Well Charging Order where there is minimal equity

B

boltownes

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Is there a minimal amount of equity required before a well charging order would be allowed to force a sale of an investment property? Given the costs involved one would think it would not go ahead, for example, if it would only yield a net €1,000 for the creditor. The debt was originally €60,000 and we have done our best to pay €30,000 so far.
Thanks in advance for your views.
 
The courts would not be impressed with such a stunt. But as it is not your home all usual public policy concerns would be moot. However I don't think a judge would be that impressed if it yielded only 1000 euro.
 
I also wonder could the creditor stick us with the costs of going through with the well charging order which are likely to be a lot more than any equity in the house?
 
Oh you can bet your bottom dollar on that one!

They can only get costs if the order is granted. It is unlikely a sale would be ordered to only realise €1000.

Have they hinted that they are going to do this?
 
Thanks Time,
Threatened more like. I think they have an inflated view of the house's sale value.
 
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