Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Following the Panorama BBC TV Programme of 18th March 2019 the situation is that 60% of the tenants of Grice Close have now moved out. Who needs a Section 21 if you have Panorama! It does the job for you!
One tenant said that they know nothing of what is going on! That is true, but in this specific instance, because nothing was going on! They moved out at 2.30pm Monday.
These tenants were terrorised by journalists who should hold their head in shame! If a Journalist knocks on the door and says something horrible has happened, how do you feel, then the answer will be I am upset! An answer to a rather loaded question.
The initial approach was made on, or about, 25th November, 2018 and the whole point was that the entirety of the tenancies would be protected. On Friday 5th April, 2019 I met with our preferred buyer, a Housing Association, and this morning I met with a second preference, a Bank.
If a Private Landlord sells with the tenants in situation then there is a change of Landlord to notify to the tenant. However, if the properties are held in a company then on retirement the shares are sold to another shareholder, but the Landlord remains unchanged. i.e The Company remains the Landlord and there is nothing to notify to the tenant.
Any large landlord will be used to Mortgage Lenders selling the loan to other Mortgage Lenders. It is the way of the world!
For an individual tenant they would be unaware of the sale of the mortgage? Indeed why should they be aware? If you are a Mortgage Borrower then the Mortgage Book of that Lender can be sold, in whole or part, to another lender who may or may not be a British Bank. If a tenant of a Company then you the tenant run the risk of the shares of that company moving out of British hands, but is it much of a concern, I doubt it.
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