buy to let council tax warning and other warnings

ptwparkinson

ptwparkinson wrote: »

All three partners were in agreement to increase the loan facility --- I didn`t take out a charge against his home --- the bank did that -- with his agreement !!! And he was in consultation with our solicitor and our accountant beforehand on my advice !!

read what I said please


originally we had a facility of £ 120,000


all three partners discussed and agreed increasing this to
£ 250,000


the bank increased it to £ 220,000


however --- I was left carrying two thirds of the risk without realising until it was too late ( as I have said ) --- the third partner was happy enough when times were good not to be taking the same risks as myself and our other partner --- but now times are worse he will be leaving the two of us to carry the burden although he has verbally promised to be paying the same amount as us per month extra to what we are paying now and what we have said is that if for any reason he stops paying his whack then we must already have a second charge on his property just like the bank have now 2which will be released when we pay them back and we will take over that second charge ---- he is unable to raise a mortgage because of the credit card problem and there is not much equity because he mortgaged it to the hilt to help buy the one that he now lives in -- and if he can`t pay each month we will have to wait until he can sell it off eventually to recoup the extra monies the that two of us will have to pay on the new loans -- hope this makes sense

ptwparkinson

Actually -- from what I have read in most of the replies it seems to me that a lot of people are reading what they want to see in my posts and putting their own slant on my words and confusing a lot of what I have been saying --- anyway -- more bad news today -- but that`s how it goes in this game

AdrianC

ptwparkinson wrote: »

-- but that`s how it goes in this game

Certainly seems to be, given the way you're playing it.

jjlandlord

ptwparkinson wrote: »

hope this makes sense

No it doesn't.

Assuming this is all true (because it's so extreme that I'm doubting it) you sound like a guy walking through a mine field and being careful to walk on all the mines.

DaftyDuck

.... Or one of a group of three or so associates, two of whom might make a huge return on the(ir) investment, but one who will ....leave with nothing!

ptwparkinson, you are the weakest link. Goodbye.

I still call "bag for life".