist fields – Debt Resolution, Civil & Commercial Litigation and Landlord & Tenant Services.
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What’s involved in a Charging Order?
The process & timescales involved in a Charging Order are:
Stage One
Applying for a Charging Order
We will undertake searches at the Land Registry to establish ownership of the property and will prepare the relevant application for a Charging Order. This will be submitted to the Court with supporting evidence in order for an Interim Charging Order (ICO) to be granted.
Stage Two
Registering the ICO with the Land Registry
Once the Interim Charging Order (ICO) is granted we will register it with the Land Registry, and send a copy to anyone else with an interest in the property e.g. spouses and mortgage lenders to put them on notice of your interest.
Stage Three
Filing further evidence with the Court
Once all interested parties have been served with a copy of the Charging Order application and ICO, we will prepare the relevant paperwork to submit to the Court to evidence this, together with an up-to-date statement of the amount due.
Stage Four
Debtor’s Response
The debtor has 28 days to oppose the application, in which case the matter will be listed for a hearing. If no response is received we will apply for a Final Charging Order (FCO). If this application is successful, the FCO will be granted.
Stage Five
Serving the FCO on the Debtor
Once the FCO has been received, we will serve a copy on the Debtor and put them on notice that you could make a separate application to the Court for an Order that the property be sold, if they do not voluntarily extinguish the debt by either selling the property themselves or offering payment by instalments.
What would the debtor need to do to oppose the application for a Charging Order?
The debtor has 28 days from receipt of the Interim Charging Order to contact the Court with objections, following which the matter will be listed for a hearing. The debtor has to send any objections, in writing, to the Court and the Creditor no later than 7 days before the hearing.
Other conditions
The debtor will have the opportunity to apply for conditions to be attached to the Order, for example preventing the sale of a property if he keeps up with a repayment plan, or if the debtor lives there with dependants.
Need to obtain a Charging Order or Judgment/CCJ?
Our expert team is ready to assist you. Call us directly at 0203 434 0433 to speak with a specialist.
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