Landlord not paying his mortgage!

sparkle84

itsakidsworld wrote:

I think you should have kept your nose out of opening your landlords mail. It was not addressed to you and so you had no right to open it, instead you should have taken it to the agency for them to deal with.

How can your landlord represent themselves now they have no mail? How much more have you opened? What gives you the right to open mail just because you live in someones property- none.

Because you were nosey you have now created a situation where you feel unconfortable as you are making suggestions about "what if this" and "what if that" to a legal matter which is none of your business.

Very rarely do I post negatives on this forum as you will see if you look through my postings from previous. But what you have done is wrong and now you are left to deal with the consequences of your own insecurities.

Read the posting properly it was addressed to "The Occupier" not the landlord

MortgageMamma

Rights and wrongs of letter opening aside, back to the OP, what are youplanning to do now? Buy or rent? if the property is reposessed the lender will want to sell it as soon as possible, and has to take all reasonable offers seriously. If you wanted to buy it, the sooner you got in the less legal and other costs incurred by the lender, the cheaper you may be able to get it. Alternatively, you could always ask your landlord directly how much it would take to get if off his hands.

If you plan to rent or buy elsewhere get the letting agency to inspect the property before you leave, and take photographs of the condition of the property, just in case you have problems getting your deposit returned.

And dont stop paying the rent, if a future mortgage lender writes to the letting agency for a reference and you've not paid rent it could mean the difference of a mainsteam good credit mortgage and a credit impaired mortgage

Good luck, sometimes a positive can come from negative events like this you know.

MM

LeanneF

If you're thinking of buying anyway, I agree with MM & would look into buying the flat you're renting...if it's what you're after of course.

The guy in the flat above where I once rented did this. Found out his landlord wasn't paying the mortgage & bought it as a repossession at a huge discount. It was in a very desirable part of SW London. Now lets it out himself.

Manchester78_2

Hi guys, I would love to buy this flat as its close to the city centre and where I work. Not sure if i would get a mortgage high enough though because it was recently valued at £138k and I only earn a basic of £21k and get bonuses taking it up to about £26 but I have a loan repayment of £400 as well so could probably only raise about £75-£80 for a mortgage. I have about £6k savings at the moment.

I am looking to buy a shared ownership flat but its currently under construction and wont be ready until Summer 2007

MortgageMamma

You could always approach a shared ownership association about the open market option. this is where you buy 75% of theproperty of your choice and they pay the balance. If you could haggle down the price before reposession you might be in with a chance there. http://www.housingcorp.gov.uk/server/show/nav.2129

otherwise, you will find you'd probably get up to 90k on a mortgage if you needed to, but for affordability purposes you would be better off waiting until you have paid off your loan, the only other alternative is to consolidate the loan into a 125% mortgage.

liz545

Manchester78 wrote:

Firstly, I want to know what my rights are if any should the possession order be granted. Secondly, should I continue to pay my rent to the agency has normal?

I'm really sorry to hear that, as other posters have advised your legal rights aren't great in this situation. I'd make an offer (either to the LL or RBos) for the property, if you can afford it. Although you say it's out of your range, if the flat's about to be repossessed you can try a cheeky low ball offer, and you never know! Also, as you're paying rent to the agency, not directly to the LL, speak to the agency and see if they can rehouse you in the short term. If your contract is for a fixed period, they have a duty to house you for that period, as long as you're paying the rent, and if they're a reputable firm they should try and accommodate you. I'd also discuss the deposit with them now - do they hold the deposit, or does the LL? If he's in financial difficulties you may have trouble getting it back, even if you do go through small claims, and this can be a very lengthy process. Basically, I'd do my best to guilt trip/shame the agency into ensuring that this horrible situation doesn't get worse. Good luck!

BobProperty

If the OP is going to buy the place, then they must act quickly to be in a position to complete. Worst case is that the Landlord - Owner has their head in the sand or has "done a runner". If the landlord doesn't turn up in court to defend the action, the mortgage co will get possession by default. Depending on what is being petitioned for, and what is said to be the situation, the judge could give a 14 or 28 day possession order to the mortgagor. Meaning if it isn't empty in x days, it's bailiff time and they will be round in weeks to enforce the court order.

us,thecat&thedebt

NOBODY SHOOT ME BUT I WORK FOR AN ESTATE AGENT! IN LETTINGS THOUGH!!!


If the repossion order is going to the property then then it sounds like the landlord doesnt have a buy to let mortgage...

if this is the case he could lose his mortage instantly by letting it out..

speak to your letting agent again you DO have a right to know what is going on despite what they tell you..

this has happened to one of my tenants only as a letting agent i dealt with the situation and moved the tenant the alternative accomadation...

best of luck :A

polarbearit

I'd also try to assertain who is holding your deposit the land lord or letting agent - as for me that may have some influence on whether I'd pay the rent or try to come to an alternate arrangement about it.

BobProperty

us,thecat&thedebt wrote:

If the repossion order is going to the property then then it sounds like the landlord doesnt have a buy to let mortgage...

It's notice of "Possession Proceedings" addressed to "The Occupier" - you can not deduce the above from the details the OP gave.

us,thecat&thedebt wrote:

if this is the case he could lose his mortage instantly by letting it out..

The mortgagor will still need a court order to get possession. I agree the landlord might have broken his mortgage contract terms but that doesn't give the mortgagor automatic possession of the property.