Second charge on property...HELP!

[Dee]

Hi,

20 years ago we bought our current house with planning permission to extend from a development company that was an off shoot of the estate agency they owned ( it wasn't a new build). The developer company bought the house, separated the large garden, got DPP and the son bought the plot and built his house.

I have just discovered there is a second charge on our property. The second charge was put on by the old lady (now deceased) that the developers bought the house from...so, the chain was; old lady > developer > us.

I don't understand what she had to gain from putting this charge on? What does this mean for me now ( my husband died 2 years ago) .

I have recently spoken to a solicitor and he believes the charge will be wiped out Dec 2025....???

I'm panicking!! Any advice

[Mr Punter]

If you only need to wait a year for the charge to be wiped out, what is the issue?  Is any money owing under the charge?

[Dee]

Yes, I understand that it will expire but can it be extended?  What if i peg it begore Dec 25! Why would she put a charge, to what end, what outcome was she hoping for before the 20yr was up? How do I establish the amount of the charge?

[ProDave]

The exact wording is crucial. Why can't your solicitor advice how much might be due and what circumstances would trigger it?

[Mr Punter]

I cannot think of a circumstance where there is a charge on the property in favour of a now deceased vendor.  Are you sure it is not a covenant?

 

Your solicitor should be able to give you a definitive answer and if not, consider instructing another.

[Dee]

I did speak to my solicitor yesterday but he was very vague....he wasn't charging me so he was pretty brief. Because I don't understand the issues I don't know to ask the pertinent questions.

There is a covenant on the property...i think its a clawback if we built a separate dwelling which we haven't done...how would a charge link to a covenant? Sorry, but I'm so dim with such matters!!

(I pick up the documents tomorrow from my solicitor)

[joe90]

3 hours ago, Dee said:

Sorry, but I'm so dim with such matters!!

You are not dim, it’s legal speak only understood by solicitors etc, just ask for an explanation (in plain English).