Not really sure if he was declared bankrupt his business Westpark Financial Services was closed and I bought him out of the lettings and sales side of the business. Shortly after he left for Dubai the Inland Revenue contacted me re outstanding PAYE for the estate agents which l settled. The bailiffs also entered the premises to remove computers etc. One they were satisfied that Westpark Financial Services were nothing to do with me they left the premises which were different premises to the registered address of Westpark Financial Services.
£104.000 owed on mortgage worth £100.000 to £105.000 in todays market. The mortgage is an interest only mortgage which L have been informed by the lender will need to be paid in full to take my name off.
Not at the moment as repairs and empty periods have left the property owing money to me. Paul Dummett wants to take the property off my hands as he calls it. This would only lead to further problems as he would need to re mortgage the property with another lender to take my name off which I think he will find impossible. This would mean he would keep the current mortgage and run the management himself, which I think would be disastrous as he would collect rent not pay the mortgage and finally the property would be repossessed. I understand he has done this in the past and the partners he was in business with had to pay the outstanding monies to the lender to avoid repossession. This amounted to several thousand pounds.
Yes I already do and would want to carry on. That way I know the rent is coming in and the mortgage repayments are met.