Charging Order
When a claimant secures a County Court Judgment, whether payable immediately or in instalments, they can apply for a Charging Order to be placed on the defendant's property. Since 1st October 2012, a claimant has been entitled to apply for a Charging Order, even if the defendant is adhering to the terms of an instalment Judgment.
How does a Charging Order Work?
A Charging Order is placed against a defendant's financial interest in their property, and this registration is submitted to the Land Registry.
Before a Charging Order is finalised and is made into a Final Charging Order (FCO), an initial “Interim Charging Order (ICO)” is placed on the Land Registry to provide notification of the awaiting FCO. However, this ICO does not hold security like the FCO, so it is of paramount importance that this is obtained as quickly as possible in the event of a property sale.
After registration and upon obtaining a Final Charging Order (FCO), if the defendant chooses to sell or re-mortgage the property in the future and there is adequate equity, the remaining balance is settled from the proceeds, leading to the removal of the registration.
What are the costs for a Charging Order?
Court Fee: £110.00
If you wish to know our costs and the solicitors costs, please get in contact with us. The above fees are largely all recoverable, if awarded by the Judge. Our aim is to get this added onto the debt so the Client is returned as much as possible.