Help! My buy-to-let portfolio is being repossessed!!

Dave_Ham

Jimthefixer wrote: »

Hi all,

Really appreciate all the advice about what to do. I am not really a property expert, but have gone out to the Citizen Advice Bureay, Bankruptcy experts, Mortgage brokers, accountancy firms and my solicitors and none of them have really come back with any clarity, it seems like your comments give me a bit more to go with. thanks, I am contacting another company today that claim to bring but to let, repossession, LPA receivership and turnaround portfolio all into one pot and can also advise on how to write-off debt! wish me luck.... Any other concrete solutions will be appreciated.... I will post back once I have met with them... they also seem to specialise in getting compensation if you have lost your properties.... will keep you posted...

This sounds like a terrible idea but just gut feel. As suggested, pay no money upfront and bounce any "solutions" past us here or elsewhere formally.

Jimthefixer

Totalling off at around 1 1/2 million worth of assets with about a 1.4 loan, all with the same bank...I'm thinking now that I'll definately have to sell and get out altogether but again I want the most out of this as the values are very haphazard. Any further comments??

GMS

You cannot refinance with those figures.


Will the lender not capitalise the arrears? Have you tried to come to an arrangement with them?

Thrugelmir

Jimthefixer wrote: »

Totalling off at around 1 1/2 million worth of assets with about a 1.4 loan, all with the same bank...I'm thinking now that I'll definately have to sell and get out altogether but again I want the most out of this as the values are very haphazard. Any further comments??

£150k of equity simply isn't enough to make the venture viable.

Best to co-operate to minimise costs, cut your losses and plan for the future.

Thrugelmir

Jimthefixer wrote: »

they also seem to specialise in getting compensation if you have lost your properties.... ...

Seem to being the operative words.

How do they make their money?

kwmlondon

Jimthefixer wrote: »

Totalling off at around 1 1/2 million worth of assets with about a 1.4 loan, all with the same bank...I'm thinking now that I'll definately have to sell and get out altogether but again I want the most out of this as the values are very haphazard. Any further comments??

How do you know how much your properties are worth? You don't even know how many you have. It could be between 10 and 15.

Jimthefixer

I think the actual worth is a little irrelevant as I'm not going to give specifics in a public forum, all I was looking for was some general advice and guidance as yes perhaps I did get into property a little too early in hindsight.

Yes I have considered shortfalls and I am optimistic that the value of the properties will keep me above the nightmare negative equity scenario as they are all in quite good condition.

The company I went to see is called Rescue My Properties, do a google on it and tell me what you think, the main reason I went is because a friend recommended it and said they deal with portfolio appraisal, management and sales.

Does it sound like an 'eggs in the one basket' type of cluster**** or can I expect an in-depth, professional re-evaluation of the whole mess???

(I still haven't signed anything...)

Dave_Ham

Only had time to have a quick look and my original point stands fairly or unfairly. It just feels very sales orientated, limited regulation if any and no real, specific information on options or any level of detail

Are you paying anything upfront and how do they get paid?

Also, do they realise the limited equity in your portfolio?

vectistim

Is the lender Mortgage Express (UKAR)?

If your equity is c. 10% then I think you've had it and you need to fight really hard to avoid the LPA receivers, once they're in you're unlikely to get them out again and their fees and distressed sales will probably leave them looking to chase you for some balance after everything is sold.

Can you get the mortgages back up to date and start selling them yourself? There is probably a 'right to consolidate' so any profit you make from a sale will just be kept by the lender to reduce the total outstanding.

Thrugelmir

Jimthefixer wrote: »

IYes I have considered shortfalls and I am optimistic that the value of the properties will keep me above the nightmare negative equity scenario as they are all in quite good condition.

Cash is king as part of the old busiiness saying goes. Many an asset rich venture collapses due to poor cashflow. That's what you need to address.