Resolving Property issues post BR

John64

Hi - wonder if anyone can help...

I filed for BR and now the mortgage companies for some buy-to-let properties I had are saying that the properties are still my responsibility. They say that they don't have to repossess them but can install a Law Property Receiver - this company run the properties on my/their behalf untill the negative equity is wiped out and the property can be sold at a profit. They look for tenants and look after all aspects of the properties - any shortfall is added to the outstanding loan.

However, I would still be liable for council tax (should the properties be un let) and maybe some other costs / liabilities.

this isn't the way I wanted to / planned to go as I'm concerned that in 5 years they could decide that the neg equity will never clear and decide to chase me then for the shortfall - the outcome would probably be me going BR again!

Anyone got any experience of this?
Thanks

nervousmother

What has your OR sais about the buy to let properties?
If in 5 years the properties were sold at a loss the loss would still be included in this BR therefore you would not need to go br again.

As for the council tax, If the mortgage company are taking over them then I think they should have that responsibility also.. I think you need to talk to your OR.

IF

Hi John, I'd contact your OR about this as NM has said x

sizzler

if is right:j:j:j:j

contact or:)

John64

Thanks all - the OR hasn't eminatted massive confidence around dealing with properties - mortgage company also stated that they were experiencing a number of OR's that were not advising people correctly when it came to property and BR... but then they would say that wouldn't they!

I'll go back to OR and press for clarification.

Ta.

debtinfo

I should say that the OR will not advise you as they are not qualified to do so and it is there job. Also with it being a post bankruptcy debt, it is not within the OR's remit. Have you asked the council about a Class Q exemption as the properties are in the hands of the trustees

treading_carefully

Just a thought. Do you own any of the BTL properties jointly or are they all in your sole name. If owned jointly the responsibility and liability will remain with joint owner after your bankruptcy.