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Help...I think Im in trouble
Whitcher
Posts: 11 Forumite
Hi everyone i really need some advice and my issue is really stressing me out. Here my situation
I brought a house 8 years ago with a 100% mortgage with Northern Rock was my girlfriend at the time for £108.000 long story short she cheated on me 2 months into a 35 year mortgage and the relationship broke down. I tried to sell but housing market crashed and my property dropped to £90,000. I was all ready in debt consolidation when the mortgage was given to me. My x moved out agreeing to still pay her share, I tried living on my own for 12 month but the area I brought in was away from my family and friends and being a night shift worker I started getting seriously depressed.
I ended up moving back home with my parents and the house stayed empty for a further 6 months. My x did not want to live there and neither did I. So we decided to rent, so I went to a local estate agent and rented the property out. The rent would not cover the whole mortgage but between myself and the x we made up the shortfall.
Fast forward to today apart from the mortgage I`m debt free, I owe nothing, have a good job and have been happily married for 3 years with my first child due Easter.
My house is now i at a point were i can sell it and maybe walk a way a few thousand pound. So I have started looking at my old paperwork and mortgage agreement. This is when I saw the consent to let permission on the rear of a statement, the estate agents I rented the property never asked if I had this and I genuinely had no idea that it was required. I have never missed a payment, I have always kept the property and my tenants happy getting any maintenance work done quickly.
What should I do? Serve notice to my tenants, they have a rolling contract so I would only need to give them 2 months notice. Both my x and I both have family's a can not cover the mortgage for any pre-longed period of time.
Apply now for permission to rent...I am so worried that they will find out about this mistake and charge me masses of fines which will put me back in debt.
Own up to the bank, could they take the house ?
I had hoped to sell to an investor with the tenant still in the property but if I sell now will I be found out by the bank once solicitors start digging.
Help this is really stressing me out, I never set out to be a landlord I was trying to keep my head above water and advice would be most welcome.
I brought a house 8 years ago with a 100% mortgage with Northern Rock was my girlfriend at the time for £108.000 long story short she cheated on me 2 months into a 35 year mortgage and the relationship broke down. I tried to sell but housing market crashed and my property dropped to £90,000. I was all ready in debt consolidation when the mortgage was given to me. My x moved out agreeing to still pay her share, I tried living on my own for 12 month but the area I brought in was away from my family and friends and being a night shift worker I started getting seriously depressed.
I ended up moving back home with my parents and the house stayed empty for a further 6 months. My x did not want to live there and neither did I. So we decided to rent, so I went to a local estate agent and rented the property out. The rent would not cover the whole mortgage but between myself and the x we made up the shortfall.
Fast forward to today apart from the mortgage I`m debt free, I owe nothing, have a good job and have been happily married for 3 years with my first child due Easter.
My house is now i at a point were i can sell it and maybe walk a way a few thousand pound. So I have started looking at my old paperwork and mortgage agreement. This is when I saw the consent to let permission on the rear of a statement, the estate agents I rented the property never asked if I had this and I genuinely had no idea that it was required. I have never missed a payment, I have always kept the property and my tenants happy getting any maintenance work done quickly.
What should I do? Serve notice to my tenants, they have a rolling contract so I would only need to give them 2 months notice. Both my x and I both have family's a can not cover the mortgage for any pre-longed period of time.
Apply now for permission to rent...I am so worried that they will find out about this mistake and charge me masses of fines which will put me back in debt.
Own up to the bank, could they take the house ?
I had hoped to sell to an investor with the tenant still in the property but if I sell now will I be found out by the bank once solicitors start digging.
Help this is really stressing me out, I never set out to be a landlord I was trying to keep my head above water and advice would be most welcome.
0
Comments
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Why not give your tenants notice and live in the property yourselves?0
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I live and work in a different part of the country now0
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lol ...do nothing lol ....continue renting it until you sell it.
they will not fine you.....they will not wip the carpet from under your feet....they may force you to take a btl mortgage out they may let you continue to let under the same mortgage terms.0 -
But what about the bank finding out?0
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sorry did not read your full replies before i replied0
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Other than not getting consent to let, is there anything else as a landlord that you should have been doing but haven't?
Do you think your tenants are going to put up with potential buyers traipsing in and out of their home?0 -
what they going to do....slap your wrists....and tell you to change to btl... some don't even force you to change to BTL.
concentrate on selling the property if you can't afford it0 -
No everything else has been done correctly gas certificates every 12 months I rent it though a high street letting agent, fully managed to ensure that my tenants are well looked after, they have a rolling contract0
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As i mentioned I never wanted to be a landlord...I was one of the people who should have not been given a mortgage in the first place, I already had bad credit!0
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They could retrospectively apply a CTL interest rate or recall the entire loan. Although I would think that if the OP was going to be caught it would have happened by now.0
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