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lease on pub and secured loan
ldavies_3
Posts: 217 Forumite
hiya all im sorry if this is posted in the wrong place.
A relative has just taken a 10 year lease on a pub (for 70k and already paid). It turns out that the owner has a secured loan on the property for 25k and he has defaulted and done a runner to New Zealand.:eek: The first she knew about this was when bailiffs turned up!!
As you can imagine, its worried her a tad as she isnt clear of her position now.
Im sure that the secured loan is possible a second charge( after the mortgage).
Should the landlord not pay his debts secured on the pub, what could happen to my cousin?
Many thanks in advance for your comments and please feel free to move this post
Lucy x
A relative has just taken a 10 year lease on a pub (for 70k and already paid). It turns out that the owner has a secured loan on the property for 25k and he has defaulted and done a runner to New Zealand.:eek: The first she knew about this was when bailiffs turned up!!
As you can imagine, its worried her a tad as she isnt clear of her position now.
Im sure that the secured loan is possible a second charge( after the mortgage).
Should the landlord not pay his debts secured on the pub, what could happen to my cousin?
Many thanks in advance for your comments and please feel free to move this post
Lucy x
0
Comments
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can anyone help?
many thanks
Lucy0 -
She should get some legal advice from a solicitor.0
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hiya all im sorry if this is posted in the wrong place.
A relative has just taken a 10 year lease on a pub (for 70k and already paid). It turns out that the owner has a secured loan on the property for 25k and he has defaulted and done a runner to New Zealand.:eek: The first she knew about this was when bailiffs turned up!!
As you can imagine, its worried her a tad as she isnt clear of her position now.
Im sure that the secured loan is possible a second charge( after the mortgage).
Should the landlord not pay his debts secured on the pub, what could happen to my cousin?
Many thanks in advance for your comments and please feel free to move this post
Lucy x
who did she get the lease off ? the brewery or the guy who has done the runner ?0 -
lease is with the one whos done a runner.. weve read through the lease and I cant see anywhere where it says anything about it, not that it would!
she depending on him to pay his blinkin mortgage and secured loan.
would i be right in thinking that if the pub is repossesed, as a tenant, she would, at best, get her 70k back?
many thanks
lucy0
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