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IPA and rental income
Hi,
A question please, when you declare B and your main residency is declared (no other assets other then possible inherited interest), can you have tenants in that property/are you allowed to let it whilst it is under B administration.
Would the OR consider the income as part of the IPA?
What if the income still doesnt cover arrears on mortgage?
Comments
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As soon as you are made bankrupt the trustee (usually the Official Receiver) becomes landlord and the rent has to be paid direct to them by the tenant. Most importantly though, the mortgage will not be paid by the OR.
It's in arrears but is there any equity in the property?0 -
There is very little equity and also it would be difficult to sell due to the low number of years left on the lease0
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