Colin McNulty

Registered with
Wednesday 14th August 2013

Latest Comments

Total Number of Property118 Comments: 155

Colin McNulty

14:42 PM, 6th July 2019
About 2 months ago

A case of communication, cooperation and compliance

It used to be the case that the tenant's approval was necessary for an APA, and they could stall the whole process by simply refusing to answer DWP's request for approval, but that's no longer true.

Re repairs stopping payment of the rent, the gov's detailed guidance on APA's doesn't mention that as a possibility. See:

and Read More

Colin McNulty

14:15 PM, 9th April 2019
About 5 months ago

5k charged for Right to Consolidate?

Fair enough Ian, I'll agree your plan is certainly less risky from the perspective of MX. But risk is a value judgement and we don't have all the information necessary to make an informed opinion as to the balance of risk. Specifically we don't understand Rav's risk profile, nor know what he needs that money for that he's prepared to not sell that property at the thought of going without it, presumably to sell a different one instead?

You could argue it would be even less risky to not sell any of the MX properties at all, until he can sell them all simultaneously. But again, we don't have the necessary information to make such a suggestion.

It's always tricky giving opinions on what someone should do based on short posts on internet forums, we just don't have the full facts to hand, something only Rav's mortgage broker will have.

Besides everything in life is a risk, as the 70,000 people who get hospitalised each year for falling out of bed would no doubt attest to! :D... Read More

Colin McNulty

12:36 PM, 9th April 2019
About 5 months ago

5k charged for Right to Consolidate?

Yes it's true that MX have acquired that reputation, however I can only comment on the information to hand. They appear to be being reasonable here as they are not enforcing their Right to Consolidate in its entirety, and there's been no mention of any misdemeanours.... Read More

Colin McNulty

11:39 AM, 9th April 2019
About 5 months ago

5k charged for Right to Consolidate?

Reply to the comment left by Ian Narbeth at 09/04/2019 - 10:12
Interesting comment Ian, is this what you're worried about:

Lender > "When you sell this property, from the proceeds we'd like to you to pay £5,000 off your other borrowings."
Borrower > "Oh I wasn't expecting that, would you accept £2,000 please?"
Lender > "Right! That's it! We're calling in all your mortgages!"

I'm being a little facetious of course. 🙂

The OP has already drawn attention to himself by opting to sell, MX has already looked at his situation and asked for a token £5k off his other borrowings. A dialogue is already underway and clearly they're not that concerned, otherwise they'd have asked for the lot.

I've had success negotiating with lenders initial demands and have on the whole found lenders to be quite reasonable and can be open to negotiation, of course providing the client is in good standing with the lender. If there are arrears or financial issues, it's a different ball game, but there's not suggestion of that here.

I guess at the end of the day, it comes down to how badly Rav needs that £5k.... Read More

Colin McNulty

7:11 AM, 9th April 2019
About 5 months ago

Worried to call mortgage supplier over consent to let

Of course the correct thing to do is to run it past your lender, that way you'll have a clear conscience, be able to stop worrying, and know you're doing the right thing. Yes there may be a financial impact, but then you are getting 2 extra income streams to offset that.

I'd make sure you have a backup plan if they decide to call in the mortgage, but then you should have one of those anyway. You say the mortgage is only 10% Julia, is that in unsecured loan territory, e.g. £25-50k?

The bigger worries for me are, as others have said, insurance should the worst happen, but also planning. Did you get planning permission from the council to split your house into 3 separate units (not the same as council tax)?... Read More