Mortgage Express – UKAR – Catch 22

by Readers Question

10:10 AM, 18th May 2015
About 4 years ago

Mortgage Express – UKAR – Catch 22

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Mortgage Express – UKAR – Catch 22

I am a landlord with 3 Buy 2 Let properties and my own private mortgage with Mortgage Express ( 4 properties in all ).

I got into trouble by not paying the monthly mortgage on 2 Buy 2 Let properties then a managing agent was appointed to collect rental income and forward amounts monthly ( net of commissions ) to Mortgage Express. 

At the end of March 2015 the tenant vacated a property and the managing agent secured as empty. The other two properties remain occupied and with the original tenants.

Cashflow was effected negatively by £2,000 pcm, in that :

  1. the empty property is no longer rented ( £950 pcm )
  2. I became liable to pay the Council Tax on the empty property ( £125 pcm ) and
  3. surplus rental on other properties is retained by the managing agent / Mortgage Express ( £925 pcm )

The loss of net rental income to my account prejudices ability to pay my Mortgage Express private mortgage ( £625 pcm ).

Is it possible to take the above to Court to consider the total economic impact when today the buy to let mortgage accounts are up to date and the managing agent acting / lingers on behalf of Mortgage Express thereby adding to loss of rental income.

( Ref : there has been a detriment to customer in the above , as compared with NRAM plc v. McAdam & Hartley 10 / 12 / 14 )

Thanks

Michael



Comments

Mark Alexander

10:11 AM, 18th May 2015
About 4 years ago

Hi Michael

I have invited Mark Smith (Barrister-At-Law) to comment but please note that he is now on annual leave for 10 days so may take a while to respond.
.

Michael Jones

10:37 AM, 18th May 2015
About 4 years ago

Reply to the comment left by "Mark Alexander" at "18/05/2015 - 10:11":

Hi Mark ,
I am extremely grateful for making the connection with Mark Smith and look forward to bringing the whole to the most appropriate and economic outcome for all parties.

Thank you


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