Change from 3rd party charge to 1st party

110 Views  ⚫  Asked 2 Months Ago
asked on Jul 22, 2021 at 12:11
Hi everyone, hope everyone of you sound and safe.

i am a junior legal assistant in charge of conveyancing matter in my firm. my client is a company and also a borrower in a trade financing from a financier. my client (borrower) now wanted to purchase a property from the vendor (chargor) and there is an existing 3rd party charge to the said property. they have no intention to discharge but to change the charge from 3rd party charge to 1st party charge upon the completion of the transfer of the said property.

i am not sure what am i going to do now? shall i discharge the property first and charge again or is there any other better way to do this? thanks in advance for sharing your precious view and experience. 
0 had this question
Me Too
0 favorites
[ share ]
1 Answers

answered on Jul 28, 2021 at 13:53
edited Jul 28, 2021 at 13:56
by   jeff005
Just an anecdotal example :
Polygamous Marriage charge
1st Wife (1st charge)
2nd Wife (2nd charge)
3rd Wife (3rd charge)
To bring in a 4th Wife, all the other “wives” must agree to it and no matter how, how to change the 4th wife status to be the 1st? The only option is to divorce (discharge) all the other wives to make the new wife as 1st wife.
Legal complications can surface if the chargor (usually using property) dies intestate or otherwise. Who has more “Lien” or rights, chargor, the chargee?
upon the completion of the transfer of the said property.
Means that new ownership registration right? Then apply the Torren System..
Just personal comments (no experience at all..!!)
Bored during this lockdown, just finding excuses to comment on anything.. !!
0 found this helpful

You must log in to answer this question.

Not the answer you're looking for? Browse other questions by category or search to find answers.