Charging orders on jointly owned property

[tottenham598]

I own a property jointly there is a charging order on it for a debt in my name. The debt is nothing to do with my co-owner can the creditor stop the sale if the debt is nothing to do with my co-owner

[File Cutter]

The charge will be on your share of the proceeds of sale.

The creditor won't want to stop the sale as he'll only get paid when the property is sold - either by you selling it or by him obtaining an order for sale.

[tottenham598]

thanks for that but there is not enough equity in the property to pay the debt however my co-owner wishes to sell can they stop the sale still?

[cascarelli]

I think the co owner should contact a solicitor regarding this. My best guess would be that as the charge is against the property and not the person then it would stop the sale unless you could pay back what is owed.

[File Cutter]

The charging order will only apply to your beneficial interest.

When the sale goes through the secured creditors will be paid in the order they registered their charges (so the mortgage provider will be paid first). If there is not enough to clear the mortgage then the other secured creditors won't be paid. (The mortgage company and other creditors can of course still use any of the other available methods of enforcing any outstanding debt).

The creditor can't prevent the sale from going ahead.