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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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I purchased a 'Buy to Let' on mortgage and rented it to someone

Customer Question

I purchased a 'Buy to Let' on mortgage and rented it to someone who was trying to buy a property but could not get a mortgage because of bad credit rating. It is a 4 bed detached property and she agreed to rent it at £1,700 per month. The deposit for the purchase was £110,000. The tennant offered to provide £50,000 as a gift, saying that after one year as tennant, her credit rating would improve, and she would get a mortgage to purchase the said property. She gave the £50,000 to me, I paid the £110,000 from my own account and the property is in my sole name. She is always late paying the rent and only pay £1200 often in arrears for 2 months. Then she came to see me saying that she can't get a mortgage and I must hand the property over to her. The arrears are threatening my credit rating and I need to sell the property to clear the mortgage. How can I go about this.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
For now please let me know if anything is in writing?