Natalia smith

Registered with Property118.com
Sunday 17th July 2016


Latest Comments

Total Number of Property118 Comments: 8

Natalia smith

10:36 AM, 16th November 2017
About 2 years ago

Partner terminally ill

Dear Chris, I have been in similar situation when my husband passed away two years ago leaving me with 3 buy to let propertys on his name. Having a will just saved me some time but didn’t make major difference. You won’t be able to continue the business. Look at the mortgage terms - as far as Im aware most of mortgage providers have “mortgage must be paid back in full within one year from the death of the borrower” clause.
Considering the state of the market, the length of the process of sale and the fact that the potential buyer can withdraw from the sale at the last moment which happened to me three times makes the whole situation very stressful. And yes, if the properties mortgaged with the same mortgage company they will consolidate the debts.... Read More

Natalia smith

17:35 PM, 9th April 2017
About 3 years ago

Repayment of Buy to Let mortgages after husband's death

Just wanted to let you know how it eventually ended.
I found a new cash buyer next day. It was the same gentleman who made an offer of £105K in November but insisted I take it off the current sale. At the time I declined because I was too far in the sale process with the current buyer.
He dragged the sale at every step despite the fact that I received the formal demand letter from ME at the beginning of March. I managed to negotiate a new grace period just to let me to complete. One week before completion this buyer pulled out as well but let me know he can be persuaded if I drop the price even more which I did dropping it to £82K. And he still pulled out one day before completion and two days before my ME grace period deadline without explanation. My Agency never heard of him since than. Next day with the new price I found an investor who refused to buy because the lease of 142 years was too short for him. It was on the 28th of March. On 29th I got another investor who bought the flat last Friday for £80K. My husband paid 126+fees. So I lost £50K but not in debts any more.
Wasn't happy with my sols because 4 days before completion it was discovered that the Lease is wrong as well as the entry to the Land Registry. I cannot imagine how it didn't come up during one year the flat was on sale..
Since I lost all the equity in the flat I was short of £17K to be able to repay the mortgage on the house. My friend lend me this money towards the mortgage with MW and I had to put the house on the market as well to be able to repay the loan to my friend but at least no mortgage company is breathing up my neck in the process.
I would like to praise Mortgage Works who I had no problems with at all. They were compassionate and understanding and actually put no pressure on me as long as I kept my payments. Last time I called them at the end of March they agreed to wait until the house is sold.... Read More

Natalia smith

20:51 PM, 14th December 2016
About 3 years ago

Repayment of Buy to Let mortgages after husband's death

My buyer pulled out today just before the tomorrow`s completion. The reason given "the process took too long".
I cannot believe how "lucky,, I am this year..... Read More

Natalia smith

14:20 PM, 25th November 2016
About 3 years ago

Repayment of Buy to Let mortgages after husband's death

Thank you Kate for encouragement. Seems the problem has been resolved this morning. I called to the Land Registry and they confirmed the update so I downloaded new document and sent it to the buyer solicitors.
Since the buyer solicitors constantly sending their enquires in trickles I am anticipating the fact we wont complete before 10th.
I already asked my solicitors and estate agent to provide me with a formal letters to my mortgage companies stating that there is the ongoing sale and the surplus from the sale combined with my savings will cover the mortgage with MW. Hope they wont be very difficult and let me to complete.... Read More

Natalia smith

21:32 PM, 24th November 2016
About 3 years ago

Repayment of Buy to Let mortgages after husband's death

A little update for my situation. I sold one of the flats to the cash buyer in September (my debts with ME were consolidated) and I was about to complete on another one so I would be debts free and a position just to pay off the house. At the last moment the buyer solicitors find out that Freehold title for the flat does not refer to my late husband Leasehold title within the Schedule of Leases. When the issue was raised with the Management Company they said, “We believe that the lease should be registered against our client's title but it appears that an error was made at the time of our client's purchase 8 years ago.”
They wrote to the Land registry and received a letter from them stating, “the possible amendment to the register affects the schedule of leases. The nature of the potential change is to add the entry of the …flat registered under number….” And they added new worded lease.
The Management company view that the matter is being resolved since the buyer will not be purchasing the freehold title anyway and it shouldn’t affect the sale.
But the buyer solicitors insisting it has to be fully implemented before the sale.
The communication between my solicitors and myself has been very frustrating. I already spent almost £800 just answering different enquires, ordering management packs urgently, etc. So who is right? Do we have to wait or can we proceed with the sale? If there is anything I could do about it?
The problem is my deadline is 10th of December.
Thank you... Read More