Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
barmeybrian
Posted - 06 March 2010 : 16:07:42 hi ive a 2nd property which i rent out. the tenant has been a vgood one and would like to stay in the property for as long as possible (the contract is for a year). there is no equity on property. how long does the tenant have? will they be kicked out!?
2 L A T E S T R E P L I E S (Newest First)
Housing
Posted - 07 March 2010 : 13:44:08 Hi,
You may be able to save the BTL - I did.
If it is negative equity in particular.
Our BTL is in joint names so the OR took my interest.
There was a positive valuation, so my wife negotiated with the ORs office and agreed a positive value and she paid 50% to the OR - it is in the midst of being transferred at the moment - with TFT solicitors. (The ORs solicitor based in Bristol)
I am aware that the ORs work in a different way and may not see a BTL as something you can buy the interest back in.
All I can say is try as with a negative valuation, the OR is not going to have any use for it...
Good luck, Richard
"There are no problems - only solutions"
debtinfo
Posted - 06 March 2010 : 16:16:21 no they wont be kicked out straight away, either the mortgage company will appoint an LPA receiver to collect the rent for them, of the Trustee of your bankruptcy will collect the rent for the benefit of the bankruptcy estate. Is it a buy to let mortgage or if not do you have written permission to rent it out, where is the tennants deposit, do you have safety certificates for thins like the boiler
