Help needed regarding reposession

panda4556

macman said:

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.

There is no tenancy 
I have told the bank solicitor myself that I'm in breach as I wasn't aware of btl till recently from this forum 
The hearing is next week I'm and going out of my mind with worry 

turnitround

You really do need to read the answers you have been given.

There IS a tenancy. The minute you accept rent in exchange for accommodation a tenancy is created. 

If you don't think there is a tenancy then why have you been paying for an agent?

panda4556

turnitround said:

You really do need to read the answers you have been given.

There IS a tenancy. The minute you accept rent in exchange for accommodation a tenancy is created. 

If you don't think there is a tenancy then why have you been paying for an agent?

I meant there's nothing in writing 

hazyjo

panda4556 said:

macman said:

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.

There is no tenancy 
I have told the bank solicitor myself that I'm in breach as I wasn't aware of btl till recently from this forum 
The hearing is next week I'm and going out of my mind with worry 

Just to be clear - as has been explained, there is a tenancy. As soon as someone moves in and pays rent, a tenancy is created. You don't need a paper contract.

panda4556

turnitround said:

You really do need to read the answers you have been given.

There IS a tenancy. The minute you accept rent in exchange for accommodation a tenancy is created. 

If you don't think there is a tenancy then why have you been paying for an agent?

I have read all the answers again & again I read the answers all day it's confusing 

GDB2222

panda4556 said:

turnitround said:

You really do need to read the answers you have been given.

There IS a tenancy. The minute you accept rent in exchange for accommodation a tenancy is created. 

If you don't think there is a tenancy then why have you been paying for an agent?

I have read all the answers again & again I read the answers all day it's confusing 

You have a choice:

1. Stay where you are (Pakistan, did you say?), and hope for the best. 
2. Get back to the UK, and do your best to sort this out. 

Personally, I think option 1 is very risky, because the lender may just bung the property into an auction, without bothering to evict the tenant. A property with a non-paying tenant is going to fetch only a fraction of its value. We can argue about whether that is half, or two-thirds, or three-quarters, but you can see that you could really easily lose say £100k to £150k of your equity. 

You  could  stay in Pakistan, and you could be incredibly lucky. The lenders might evict the tenant, and sell the property for top dollar. Let's face it, though. You haven't been very lucky so far, have you?

I cannot say more strongly I advise you to get on a flight back here, and do your best to stave off the repossession and evict the tenant. It's a lovely dream that you laze in the sun, and the lender will sort everything out for you, but you need to wake up! That's not likely to happen.

I'm going to stop watching this thread, because this is a train crash happening, and I can't bear to watch any more. Good luck!

panda4556

There's should be a thread on here just about reposession support, it's not all doom & gloom the bank & the banks solicitor have been very supportive towards me they are not robots they understand the pressure & the heartache, there's always light at the end of the tunnel