Registered with Property118.comSaturday 27th August 2016
Reply to the comment left by land law at 14/08/2017 - 22:49Assuming there was a BTL mortgage to fund the purchase, then with no AST in place the borrowers (and their solicitor) did not fulfil the requirements of the lender. All BTL lenders will require an AST to be in place (usually max of 12 months term) at the point of completing the purchase, if there is a current tenant in situ.... Read More
Reply to the comment left by sam at 14/08/2017 - 21:01We need all the facts here. Such as was an AST put in place when the property was purchased ? Let's just assume it was and for say 12 months, with no mention in it, or anywhere else, that the tenant could stay for life. Basically a typical sale and rent back transaction with an AST which complies with the lender's mortgage offer conditions. Or is there more to this story ?... Read More
A totally shocking decision by the Court. (There have been quite a few crazy judgments recently especially divorce related). Assuming the Harding's can't win an appeal or lose it, could it be an option to simply stop paying the mortgage and have it repossessed ? Would the lender be able to sell with vacant posession ? If so there would be ample equity in the property and with the tenant gone the value would be more than selling with the tenant in situ with this 99 year lease in place. Of course credit history would be affected and the repercussions of this would need to be considered.... Read More
"These products command a premium the equivalent to one weeks’ rent. This will now equate to 20-25% of a deposit and is non-refundable".
So the tenant is guaranteed to lose a week's rent. What a great scheme. Forget the insurers, I think I'll start doing this what a nice little earner..... ha ha.... Read More
Reply to the comment left by "Andy Graham" at "28/06/2017 - 12:07":
Constantly increasing the population means we constantly need more housing. If the supply of newcomers can be reduced then this will ease the problem we have with lack of housing for our ever burgeoning population. Not sure why you don't understand this it's simple mathematics ?... Read More