Tenancy???

squirrel_pigeon

Richard_S wrote: »

Hi squirrel,

I can believe that some mortage agreements have a clause that states that in the event of the borrowers insolvency the lender can reposses the property. Not sure how the courts would react thiough if the lender was up to date with their repayments.

gs19 didn't specifically say they were considering bankruptcy.

Richard

Did not know that. Cheers Richard :beer:

Richard_S

squirrel_pigeon wrote: »

Did not know that. Cheers Richard :beer:

Hi squirrel,

Well maybe he/she is, but I didn't notice.:D

squirrel_pigeon

Richard_S wrote: »

Hi squirrel,

Well maybe he/she is, but I didn't notice.:D

Was meaning the bit about the mortgage company
xxx

Richard_S

squirrel_pigeon wrote: »

Was meaning the bit about the mortgage company
xxx

I've never heard of it in a mortgage agrement squirrel, but it does seem likely. Some of these clauses allow for repossession in almost any event to suit the lender.:eek: :eek:

If it's similar to the one in tennancy agreements though, it's not used very often, which is reassuring.:D

gs19

sorry wasn't very clear was I. My deed of standard security that is a large booklet from my mortgage company states that they can reposses. Yes I am waiting to go bankrupt but I live in scotland so have to wait on a charge for payment (and am in negative equity)

Richard_S

gs19 wrote: »

sorry wasn't very clear was I. My deed of standard security that is a large booklet from my mortgage company states that they can reposses. Yes I am waiting to go bankrupt but I live in scotland so have to wait on a charge for payment (and am in negative equity)

Hi gs,

I hope you're managing to cope with everything o.k. It's usually a very trying time, and I think the worst is probably the last few weeks before actually walking into court.:eek:

I wonder if, with the law being slightly different in Scotland, they have different clauses written into mortgage agreements.

Richard

gs19

bit of a nightmare actually I have to wait for a charge for payment before i can do anything and the advisor from the cab thinks we should wait till april as the law changes then and you don't have to go to court then you only have to apply to the accountant in bankruptcy. Also after april it only lasts for a year rather then the three years at the moment, i know this is a good idea but sometimes i just want to get it over with

tigerfeet2006

All the best with it all GS.

gs19

thank you tigerfeet you don't know how nice it is to hear that. No one knows yet except hubbie thank you

tigerfeet2006

This is a really great place for support GS as well as advice, though I will admit we are a bit rusty on scottish BR law.
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