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Monkey_Boy

What Are My Rights If My Landlord Cannot Keep Up Repayments?

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My Fiance and I are considering moving (fed up with living in a 1 bed flat). We currently rent and will be renting again, I am concerned that there is a possibility of us renting from a landlord who has overstretched themselves. Obviously we can ask the right questions and do a bit of land registry homework. I am interested to know where we would stand if the bank wanted to reposses the property we were in.

I would assume we would be allowed to stay out our contract or a months notice, something like that. Would the bank offer us the chance to buy said property? Would the bank just sell the property on to another landlord? All theoretically speaking... Anyone know?

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My Fiance and I are considering moving (fed up with living in a 1 bed flat). We currently rent and will be renting again, I am concerned that there is a possibility of us renting from a landlord who has overstretched themselves. Obviously we can ask the right questions and do a bit of land registry homework. I am interested to know where we would stand if the bank wanted to reposses the property we were in.

I would assume we would be allowed to stay out our contract or a months notice, something like that. Would the bank offer us the chance to buy said property? Would the bank just sell the property on to another landlord? All theoretically speaking... Anyone know?

I'm pretty sure that you can not be evicted during the fixed term of any tenancy regardless of the circumstances so if the place did get reposessed you can stay there until the end of the term however they are unlikely to offer you a renewal.

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I'd ask the landlord how long they have owned the property. IMHO the longer the property has been in their hands, the better the odds of there not being a negative cash flow.

Good luck.

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I'd ask the landlord how long they have owned the property. IMHO the longer the property has been in their hands, the better the odds of there not being a negative cash flow.

Good luck.

This is a worthwhile thread which I am surprised hasn't surfaced much before. Having just run through hoops to prove who I am with a letting agent, depositing photo copies of my passport, driving licence, several bank statements, utility bills and furnishing all sorts of references, I know almost nothing about my future landlord apart from what the land registry tell me.

He will know my income, an approximation of my lifestyle, some of my personal habits (do I smoke, drink etc etc), do I spend money like water or am I careful with it, how much credit do I have and do I pay it back regularly. I know nothing of my landlord's lifestyle, except that he or she is likely to be open to a bit of personal profit from buying to let. For all I know my landlord is mortgaged to the eyeballs and hanging by a thread before declaring bankruptcy, or he might be a billionaire. He or she could be a thug or a vicar. I have no idea what lifestyle HE leads and I have no evidence as to his reliability as a landlord.

Furthermore I have no real info on the agent either, except that he exists, and he's holding a whacking great deposit.

We are entering an era where it is sensible for BOTH parties to thoroughly know enough about each other to be able to trust in a transaction. But it seems to me that tenants are pretty sheepish at the application stage. I think we need a system where both parties are able (supported by law) to investigate each other equally.

As for agents, a nation of shopkeepers has become first a nation of hairdressers (oh sorry "designers), and now a nation of letting agents. There's one on every corner of every town. Hardly any of them are vetted by an official organisation and none of them are subject to any regulations.

VP

Edited by VacantPossession

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My Fiance and I are considering moving (fed up with living in a 1 bed flat). We currently rent and will be renting again, I am concerned that there is a possibility of us renting from a landlord who has overstretched themselves. Obviously we can ask the right questions and do a bit of land registry homework. I am interested to know where we would stand if the bank wanted to reposses the property we were in.

I would assume we would be allowed to stay out our contract or a months notice, something like that. Would the bank offer us the chance to buy said property? Would the bank just sell the property on to another landlord? All theoretically speaking... Anyone know?

If you have a fixed term tenancy your landlord has to have a reason (or 'ground') to evict you before the fixed term ends. The ground might be because:

you have rent arrears

..etc.

...etc

you landlord's mortgage lender is repossessing the property

It would appear that you can be evicted by the mortgage lender. To put your mind at rest though I doubt whether many landlords are likely to go to the wall.

In the unlikely event that the property is repo'd I'm sure the 'Bank' would give you a chance to buy along with everyone else at the auction.

Edited by ILikeBigBoobs

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This is a worthwhile thread which I am surprised hasn't surfaced much before. Having just run through hoops to prove who I am with a letting agent, depositing photo copies of my passport, driving licence, several bank statements, utility bills and furnishing all sorts of references, I know almost nothing about my future landlord apart from what the land registry tell me.

He will know my income, an approximation of my lifestyle, some of my personal habits (do I smoke, drink etc etc), do I spend money like water or am I careful with it, how much credit do I have and do I pay it back regularly. I know nothing of my landlord's lifestyle, except that he or she is likely to be open to a bit of personal profit from buying to let. For all I know my landlord is mortgaged to the eyeballs and hanging by a thread before declaring bankruptcy, or he might be a billionaire. He or she could be a thug or a vicar. I have no idea what lifestyle HE leads and I have no evidence as to his reliability as a landlord.

Furthermore I have no real info on the agent either, except that he exists, and he's holding a whacking great deposit.

We are entering an era where it is sensible for BOTH parties to thoroughly know enough about each other to be able to trust in a transaction. But it seems to me that tenants are pretty sheepish at the application stage. I think we need a system where both parties are able (supported by law) to investigate each other equally.

As for agents, a nation of shopkeepers has become first a nation of hairdressers (oh sorry "designers), and now a nation of letting agents. There's one on every corner of every town. Hardly any of them are vetted by an official organisation and none of them are subject to any regulations.

VP

Is this a list of reasons to be a buyer instead of a tenant?

:D

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If you do get a letter about repossession, first let the lender know you are there and tell them you will need time to find somewhere else. It may be possible for them to delay repossession.'

If the tenancy agreement was entered into before the mortgage, the tenant may have an overriding interest in the property, and they therefore may be entitled to remain, says Anna Gregson of Dawsons Solicitors. But if the tenancy agreement was entered into after the date of the mortgage, the tenant will have no right to stay in the property if the lender applies to the court to repossess it.

http://observer.guardian.co.uk/cash/story/...1572387,00.html

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  • 301 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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