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Yahoo Expert Answers – CCJ Question – 27th Oct 2009
Can you sell a property without paying all of the CCJ charges on it?
I bought a flat a few years ago, but over time got into serious financial difficulties, resulting in CCJs and eventually additional charges being placed on the flat. So on the flat I've currently got a mortgage, an additional borrowing loan and two further charges. I've been repaying what I owe to the two companies that have the charges (and maintaining the mortgage and loan payments), making monthly payments for over a year now, but is there any way I can sell the flat while its sale price doesn't cover the amount of all that is secured on it? The sale price would cover the mortgage and loan, but not both of the charges. The alternative accommodation I've been offered (sharing with friends) would lead to smaller outgoings, which would enable me to pay back that what is owed in larger chunks and so much quicker.
I'm in better control of my finances now and am determined to pay off all that is owed!!!!
Thank you all for your help.
Generally CCJ’s are owned by yourself and not applicable to the property specifically. You would still be liable for any shortfall but as you say this may be the best course of action in allowing you to repay your debts more quickly on a monthly basis. You can only try and approach them with this scenario. The FSA’s Treating Customers Fairly initiative would hopefully make this possible but the lender does have the right to refuse your request.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk
Source(s):
James Carter, Independent Financial Adviser, Independent James
James has 11 years experience working in the Independent Financial Advice arena. Mortgage & Protection advice have always been his main business areas and James’ vision for customer service entails a one to one service combined with comprehensive administrative support. James also holds the Advanced CeMAP qualification. James is a frequent provider of media and industry comment, including BBC’s Working Lunch, FT Adviser, Money Marketing, Mortgage Strategy and Mortgage Introducer magazines.