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btl mortgage - being demolished

Li142why
Li142why Posts: 27 Forumite
Tenth Anniversary 10 Posts Combo Breaker
in Mortgages & endowments
I bought a flat 14 years ago mortgage 85 thousand - value 95. Never missed payment - interest only mortgage BTL Been notified that it's becoming a dangerous building and needs to be demolished. I have notified lender today of situation and have been told to write in with evidence. Building is in negative equity. My share is 22 thousand to have it demolished there is no support from council. What are my options here? Should I keep hold of the title? Can I negotiate with lender - if so, how?

Comments

  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 14 April 2021 at 10:40AM
    I'd have thought demolition would be down to the freeholder
    I am not a cat (But my friend is)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 14 April 2021 at 10:43AM
    Li142why said:
     Been notified that it's becoming a dangerous building and needs to be demolished. I have notified lender today of situation and have been told to write in with evidence. 
    Forward on copies of the correspondence you have received. Contractually you owe the lender money. Ball is in their court as to the final outcome. 
  • MWT
    MWT Posts: 10,826 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Is this a former council owned property?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Name Dropper
    I would assume the lender would have claim against you and then you would have a claim against the freeholder?   Has the freeholder not kept the building up to scratch?
  • MWT
    MWT Posts: 10,826 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Hopefully this isn't one where the owners of the flats have acquired their own freehold...
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