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Forums > Pinstriped Rhino - Business Related > Rhino Shed
Subject: BMV & Charges Warning

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Johnny Debt
Posts:212
20-07-2007 1:19 PM Alert 
GG recently purchased a property and the vendors are now still in the same property as tenants. This was a fairly standard BMV deal. As part of the deal I was asked to do a full & final settlement on the unsecured debts.

In the process of dealing with these debts one particular nasty creditor refused to deal, as they said that they had placed a charge on the property. I did explain to them that my clients are renting, however they said they would not deal, as they had a charge on the property.

I then contacted land registry and they confirmed that there was a charge on the property.

GG also checked and confirmed that a charge was registered against the property which he owned, even though it was not his debt.

So we are assuming that the charge was registered against the property during the purchasing process.

GG also contacted his solicitor, who knew about the charge and said they were working on it, but failed to inform GG of the problem.

I would suggest that a short while after the purchase of a BMV you check with land registry to make sure nothing has slipped through the net!!!
Johnny Debt

07870 492521
Johnny Debt
Posts:212
20-07-2007 1:23 PM Alert 
I have since learnt that a "Priority Search" ensures that no charges can land on a property for 30 days, whilst the Priority Search is in place. I also understand that there is an additional cost of £2.00 to implement this.
Johnny Debt

07870 492521
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Forums > Pinstriped Rhino - Business Related > Rhino Shed > BMV & Charges Warning


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