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propertylawyer
propertylawyer, Solicitor
Category: Property Law
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Experience:  Property solicitor with expertise in commercial and residential property transactions.
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I have a buy to let property which accrued some arrears

Resolved Question:

I have a buy to let property which accrued some arrears which are now paid in full, can my mortgage company repossess the property if these are up to date? I have owned the property for 10 years and kept it going through tenants renting I entered into an IVA 3 years ago I'm worried if the mortgage company find out can they still repossess even though all payments are up to date ?
Submitted: 6 months ago.
Category: Property Law
Expert:  propertylawyer replied 6 months ago.

Hi

Thanks for your question.

Was the lender informed about the IVA?

Customer: replied 6 months ago.
I informed them a long time ago but I think they may have forgot. Everything is up to date and the reason I entered into an IVA was to save my properties. Everything with the buy to let is now up to date and my IVA is up to date. They now want me to consent to a credit check and sign a form to allow them to do this I think this is unfair I have kept the mortgage going for 8 years on my own and I only entered into the IVA through divorce and wanting to keep hold of my properties I was told by the IVA that it would save my properties by entering into it. My ex husband is still on the mortgage and he isn't in an IVA everything is up to date. Thanks christine
Expert:  propertylawyer replied 6 months ago.

Was the lender informed by telephone or letter?

Why do they want to credit check you?

Customer: replied 6 months ago.
They were informed over the phone when I was talking to them regarding extending the term so it was more affordable but not in writing, if they record calls they would maybe have the convetsation recorded. They want to credit check me as when I struggle to get tenants in the property it accrued arrears it is now with a letting agency who keep all the payments up to date regardless of whether there are tenants or not and there are no arrears I feel I have struggled to keep it for this long and they could now just take it off me if they are allowed to do a credit check the mortgage is already in place from 10 years ago, I am renting with a new partner and I suggested he take out the tenancy as he is not related and I move in with him as we are renting at 800 a month so this would cover all mortgage payments but they won't allow this, it was originally my family home which my father built do I've hung onto it for sentimental reasons it has a lot of equity in it and it's my children's future when it's sold.
Customer: replied 6 months ago.
The IVA company told me the banks cannot take the property if it's not in arrears if I'm in an IVA this is the only reason I entered into the IVA to keep my properties.
Customer: replied 6 months ago.
Hi did you get my answer to your question ? Thanks christine
Expert:  propertylawyer replied 6 months ago.

I tried to call you but the call failed. Do you still want to discuss on the phone?

Expert:  propertylawyer replied 6 months ago.

If so, I can send you a premium service offer.

propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 270
Experience: Property solicitor with expertise in commercial and residential property transactions.
propertylawyer and other Property Law Specialists are ready to help you
Customer: replied 6 months ago.
Hi us I'm just at football with my son I will update my payment details as soon as I get home and then can we discuss on the phone many thanks
Christine
Customer: replied 6 months ago.
Is that ok ? I had to block my card as another legal advice service had tried to scam me!
Customer: replied 6 months ago.
I have updated my payment info can you call me thanks christine
Expert:  propertylawyer replied 5 months ago.

Hi Christine

I was wondering how you got on with the agent, paying the arrears and resolving the possession proceedings. I hope it all worked out fir you.

Expert:  propertylawyer replied 5 months ago.

Do let me know if you need any further assistance.

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