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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2739
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I have 15 buy to let properties all in negative equity

Resolved Question:

Good Morning
I have 15 buy to let properties all in negative equity shortfall about £100,000 total if I hand back the keys what will the building societies do about the shortfall can they chase me for the outstanding arears I do not own my own house but have a limited company can they put any legal charges on
Submitted: 10 months ago.
Category: Law
Expert:  Harris replied 10 months ago.

Hi, thank you for your question. Are all the properties in your name only?

Customer: replied 10 months ago.
There in joint names
Expert:  Harris replied 10 months ago.

Who are they in joint names with?

Customer: replied 10 months ago.
My Wife we don't own our own home just the buy to let's if we default will the building societies pursue us for the short fall we have a business in a comoany limited name can they pursue us through the limited company
Expert:  Harris replied 10 months ago.

Thanks for confirming. If you default on the mortgages and the homes are repossessed the mortgage providers can pursue you either individually or jointly for the shortfall, however they cannot pursue the limited company as that is a separate legal entity.

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