Jump to content
House Price Crash Forum
Longtermrenter

Bleating Landlord Bbc Southeast Today

Recommended Posts

On my mobile so hard to put a link in.http://m.bbc.co.uk/news/uk-england-kent-25889308

Ill try some HTML <a href ="http://m.bbc.co.uk/news/uk-england-kent-25889308">Linky</a>

Poor rentier now renting and claiming benefits after losing all her equity.

Four years ago, buy-to-let landlord Joan Keeley had a home worth half a million pounds and a property portfolio worth more than a million pounds. Now, after a dispute with her bank, she is living on benefits in a one-bedroomed flat in Gillingham, Kent.

Four years ago, buy-to-let landlord Joan Keeley had a home worth half a million pounds and a property portfolio worth more than a million pounds. Now, after a dispute with her bank, she is living on benefits in a one-bedroomed flat in Gillingham, Kent.

She told BBC South East business correspondent Mark Norman she also owes the former Kent Reliance Building Society more than £300,000.

Her bank, which is now OneSavings Bank and still trades as Kent Reliance, said it could not discuss a specific customer's case, but said in a statement: "As a responsible lender, we make every effort to work with borrowers who experience difficulties and we offer a variety of forbearance methods."

Ms Keeley is now campaigning for a change in the law on the use of specialist receivers.

Her MP Rehman Chishti last week raised the issue in Parliament, and another property landlord David Northrop said hundreds of landlords were having the same problem.

Doesn't say what sort of dispute she's having with her bank... She could sell instead of scrounging... Another boomer expecting everyone to help her out if her BTL business fails....

Edited by SickofRenting

Share this post


Link to post
Share on other sites

Reports talks of a dozen properties, lady withheld mortgage payments after a repayment dispute(not explained in any detail), bank then calls loans and then when no repayment forthcoming, appoints LPA receivers to run the business. The arrangement means that the LL remains liable for debts etc. I guess the receivers are not badly paid either. 4 years of paperwork mentioned, so not an overnight smash'n'grab by the sounds of it.

Her complaint is that had her properties been sold at the time of the dispute, she would have been left with a considerable amount of equity, but now has nowt but debts.

Witholding mortgage payments was a very silly move imo. Other LL in piece talks of good tenants being affected by nasty Govt not paying rent directly to LLs.

I'm sure the HPC massive can find out what the original dispute about repayment was, bound to be on a BB somewhere..

I'll speculate that she was happy to get paid direct, then that changed and her choice of tenant was not amenable to paying the rent, which led to the 'dispute' with the lenders (ie she couldn't pay) and then the mortgages get called etc and her fantasy equity goes up in smoke with receivers. I emphasis this is pure speculation.

Share this post


Link to post
Share on other sites

Banks need to devour more. It's good they're getting their appetite.

So many with such incredible levels of entitlement with additional leverage, margining for more of the same forever HPI, that has never been seen before in the universe.

Iplayer video + article

http://www.bbc.co.uk/news/uk-england-kent-25889308

Share this post


Link to post
Share on other sites

The landlord, who had mortgage debt outstanding of "close to a couple of million pounds at that time" according to her in the video.... she now living in a rented property claiming benefits.

Sweet.

She should have familiarised herself with LPA Receiver powers, many many years ago, before expanding her business.

And the final landlord gibbering on how good-tenants have been harmed when their landlord has gone under. Hate that pathetic line of defence. Read it so often. Huge landlords can't go under because it affect their good tenants if they're no longer there?

Properties come back to market, either LPA Receiver perhaps renting renting them out, or for sale, or under better solvent landlords; ideally put up for sale at lower prices.

Edited by Venger

Share this post


Link to post
Share on other sites

Schroedingers fat cat.

£1m portfolio. she is clearly ( or was extremely wealthy).

They just forgot to mention the other side to the portfolio....the Debt.

People do this.

Share this post


Link to post
Share on other sites
I'll speculate that she was happy to get paid direct, then that changed and her choice of tenant was not amenable to paying the rent, which led to the 'dispute' with the lenders (ie she couldn't pay) and then the mortgages get called etc and her fantasy equity goes up in smoke with receivers. I emphasis this is pure speculation.

Would be my guess too, but when you've got debt of £1m+ on properties, (even if it's on the "properties which can only go up") you're vulnerable to a few things, including perhaps one house getting structural problem/repair/few voids. Why is that MP getting involved?

Things are coming together, with LPA Receivers, BOI and West Brom action raising rates, tougher mortgage stress testing (so they claim). Perhaps we can have a crash even with low base rates, if they only got rid of HTB2.

Landlord in my area is no longer going out. His wife claiming he has depression. And he's got 36 FTB style homes, one of which I might be interested in, although has a few duff ones too, with a couple I know have stood empty for quite a while. My mother used to go to their annual Summer garden parties, where the oldies living a life of wonder and peace and happiness at HPI riches and big final salary pensions. Break him up bankers.

Share this post


Link to post
Share on other sites

I wonder what benefits she's on. Can you claim HB if you are renting out properties, be a sick joke if you could.

It wouldn't surprise me anymore. Have these people no shame?

Share this post


Link to post
Share on other sites

Banks need to devour more. It's good they're getting their appetite.

http://www.bbc.co.uk...d-kent-25889308

It seems push, came to shove, and the banks were tougher :)..the woman in that clip omitted so much from the chain of events leading up to her losing her bt let`s that it was pure fiction. Such as "next thing we know they seize our properties"..as if it was all such a surprise to her. She obviously thought she was in a powerful position by with holding the mortgage payments.

She was better than her tenants and tougher than the banks...until she found out she wasn`t.

Share this post


Link to post
Share on other sites

It seems push, came to shove, and the banks were tougher :)..the woman in that clip omitted so much from the chain of events leading up to her losing her bt let`s that it was pure fiction. Such as "next thing we know they seize our properties"..as if it was all such a surprise to her. She obviously thought she was in a powerful position by with holding the mortgage payments.

She was better than her tenants and tougher than the banks...until she found out she wasn`t.

you can understand it though....borrow £100 and you have a problem.....owe them a million and they have a problem.

She just made the mistake of thinking a million is proper money today.

Share this post


Link to post
Share on other sites

you can understand it though....borrow £100 and you have a problem.....owe them a million and they have a problem.

/quote]

Yes so true..I guess the banks are feeling more confident now so are calling some in. Its interesting to watch. Just after 2007 it was all about damage limitation at any cost, using the pretense of looking after their customers/debtors. Now some of the dust has settled and the banks are releasing the hounds.

Share this post


Link to post
Share on other sites

What we need is some sort of web site, It could maybe list some extensive BTL'ers and the properties they rent from the bank to others and just boycott them.

How long would it take to take out say the wilsons? 1 or 2 weeks?

Talk about having your a$$ exposed. :lol:

Share this post


Link to post
Share on other sites

The irony is probably lost on her but I guess her 'heroes' Fergus and his wife would not rent to her as she is on benefits.

Seems like a strange way to run a business, fighting the bank and refusing to pay the debt when the bank hold all the cards; landlords really think they are masters of the universe and astute business people rather than chancers.

Seems about right to me.

Share this post


Link to post
Share on other sites

What we need is some sort of web site, It could maybe list some extensive BTL'ers and the properties they rent from the bank to others and just boycott them.

How long would it take to take out say the wilsons? 1 or 2 weeks?

Talk about having your a$ exposed. :lol:

Virtually impossible to get the data. Had this conversation with the Land Registry. Unless they form a company (which BTL's never do of course). You can have a property portfolio worth zillions in the UK and yet run it virtually anonomously. No need for a registered office, trading address, licencing (in most areas). What other 'businesses' do you know like that. Oh I forgot, they are not businesses but investments or pension vehicles. laugh.gif

Share this post


Link to post
Share on other sites

The landlord, who had mortgage debt outstanding of "close to a couple of million pounds at that time" according to her in the video.... she now living in a rented property claiming benefits.

Sweet.

She should have familiarised herself with LPA Receiver powers, many many years ago, before expanding her business.

And the final landlord gibbering on how good-tenants have been harmed when their landlord has gone under. Hate that pathetic line of defence. Read it so often. Huge landlords can't go under because it affect their good tenants if they're no longer there?

Properties come back to market, either LPA Receiver perhaps renting renting them out, or for sale, or under better solvent landlords; ideally put up for sale at lower prices.

Quite.....high risk, high leverage, high debt = possible high reward, but also possible high risk of total failure.....choices. ;)

Share this post


Link to post
Share on other sites

I wonder what benefits she's on. Can you claim HB if you are renting out properties, be a sick joke if you could.

No you can't.

She'd be entitled to JSA but only if she's not declaring her rental income.

Unless the bank took all THEIR flats back and she really does only have debt left?

Share this post


Link to post
Share on other sites

Can we still call this parasite a Land'lord'.......it is rather the Bank that merits this 'honorific' now. It is difficult to believe that one of this ilk could crash and burn in the current climate.

Share this post


Link to post
Share on other sites

"Ms Keeley is now campaigning for a change in the law on the use of specialist receivers."

What change to what law ?

Is it the change to..."pay us back the money you owe and if you don't we get to take everything back" law ?

"Her MP Rehman Chishti last week raised the issue in Parliament, and another property landlord David Northrop said hundreds of landlords were having the same problem."

There you have it....MPs defending the debtor and "hundreds of landlords" in the same boat, a sure vote winner.

Also, multiply this up and down the country then BTLing must be in a right mess. Im sure those people filling their boots last year off the back of FLS and low mortgage rates will not have over-levered.

Levered investments are geared on the way up...and the way down...and if you've been on a bike you will know how much easier it peddling down hill in a high gear. :lol:

Share this post


Link to post
Share on other sites

A landlord is a person who evicts other people from their homes, for money. Nothing more, nothing less.

So what exactly is her complaint here? She clearly approves of the business model, when she applies it to other people.

Do unto others as you would have them do unto you.

Edited by (Blizzard)

Share this post


Link to post
Share on other sites

A landlord is a person who evicts other people from their homes, for money. Nothing more, nothing less.

So what exactly is her complaint here? She clearly approves of the business model, when she applies it to other people.

Do unto others as you would have them do unto you.

I think her issue is...her investment went down instead of up.

Always read the small print.

Share this post


Link to post
Share on other sites

I think that technically she was a landlady!

And there is probably a new miss-selling compensation scandal just waiting to happen for repo'ed BTL landlords

/ladies.

Share this post


Link to post
Share on other sites

Levered investments are geared on the way up...and the way down...and if you've been on a bike you will know how much easier it peddling down hill in a high gear. :lol

and that's what amazes me the most about this property crazed country, people don't understand the negative side of gearing and the media never explains it. You quite often read articles that compare BTL returns with the return on cash savings, but they're nothing like each other from a risk perspective.

So I wonder how many of these financial wizards/BTL landlords haven't got a clue how potentially dangerous their investments can be to their wealth, until it's too late of course? They certainly understand the upside, but no clue on the downside... we live in interesting times.

[Afterthought:- a lot of people don't know what an Interest Only Mortgage is, so the pro's/con's of leverage would be impossible for them to understand]

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   217 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.