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Hello James my name is ***** ***** I will help you with this.
When you say empty, does the mortgage company have possession at this time?Alex
Ok - whilst there are tenants then they are liable for Council Tax. Service charge is generally payable by Landlord (you).
But if the Receivers take possession they are liable for the costs (well its added to your mortgage loan).Once the property is empty then the Receiver is liable for all charges and costs, but in reality these are added to the loan account and you are ultimately liable.
It may be depending on the arrears and what is owing you consider an IVA or going bankrupt. Bankruptcy is a good idea if you dont have any assets as you are free from any debt after 12 months.
Can I clarify anything for you about this today please?Alex
No as under the LPA they can just give notice. You would need a Court order to stop it.
They can just serve notice, take them and charge you the costs.
You would need an injunction to stop them.Can I clarify anything for you about this today please?Alex
Yes it would be divided up. You will be able to get credit but not straight away. It will take a few years to rebuild your credit so you have a good risk profile.
But it cant be as bad as if the property is repossessed as the bank will want paying.
Does that clarify? Alex
Sadly I dont - that is down to how much you earn etc.
I think there is a prescribed formula, but I do not know what it is as I am not usually involved in that stage.
Im sorry its not better news.
If I could invite you to rate my answer before you go today please, otherwise the site does not credit me for the time spent with you today. Thanks and good luck. Alex