Wednesday, August 27, 2008

BTL’ers jump ship, but what about their tenants?

BTL repossessions increase by 100%

Buy-to-let repossessions have significantly increased compared to this time last year, making renters just as prone to repossession as homeowners.

Posted by whostolemyendowment @ 12:30 PM (970 views)
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3 thoughts on “BTL’ers jump ship, but what about their tenants?

  • I must admit as a renter this angle never even occurred to me. Does anyone know what a tenant’s rights are in the case of their home being repossessed as a result of the landlord defaulting on mortgage payments?

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  • Whostolemyendowment says:

    Don’t usually comment on my own post….but in answer to Mr P….I think this is a minefield, though Shelter may be a good place to start asking for advice…

    http://england.shelter.org.uk/get_advice/advice_topics/repossession/repossession_of_rented_homes

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  • Pelethar…

    I’m not entirely sure as the ‘shorthold tenancy’ agreements are really only designed to protect the landlords. I remember looking for the last 2 years to find a new property to rent and I can’t tell you how many times I found the property was either ‘for sale’ as well as ‘to let’ or had only been purchased in the previous 2 years (clearly now at the top of the bubble). These two facts alone prevented me even viewing a huge chunk of the available properties as I had little confidence in being able to stay in them for any length of time (basically until I wanted to leave)

    The two articles below give lttle hope. “This means if the landlord falls into arrears with his / her mortgage repayments and the lender repossesses the property the tenant(s) will be evicted. ” – from the second article.

    http://www.thesite.org/homelawandmoney/askthesiteqandas/housingqandas/repossessionrights
    http://www.compactlaw.co.uk/free_legal_information/private_housing/privhf14.html

    Don’t worry pelethar, no doubt Gordon Brown will be able to help the tens of thousands of people who will be evicted for paying their rent on time while their BTL landlord pocketed the cash!

    I expect that this will be one of the major factors not really featuring in many minds right now. I do expect there will be a lot of available rented properties as almost ALL properties for sale will appear to be available to rent before the year is out !

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