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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am a business owner and have accumilated a debt of £18k to

Resolved Question:

I am a business owner and have accumilated a debt of £18k to my landlord. Although our relationship is amicable he has made it clear that should I be late in paying my quarterly rents he will give 30 days notice for me to vacate the property and will start court proceedings. I believe this is what his solicitor has advisded him to do. What I really want to know is, after I am taken to court ( if it should go that far). What can and can't happen? I am concerned about my home being taken to repay my debt with him. I am a sole trader with a partner.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
I assume you own your home, ie its in your name?
Customer: replied 1 year ago.

Hi Alex, Yes I own it and my mortage is about to end in December.

Expert:  Ash replied 1 year ago.
Thanks. It's bad news i am afraid, if they get a court judgment for the arrears they can apply to secure the debt as a charge on your property. Then they could in theory apply for an order for sale, but that would be extreme
But sadly if they get a county court judgment they can secure it. Can I clarify a thing for you about this today please?
Alex
Customer: replied 1 year ago.

Thanks and if they if they get a county court judgment and secure it and don't apply for an order of sale, what else happens? does an payment arrangement happen and if I break that they force a sale of my home?

Expert:  Ash replied 1 year ago.
Yes. But when it's secured they are entitled to interest. More than in the bank so probably just keep the charge.
Alex
Customer: replied 1 year ago.

Ok, thank you. One last question, if they aside what you've already outlined is there any other options they may seek? I've read about forcing bankrupcy etc. Or is the Judgement the most common outcome to these situations?

Expert:  Ash replied 1 year ago.
They can get bankruptcy but the limit for that changes shortly to £5000. I would hope they will be reasonable and allow the debt to be repaid. Deal with the landlord and not solicitor!
Does that help?
Alex
Customer: replied 1 year ago.

Thank you for your advice it's been very helpful.

Expert:  Ash replied 1 year ago.
Good luck with this.
If this answers your question could I invite you rate my answer before you leave today.
If the system won’t let you please click reply.
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Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If you have not done so already might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex