Is Bankruptcy the best option here?

[tonycee]

im sure ive read somewhere that even if you have tenants in your house, that if you need your house back to move into or for personal reasons that you are able to give notice for the tenants to vacate..

 

This is correct and depends on the type of tenancy agreement.

Debt Factsheets - How can my landlord end my Assured Tenancy?

 

 

I would suggest that YOU start the process immediately.

If you house is re possessed,

BBC NEWS | England | Devon | House repossession 'lost me £22K'

your mortgage provider will have to follow the same process, and you will be liable for their costs.

A judge at a repossession hearing, will look favourably at you if you are actively trying to sell the property.

Good luck.

[tonycee]

But l would advise them that the property is going on the market and that ppl will be viewing. I would also advise the real estate agent that there are tenants in the house as they would need to inform any potental buyers.

 

Sorry, but as a landlord for over 11 years, may i suggest that this option is not legally possible.

Regardless of your circumstances, the tennants still have rights.

You may enter the property only twice yearly, giving sufficient notice, and the tennants have a right to be there.

 

You CANNOT simply send people round when you want to without the current tennants permission.

They can simply refuse entry.

 

May i again suggest that you start their eviction process ASAP.

Every day lost could cost you hundreds£££££££££.

 

No more talk like this,

 

If you think Mortgage Co. will only tolerate 3 month, then there is little point fighting on really.

 

The outcome Might be the same, but the costs will be considerably less if you do it.

 

Come on lets fight, fight, fight.....

[tonycee]

Im really sorry to hear this Chrissi.

Landlords like this give us all a bad name.

If you ever rent again, this will tell you, or anybody, what you need to know.Shelter: Private tenants' rights

 

I am not here to fight or lecture, or be the bearer of bad news, so much depends on the type of tenancy.

In this case whatever it is, time is money, and could be lots of it.

[tonycee]

It is owned in a private capacity.

In which case, you should have no trouble getting them evicted.

No judge will refuse you if you want to sell

 

What a mess...

 

I lost £ 100k ( one hundred thousand pounds )

But im fine, i survived. I swore a lot, but hey, its only money.

Yes its a mess, yes it hurts, and yes it will take time.

But YOU have to do whatever you can to maximise your interests.

[tonycee]

OK. Research starts tomorrow

 

Good Luck.

 

Make a list of all the things you need to do.

Its a great inspiration to cross them off as " done "

[tonycee]

. If it hapens to be a lease (and at that level of rent it almost certainly will be - with a company? - then you're tied until it ends or it gets repo'd and even then you are still liable for that breach).

 

Not true.

Taking back your property under these circumstances will be granted, without question, by any court in the land.

You will have to pay back the owed rental, but you can add them to your list of unsecured creditors.

 

This is how it seems to me also. I can try and sell it, but it seems that it is touch and go whether what is realized would make any serious impact.

 

Sorry to be brutally frank, but if you dont do everything that you possibly can at this stage, you will be paying for a long time to come.

You will NOT be made bankrupt, you are NOT insolvent.

If you dont do what you can, somebody will do it for you, and charge you

tens of thousands of pounds for the privelage.

[tonycee]

Good evening JJ.

I hope you are bearing up ok.

 

Have you spoken to your mortgage providers ?

Have you asked for a defered payment period ?

Have you considered an interest only option ?

Does your age allow you to extend your mortgage term, and therefore reduce the monhly payments ?

 

Sorry to be so personal.

[tonycee]

Have you spoken to your mortgage providers ?

 

Yes. Good relationship with A.

 

 

Have you asked for a defered payment period ?

 

 

Not really. But Property A providers are very friendly and seem flexible.

 

 

Have you considered an interest only option ?

 

 

Already got it.

 

Does your age allow you to extend your mortgage term, and therefore reduce the monhly payments ?

 

 

I am 45

 

Sorry to be so personal.

 

Please talk to them as a matter of urgency.

Contrary to popular belief, they do not want to repossess your home, they would rather have your money for 25 years.

You may be pleasantly suprised with their response.

This link might just help you to.

National Debtline England & Wales | Debt Advice

 

 

I have absolutely no idea how these stop repossessions - Google Search work, but worth a look ?