Adverts for other sites and/or companies will be deleted
Cautions and Equitable Charges
My Father was declared bankrupt in 1991. At the time, he had remortgaged his house and had only a few thousand worth of equity in the house. At the time, my brother (still a minor) lived in the family home. Upon Bankruptcy, The creditors added a Caution (under s53 of the Land Registration Act) and registered an interest by way of an equitable charge. He did not lose his house when made bankrupt and kept up the mortgage repayments ever since.
Now 17 years on, the bankruptcy is long-discharged and the Caution is still registered (there is no stated debt amount on the Land Register) - he has built up equity in the house (but nowhere near the amount of the original debt). He is now rather elderly and lives with his wife in the same property. He is a rather private man and found the whole affair embarrassing and has avoided getting legal advice.
How do Cautions like this work? If he were to sell the house for nursing fees, for example, would everything go to the person who registered the Caution. Alternatively is there some limit to the liability, for example would the debt be capped at the value of the equity/property [plus interest] at the time it was registered?
Many thanks

Hello goater