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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33547
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Jo. I have several buy to let flats in a block of flats that I h

Resolved Question:

Hello Jo.
I have several buy to let flats in a block of flats that I have been unable to keep up with service charges (rates have increased from £500 pa to £1800). I have not been able to keep up with the mortgages. They are about to be repossessed. My concern is about my own home and need some advice on securing it.
Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Have you tried to sell the properties?
What is the shortfall likely to be?
Clare
Customer: replied 1 year ago.

Hi Clare

I purchased the 7 properties by remortgaging my house and with the help of mortgages brought them for £70K each. Properties in the same block are only being sold now for £25K. A shortfall of £315K in total

Regards

Mohinder

Expert:  Clare replied 1 year ago.
Hi
What is the full shortfall likely to be
Clare
Customer: replied 1 year ago.

A shortfall of £315K in total

Expert:  Clare replied 1 year ago.
Hi
My apologies you had said that
What is the equity in the matrimonial home and what proposals have you made to pay off the shortfall?
Clare
Customer: replied 1 year ago.

This is still goining through the courts. But I believe one of the lenders appears maybe content just
taking posession ogf the flats. The other lender wants to secure the shortfall on the matrimonial home. I have a debt management company help assist repayments.

I believe I have equity of £80K in the matrimonial home.

Mohinder

Expert:  Clare replied 1 year ago.
Hi
Are you the sole owner of your home?
Clare
Customer: replied 1 year ago.

No both the flats and home are on my and my wife's names

Expert:  Clare replied 1 year ago.
Hi
Have you offered monthly payments?
Clare
Customer: replied 1 year ago.

No should I, The debt management company will not assist until the flats are repossessed.

Mohinder

Expert:  Clare replied 1 year ago.
HI
What income do you have?
Clare
Customer: replied 1 year ago.

I earn about £2600per month. this is our only income

Expert:  Clare replied 1 year ago.
Hi
I am afraid that there is no way of protecting the matrimonial home other than by reaching a payment schedule with the Mortgage companies - if they do not accept the agreement then they can petition for your bankruptcy and the house will be forfeit.
I am sorry - please ask if you need further details
Clare
Customer: replied 1 year ago.

Thank you for your help. this is total different to what Al from Just Answers has suggested. I will try and reach a payment schedule, clearly unless something changes in my circumstanstances I am not going to be able to pay the shortfall.

Regards

Mohinder

Expert:  Clare replied 1 year ago.
Hi
In fact he has said the same as I have - the risk is that the mortgage providers will apply for your Bankruptcy - that is what you need to avoid
Clare
Customer: replied 1 year ago.

Thanks Clare. I have re-read Al comments and the answer provided from him in my mind is different to yours. I will of course try and agree a repayment strategy.

Thanks for your assistance. I may need more assistance as the repossessions progress

Regards

Mohinder

Expert:  Clare replied 1 year ago.
Hi
Your home is safe UNLESS there is a Bankruptcy petition
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33547
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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