Charge Against Property

I have just become aware that there is a charge against my home dating from 1994 for monies owed to a company that no longer exists for £850. These monies were owed by my late husband. The only information I can find online about a charge against a property is from the uk, which says it stays on the property for 20 years and that there is 8% interest charged each year. Does the same apply over here? What happens if the company no longer exists? What can I do to remove this charge?

This is a job for a solicitor. Should be easy enough to deal with it.

It sounds like it's a judgment mortgage.

You can apply to have it cancelled if no payment or acknowledgement in writing was given for the past 12 years. The normal procedure would be to apply to the PRA, who would consider the application, and serve notice on the company to give them an opportunity to say why it's not statute barred. Since the company is gone, that will be difficult, but if you provide evidence from the Companies Registration Office that the company is dissolved, and the names and address of the liquidator, notice can be served on him/her.

You are invoking the Statute of Limitations, so I'd suggest talking to a solicitor

Thanks Mercman, that's what I thought, but I don't have the money at the moment. Do you have any idea how much it would cost?