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T O P I C R E V I E W
Karen.kk
Posted - 29 November 2010 : 10:35:11 How long can an Insolvency pratitioner hold on to the family home and the home of my daughter where the mortgage is in my name but she pays the mortgage? I also have 2 other buy to let properties. All properties are in negative equity.
1 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 29 November 2010 : 20:23:08 Hi Karen
I take it that you have had to declare BR rather than your daughter.
in relation to residential property in neg equity, it is normally month 6 - 9 they offer you the chance to by back BI
they can wait upto 3 yrs.
BTL properties, if you have not gone BR yet seek advice from one of the experts.
The OR will take rental income as income and will not pay the mortgage, again if this is mismanaged or miss timed, the property will more than likely be repossessed and if the council tax or service charge falls after BR but before property is repossessed you may be liable for the shortfall and it might not be included in BR , hence the warning to take guidance from an expert.
