hi, I bought a BTL in Glasgow in 2005 at a value of £175,000. The mortgage was £155,000 and fast forward 12 years it was still in neg equity after the crash in 2008. with a host of tenant and service charge issues. in the end i let it get repossessed and it was sold for £139,000 in less than a week. the arrears were £7,000 and im sure there were costs involved in the sale such as estate agents and sols etc which we expected we were expecting s shortfall of circa £30,000. we received a letter with stating a shortfall of just under £45,000?! There was no breakdown of costs or the account just the amount to pay? this seems excessively high and totals with the sales price £184,000 which is nearly £10,000 over the original market value? has anyone else had shortfall surprises with lenders such as NRAM as this is new waters for us and we want to be up to speed on any fees and costs we should be aware of before we move forward with an action plan. thanks in advance for any help!

I had a tenant move out of a BTL in April in order to renovate the property. In June I got a council tax bill for a full year. Since the property will be re-let after the renovation (finished in a couple of weeks). I decided to hold off paying until I got a new tenant and knew the exact dates the property was empty so I could apply for a revised bill. Now I have got a summons asking for the full amount plus costs. Can they do this so quickly? Seems a bit overzealous to me? I will probably have a new tenant in there by the time the hearing comes up. What happens then. The amount due will not longer be valid. Or is this just scare tactics by the council? Council is Brighton by the way. Also I am an expat - non UK resident. They have sent the summons to my overseas address. Does that make it invalid?

Hi, I'm looking for a little advice regarding a BTL I get involved with in 2007. A friend talked me into "buying" a BTL flat, I never saw it and only ever paid £1000 to secure it, I ended up with a flat and £165k interest-only mortgage. But it was a bit strange as I ended up with £10k cash from the deal as the flat was valued much higher than the mortgage, as it was bundled up with several other flats. it was the biggest mistake of my life, the rent didn't cover the mortgage payments and the service fees etc. I was taken in by the "on average property prices double every 10 years, it'll be a great investment, just sign here...." times got a bit harder, it was empty for a while and I just couldn't afford it and the flat was repossessed and the bank sold it for less then half the outstanding mortgage I now have a shortfall of £100 grand plus. They took me to court and I've ended up with a charging order (restriction) on my interest in our family home, which is really worrying me. The debt is in my name only but the house is in joint names and we have a young child. I can raise £10k as a F&F offer to settle by borrowing from family my main worry is them applying for a sale order of our family home, it's probably worth about £180k with £135k outstanding mortgage and I know these sale orders are rare but I tend to have that kind of bad luck. They sent me a form to fill out for my income and expenditure and on paper I've got about £200/month spare, but there's always something and I rarely have that left over. I have no other debt fortunately. It just seems so ridiculous that they sold it for such a huge loss and what's outstanding will take forever to pay off plus the constant threat of them selling my home from under me, it is really worrying and putting a strain on family harmony, I can't focus at work and losing sleep. Any advice greatly appreciated.

Hello I have just joined this website and would be very grateful of some assistance and advice please. I have 2 properties with mortgages with NRAM, they have notified me they are going to "help me" by appointing an LPA receiver. I have read previously on this site that it is possible to apply for a court order to prevent this using N244. Does anyone have any experience of this please? Any ideas on success rates. I have communicated constantly with NRAM and find there seems to be a change of strategy and they want the mortgages off their books at any cost to either party even though there is substantial equity in one of the properties. Any advice or help would be greatly appreciated. Thank you