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Help needed regarding reposession
Comments
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The bank cannot even begin the eviction process until the tenancy has been regularized - ie all documents and certificates in place. Once they have done that it will be at least a six-month process with legal fees attached. All of which will be deducted from any equity realized with the sale, along with admin fees, penalty charges and interest / missed payments.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!0 -
Not so. At the repossession hearing the bank can request the tenants be evicted.MEM62 said:
The bank cannot even begin the eviction process until the tenancy has been regularized - ie all documents and certificates in place. Once they have done that it will be at least a six-month process with legal fees attached. All of which will be deducted from any equity realized with the sale, along with admin fees, penalty charges and interest / missed payments.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!
The Mortgage Repossessions (Protection of Tenants etc) Act 2010 grants tenants some limited protection ie 2 months in a case such as here where the tenancy is unauthorised by the bank. Assuming that is that the tenants apply to the court for 2 months.
See also
Post 6: Repossession: what if a LL's mortgage lender repossesses the property?
2 -
I stand corrected.propertyrental said:
Not so. At the repossession hearing the bank can request the tenants be evicted.MEM62 said:
The bank cannot even begin the eviction process until the tenancy has been regularized - ie all documents and certificates in place. Once they have done that it will be at least a six-month process with legal fees attached. All of which will be deducted from any equity realized with the sale, along with admin fees, penalty charges and interest / missed payments.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!
The Mortgage Repossessions (Protection of Tenants etc) Act 2010 grants tenants some limited protection ie 2 months in a case such as here where the tenancy is unauthorised by the bank. Assuming that is that the tenants apply to the court for 2 months.
See also
Post 6: Repossession: what if a LL's mortgage lender repossesses the property?0 -
Yes, it's certainly a worthwhile investment, and it will result in a much, much higher selli9ng price for the property. However, the lender may not have an obligation to do that. If they can pay off their loan by selling the house tenanted, I don't know whether they have any obligation to go through the eviction process?user1977 said:
Bit of an exaggeration to say most of the equity given how much equity there is here - evicting the tenant will certainly add to their costs, but then again the OP would have much the same costs if they were doing it themselves. Whoever does it though, I expect it will be a worthwhile "investment" compared with trying to dispose of the property with the tenant in situ.Edi81 said:
If the bank does that they will take most of your equity in fees leaving you with very little.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!
I certainy hope the OP is not relying on advice from this forum on that point!No reliance should be placed on the above! Absolutely none, do you hear?2 -
Their obligation is to take reasonable steps to achieve the best price - that isn't by reference to whatever they're owed.GDB2222 said:
Yes, it's certainly a worthwhile investment, and it will result in a much, much higher selli9ng price for the property. However, the lender may not have an obligation to do that. If they can pay off their loan by selling the house tenanted, I don't know whether they have any obligation to go through the eviction process?user1977 said:
Bit of an exaggeration to say most of the equity given how much equity there is here - evicting the tenant will certainly add to their costs, but then again the OP would have much the same costs if they were doing it themselves. Whoever does it though, I expect it will be a worthwhile "investment" compared with trying to dispose of the property with the tenant in situ.Edi81 said:
If the bank does that they will take most of your equity in fees leaving you with very little.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!0 -
I totally agree with that, of course. However, you'd have to look up case law to find out whether 'reasonable steps' includes substantially improving the property, for example by evicting the tenant. I'm not familiar with the case law on this, and I'd hazard a guess that nobody else posting on this thread is, either.user1977 said:
Their obligation is to take reasonable steps to achieve the best price - that isn't by reference to whatever they're owed.GDB2222 said:
Yes, it's certainly a worthwhile investment, and it will result in a much, much higher selli9ng price for the property. However, the lender may not have an obligation to do that. If they can pay off their loan by selling the house tenanted, I don't know whether they have any obligation to go through the eviction process?user1977 said:
Bit of an exaggeration to say most of the equity given how much equity there is here - evicting the tenant will certainly add to their costs, but then again the OP would have much the same costs if they were doing it themselves. Whoever does it though, I expect it will be a worthwhile "investment" compared with trying to dispose of the property with the tenant in situ.Edi81 said:
If the bank does that they will take most of your equity in fees leaving you with very little.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!
If I had to guess, I would say that the duty of the lenders is to safeguard the property, but NOT to improve it.
No reliance should be placed on the above! Absolutely none, do you hear?0 -
Which in itself if a big negative if the bank forces a sale because they'll be happy with their debt being paid but the cost of doing so will be borne by the OP out of his equity in it.MEM62 said:
The positive is that they have a chunk of equity in the property.Signature on holiday for two weeks0 -
I don't know of case law specifically on this point, but I would regard something as basic as gaining vacant possession as being rather different from an "improvement". I'm sure if there were, say, squatters in the property (yes I know tenants aren't squatters...) a lender wouldn't be allowed to just chuck it into an auction for the buyer to sort out. It might be a finer distinction if it were a tenancy with regularised paperwork and no arrears.GDB2222 said:
I totally agree with that, of course. However, you'd have to look up case law to find out whether 'reasonable steps' includes substantially improving the property, for example by evicting the tenant. I'm not familiar with the case law on this, and I'd hazard a guess that nobody else posting on this thread is, either.user1977 said:
Their obligation is to take reasonable steps to achieve the best price - that isn't by reference to whatever they're owed.GDB2222 said:
Yes, it's certainly a worthwhile investment, and it will result in a much, much higher selli9ng price for the property. However, the lender may not have an obligation to do that. If they can pay off their loan by selling the house tenanted, I don't know whether they have any obligation to go through the eviction process?user1977 said:
Bit of an exaggeration to say most of the equity given how much equity there is here - evicting the tenant will certainly add to their costs, but then again the OP would have much the same costs if they were doing it themselves. Whoever does it though, I expect it will be a worthwhile "investment" compared with trying to dispose of the property with the tenant in situ.Edi81 said:
If the bank does that they will take most of your equity in fees leaving you with very little.panda4556 said:
Won't the bank evict the tenant then sell for the best price they can get ?pinkshoes said:
Don't hand the keys over - it doesn't work that way!panda4556 said:I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish
Reading my post you might think this a joke it's no joke I'm very honest
The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.
Once the tenant has gone, auction the property. You'll get a much better price with no tenant.
If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!
Once it is sold, enjoy the equity and start living!
If I had to guess, I would say that the duty of the lenders is to safeguard the property, but NOT to improve it.0 -
Since the property is currently tenanted, i can see no reason why the bank cannot and would not just sell it with the existing tenancy in place, rather than have to wait months to end the tenancy and evict.? With the property worth £300k with vacant possession, and their interest in it being less than £70k, they have no incentive to evict, as their investment will be more than adequately covered either way. Their duty is to obtain the best price, but that surely means, under the status quo, the best price with the tenant in place?
I suppose the complication here is that the OP has obtained neither a BTL mortgage nor consent to let, and so is in breach of their mortgage terms, so they're hardly going to be inclined to be generous.No free lunch, and no free laptop
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