2 year tenancy, but have gone to receivers.. Help!

Worriedmummy

Oh I see what you mean .. But it's not really clear from the letter. It's says 'I am writing to inform you that @@@@ and I were appointed as joint receivers in respect of properties owned by xxx and xxx and/or company name (contains the word Grace if that helps) by an order of the court dated 13th May..
The solicitor is Birmingham based...

franklee

Some of you are forgetting Section 8 Ground 2, see here:
http://www.letlink.co.uk/letting-factsheets/factsheets/factsheet-8-claims-for-possession-the-section-8-notice.html

"Other Mandatory Grounds (Prior Notice)
...
Ground 2: that the mortgagee is claiming possession. NB this can only be of use where the mortgage predates the tenancy."

Not that we know if the mortgagee is claiming possession as yet but it's a possibility so I'd ask the solicitor who wrote to you what the plan is.

BitterAndTwisted

Quite a lot of lenders are choosing not to sell repossessed properties at auction immediately especially where there is a decent amount of rental-income to be offset against the borrower's negative equity.

For some of the properties managed by the agents I am working for they are actively seeking new tenants. It appears that just because a property is repossessed does not automatically mean that the tenancy will end.

G_M

bris wrote: »

If the bank reposses then they do not need to honour the tenancy, so saying the OP is safe is not nesseseraly true. They must get a court order for possesion but a judge will normaly grant the tenant up to 2 months to find some where else to live.

If the bank agreed to the tenancy, ie it is a Buy to Let mortgage, or Consent to Let was granted, then yes, the bank DO need to honour the tenancy.

If it was NOt a BTL, or CTL was not granted, then the bank can apply to the court for possession, but since 2010, the court has the option of granting a tenant 2 months grace before possession is granted.

Trollfever

This auction had several lots from a failed BTL empire that were sold with the tenants "in situ"

http://www.auction.co.uk/residential/pastResults.asp?A=711

may_fair

G_M wrote: »

If it was NOt a BTL, or CTL was not granted, then the bank can apply to the court for possession, but since 2010, the court has the option of granting a tenant 2 months grace before possession is granted.

...or alternatively it may stay or suspend execution of a possession order for up to two months.

Mortgage Repossessions (Protection of Tenants etc) Act 2010
http://www.legislation.gov.uk/ukpga/2010/19/contents

daniellendry

Worriedmummy wrote: »

Hi everyone,
I'm really hoping someone can help me. We have a 2 year assured tenancy agreement on our home which doesn't expire until September 2012. However this morning we received a letter from a firm of solicitors stating that they are receivers in respect of the properties owned by our landlady .. Including this one.
The letter is simply asking us to start paying rent to them, but I am very concerned as to what this is going to mean long term.
Can they evict us even though we have a 2 year tenancy?
We gave always paid out rent on time. I am very upset and really don't think I can cope or afford to move right now.
Many thanks

urgent message to worriedmummy PLEASE CONTACT DAVE ON 01792772331 ITS IN RELATION TO YOUR TOPIC ON HERE WE TOO RECEIVED THE LETTER AND COURT ORDER WE ARE TENNANTS OF GRACE

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HIGH COURTS OF JUSTICE CHANCERY DIVISION AND RECEIVERS BASED IN BIRNINGHAM CONTACT ME TO LIASE WITH OUR PROBLEM

Worriedmummy

Thanks everyone,
I've just spoken to the receivers who have said not to worry and that nothing is going to change apart from where we send our rent.
I still feel a little uneasy as surely it can't go on like this forever? so I'm going to try and get something more in writing. If anyone could suggest the kind of things I need to write that would be great.
Dave, it's been really good speaking to you over the last few days and I really hope this has a happy ending for both our families.
If anyone else has been effected by the Grace Properties/ Grace 2 rent etc issues then we would love to hear from you.
Many thanks

silvercar

bris wrote: »

If the bank reposses then they do not need to honour the tenancy, so saying the OP is safe is not nesseseraly true. They must get a court order for possesion but a judge will normaly grant the tenant up to 2 months to find some where else to live.

Isn't that the whole point of CTL or BTL? That the bank has to honour the tenancy in repossession? Otherwise there would be little value in getting consent to let!