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I'm Finally Hit ... Sort Of

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Letter arrived from a solicitor today, "An order for Possession of the above mentioned property has been made in favour of XXX PLC who have instructed us to apply to the court for enforcement."

Letter tells me to contact them to discuss how it will effect me as a tenant. Annoying as I do like the flat, but a little background: He paid £305k for this 2 bed flat in mid 2008, it's pretty nice with great views & a big balcony but really, it's in Warwickshire, it's badly built & I wouldn't pay over £120k for it (if I was stupid enough to want to purchase a flat, sorry, luxury apartment). £305k! I've been paying £700pcm when they initially were asking for a grand, I knew I couldn't be anywhere near covering his mortgage on a rapidly depreciating asset. To add a layer of sugar, this is a block of 26 flats, only two ever sold, the last in 2008 despite constant marketing since then, the place is nigh on deserted (so I can play Lennon very loud when I'm hammered, I'll miss that). Be interesting to see how it fares at auction.

I now need to go off to the 'All About Renting' forum to ask a few questions about timeframes, I'm hoping I won't have to leave until Autumn but I've no idea at all - if anyone can drop a link that'd be helpful.

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All the best in finding a new rental.

In recent times I've hypothesised about been in the same situation. I suspect that this will become increasingly commonplace.

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I had to act as a guarantor for my daughter's flat rental as she is still a student.

I insisted on a bilateral credit check on the landlord. There was a lot of resistance but she finally caved in to my demand.

I don't know if this was unique or is becoming more commonplace.

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I had to act as a guarantor for my daughter's flat rental as she is still a student.

I insisted on a bilateral credit check on the landlord. There was a lot of resistance but she finally caved in to my demand.

I don't know if this was unique or is becoming more commonplace.

Good idea......when you think about it, if you rent from a highly indebted landlord you are in effect paying the rent straight to the bank to cover the interest...the landlord still has to make repairs, fix the boiler etc....and is not getting any growth in the value, in fact it is at this moment in time depreciating especially if a new-build poorly constructed flat where most flats around are also rented with a high turnover of tenants....if it was not repossessed who on earth would buy it? ;)

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I had to act as a guarantor for my daughter's flat rental as she is still a student.

I insisted on a bilateral credit check on the landlord. There was a lot of resistance but she finally caved in to my demand.

I don't know if this was unique or is becoming more commonplace.

Nice one, this should be as compulsary as the credit checks on the tennents. I mentioned such a thing to my rental agent when they were insisting to know my life story before letting me sign the lease. I think they thought I was joking, I wish now I had insisted.

Sadly I think we are going to hear more and more about LL's being repossesed and people having to move, but I can guarentee if it ever makes the press they will all blame the 'high interest rates' and the lenders for not giving these over leveraged morons even more money.

Not once will they question the wisdom of paying so much for cheapjack flats whilst only attaining minimum rents.

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You can drag it out and the people dealing with it know it. Easily make six months. I found that firstly they tried to strong arm me, make me scared and thought I would leave on the date they wanted (one month), but then after I chatted and said actually that's not so good for me given the contract etc, how about xxx, they simply agreed so long as I put it in writing. Court route is a pain for them and as I said can be troublesome, particularly if you have offered a reasonable date.

Maybe it helps.

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Letter arrived from a solicitor today, "An order for Possession of the above mentioned property has been made in favour of XXX PLC who have instructed us to apply to the court for enforcement."

Letter tells me to contact them to discuss how it will effect me as a tenant. Annoying as I do like the flat, but a little background: He paid £305k for this 2 bed flat in mid 2008, it's pretty nice with great views & a big balcony but really, it's in Warwickshire, it's badly built & I wouldn't pay over £120k for it (if I was stupid enough to want to purchase a flat, sorry, luxury apartment). £305k! I've been paying £700pcm when they initially were asking for a grand, I knew I couldn't be anywhere near covering his mortgage on a rapidly depreciating asset. To add a layer of sugar, this is a block of 26 flats, only two ever sold, the last in 2008 despite constant marketing since then, the place is nigh on deserted (so I can play Lennon very loud when I'm hammered, I'll miss that). Be interesting to see how it fares at auction.

I now need to go off to the 'All About Renting' forum to ask a few questions about timeframes, I'm hoping I won't have to leave until Autumn but I've no idea at all - if anyone can drop a link that'd be helpful.

this happened to me a a year or so back. Bizarre situation, felt like the rug was pulled right from underneath me. Won;t be long before you're back on track tho. B)

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Check out this useful site:

http://www.landlordzone.co.uk/grounds_for_possession.htm

Seems 2 months notice required, then it can go to court. Hence the dragging out bit, i.e. it wasn't written in the contract so you want to argue the case. If your tennancy hasn't expired then the actual date is end of tennancy is my understanding from this, so could easily be longer. Explains why they were keen to take my offer when I made it :)

Best of luck with your eventual move.

Snip:Periods of Notice Required - Serving a Section 8 Notice

You must serve notice seeking possession of the property on the tenant before starting court proceedings. You need to give the following periods of notice :

Grounds 3, 4, 8, 10, 11, 12, 13, 15 or 17 – at least 2 weeks

Grounds 1, 2, 5, 6, 7, 9 and 16 – at least 2 months

For ground 14 – you can start proceedings as soon as you have served notice.

Where the tenancy is a contractual periodic or statutory periodic tenancy, the notice must end on the last day of a tenancy period.

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Yep. I thought that too. But ...

Chuck a (VERY) low ball offer into the bank, bank may say yes and you can beat the auction.

Like 30% - 40% below peak price. And with a low fixed 10 years mortgage.

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I had to act as a guarantor for my daughter's flat rental as she is still a student.

I insisted on a bilateral credit check on the landlord. There was a lot of resistance but she finally caved in to my demand.

I don't know if this was unique or is becoming more commonplace.

"Respec" :)

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Yep. I thought that too. But ...

Like 30% - 40% below peak price. And with a low fixed 10 years mortgage.

I'd run a mile from buying the place. I used to live in a new build block as described and it started having build problems after just 18 months. Serious damp problems, a giant mushroom grew in the stair well over xmas!

If the block is pretty much empty, then owning a chunk would be a huge gamble. They decay and attract low rent payers too, the ones that do more than play loud music and our guy sounded considerate as he knew there were no neighbours. That bunch aren't. Try 3am on a weekday, glad to leave the pit and the crime it attracted.

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Sorry to hear of the hit. No way I would offer on such a place, even if you could get it with a 10% rental yield (so about 80k) who knows what will happen with service charges without a strong residents' committee (or any residents for now it would seem!).

There was a lot of talk in the press about protecting tenants rights when landlords are repossessed, suppose it went nowhere. Guess Shelter helpline is the best resource here.

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"Respec" :)

None required.

I am ethnically English but not culturally English.

I am not at all shy about asking for things that make sense that many locals would find cringeworthy.

I have been able to seperate my money from what society expects from me. I hope that many others will develop this capacity in the future.

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None required.

I am ethnically English but not culturally English.

I am not at all shy about asking for things that make sense that many locals would find cringeworthy.

I have been able to seperate my money from what society expects from me. I hope that many others will develop this capacity in the future.

Out of interest, how do you get a credit check done on a landlord? I am going to bring this up with any letting agent who asks me to pay for my own checks, or just asks too many questions. To the OP, sorry you have to move but there are a ton of people out there now with no hope of selling who will have to negotiate (down) the rent. Haggling sets the new paradigm in the minds of landlords and agents, they are not in the driving seat any more.

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this happened to me a a year or so back. Bizarre situation, felt like the rug was pulled right from underneath me. Won;t be long before you're back on track tho. B)

We've had to move 3 times in 18 months due to landlords going back on their "this is a long let honest".. and it's a complete bind given how much damn furniture we have.

£305K for a flat in Warwickshire ? Jeez, what were the fittings made of ? Unobtainium ?

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£305K for a flat in Warwickshire ? Jeez, what were the fittings made of ? Unobtainium ?

Laminate & chalkboard, my friend.

This flat I'm sat in pretty much sums up that whole mid 00's ******, BTL fools, NuLab idiocy, monetarily illogical to a fault.

I still don't think it's struck people properly, but it will. What a foolish time that was, & how long so many people will be paying for it ...

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Laminate & chalkboard, my friend.

This flat I'm sat in pretty much sums up that whole mid 00's ******, BTL fools, NuLab idiocy, monetarily illogical to a fault.

I still don't think it's struck people properly, but it will. What a foolish time that was, & how long so many people will be paying for it ...

Good line, sums the madness up nicely.

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Letter arrived from a solicitor today, "An order for Possession of the above mentioned property has been made in favour of XXX PLC who have instructed us to apply to the court for enforcement."

Letter tells me to contact them to discuss how it will effect me as a tenant. Annoying as I do like the flat, but a little background: He paid £305k for this 2 bed flat in mid 2008, it's pretty nice with great views & a big balcony but really, it's in Warwickshire, it's badly built & I wouldn't pay over £120k for it (if I was stupid enough to want to purchase a flat, sorry, luxury apartment). £305k! I've been paying £700pcm when they initially were asking for a grand, I knew I couldn't be anywhere near covering his mortgage on a rapidly depreciating asset. To add a layer of sugar, this is a block of 26 flats, only two ever sold, the last in 2008 despite constant marketing since then, the place is nigh on deserted (so I can play Lennon very loud when I'm hammered, I'll miss that). Be interesting to see how it fares at auction.

I now need to go off to the 'All About Renting' forum to ask a few questions about timeframes, I'm hoping I won't have to leave until Autumn but I've no idea at all - if anyone can drop a link that'd be helpful.

If the value of the property has dropped as much as you say and there are 24 unsold flats in the building, you might find the bank is happy ot keep you as a tenant(?)

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We've had to move 3 times in 18 months due to landlords going back on their "this is a long let honest".. and it's a complete bind given how much damn furniture we have.

Not to mention the cost! How are we supposed to save for a deposit when we have to shell out several hundred pounds every 6 to 12 months!

In regard to the original topic, sounds like the only person the bank will end us talking to will be the demolition man. I can't see it selling even at auction with only one other resident!

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Out of interest, how do you get a credit check done on a landlord? I am going to bring this up with any letting agent who asks me to pay for my own checks, or just asks too many questions. To the OP, sorry you have to move but there are a ton of people out there now with no hope of selling who will have to negotiate (down) the rent. Haggling sets the new paradigm in the minds of landlords and agents, they are not in the driving seat any more.

The lettings agent used PropertyRisks. I only completed the online form when I had an "all clear" on the landlady's credit check on the rent that I was guaranteeing as it was the only proxy that I could come up with for her ability to service her mortgage.

It was a very aggressive strategy and could easily backfire. Because it was for student housing, there is a lot to choose from and we don't need to worry about a long term relationship with the landlady so it wasn't actually that risky.

There are downsides to being this aggressive with respect to your main family home.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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