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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10737
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I have Seven properties within a block of flats with 2 lenders.

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I have Seven properties within a block of flats with 2 lenders. I have been unable to keep up with the mortgage payments and am looking to go for Voluntary Surrender. These Flats are in negative equity. I am concerned about losing my personnal home and the equity in it. What are my options.
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Customer: replied 2 years ago.

Hi Nicola

Does this mean you have that JustAnswer are unable to help me on this occassion.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

Have you been able to maintain the Mortgage payments on your own home?

Could you confirm that none of your Mortgages are with HSBC?

I look forward to hearing from you.


Customer: replied 2 years ago.

Hi Al

Thank you for assistance. Several years ago I changed my home mortgage with NRAM to interest only and apart from a payment holiday for three months about 3 years ago I have not missed a single payment.

The lenders to the buy to let properties are Mortgage Trust (4) and Platform mortgages (3).

Several years ago the maintenace charges increased from £500pa to a max of £2500pa but are now down to about £1500pa per flat. This together with the poor state of the building (barely occuppable) has made the flat difficult to rent out. Rentable value has decreased.

My wife and I have been losing money on the flats and I have been on a debt management program.

We have had a judgement against us for not paying the ground rent for 4 properties and expect to get judgement against us for the other 3 properties. We do not have the funds to pay. The landlord solictors will apparently be seeking to recover the ground rent from the Lenders.

In addition as we have been unable to pay the service charges and the landlord has filed for repossession for 4 of the flats.

Whilst we had invested over £100k in theses properties we no longer want to keep them (because we are geeting further and further into debt).

My main concern is that our own home is secure and we do not want to lose it.

Please let me know how to ensure that our property is secure.



Hi Mo,

Thanks fo ryour rpely and am sorry to hear of your plight.

However, please be rest assured that just because your Buy to Lets may get repossessed, this will not affect your own home in any way.

If a property is repossessed, you will I'm afraid get a negative against your credit score, but the individual Lenders can do no more than seek a possession order, sell the Flat, and if ther eis any negative equity, correspond with you as regards ***** ***** shortfall off over a period of years, at a monthly rate you can afford. They are NOT entitled to register any Charge against your own property.

Likewise, NRAM are not enetitled to take any action against you and seek possession of your home if you maintain the monthly mortgage payments.

The only way your own home could get affected is if you were to be made bankrupt at some point in th efuture. Although the individual Lenders on the Flats would not pursue any such course of action, if you do have other debts (not mortgage debts), then a creditor could apply to make you bankrupt.

However, as I note you are already in a debt management scheme, this is unlikely to happen, if you are paying any other creditors an agreed monthly amount, as it would not make their financial position any better by making you bankrupt.

I hope this sets out the legal position, but please let me know if you require any further clarification.

Kind Regards


Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10737
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and 3 other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi Ali I will be able to sleep better tonight.

Mortgage Trust have demanded to meet with me next week. They have suggested that I allow them to have a charge on my home.

I now feel empowered to be able refuse this suggestion but is there anything esle I can do to ensure this does not happen



Hi Mo,


Please do NOT agree to let them have any Charge on your property- they are not legally entitled to this whatsoever!!

If I have assisted, I would be grateful if you could rate my answer.

All the best.


Customer: replied 2 years ago.

Thank you Al for your assistance it has put my mind at rest. Please note I have put the same question to Just Answer one at £56 and again at £18. I would be happy if both these fees are accredited to yourself.

Once again Thank you