You are not under any obligation to sell your property once the final charging order is in place; however, there are some extreme circumstances where a lender can apply to a court for force of sale. There's no guarantee that the court will grant an immediate Order for Sale - occasionally the judge may think that, as the loan is secured against the property, the creditor can simply wait for his money, especially if you are then in a position to pay the money back in instalments. It would be more usual for you to be given some time to raise the money, perhaps by selling the property yourself rather than it being repossessed.
A charging order can be used against other assets too, not just your home. Any land or investments could be at risk too but the essence of a charging order is simply that a creditor can turn an unsecured debt into a secured debt.
