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T O P I C R E V I E W
kazy1
Posted - 28 November 2008 : 16:10:50 My husband has a business and freehold commercial property. His debt is 380,000 and the property was valued last year at 275,000. If he goes bankrupt can someone he knows byuy the interest. If so what does this entail ?
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 29 November 2008 : 12:21:23 So as I understand it the property is values at £275k and the total mortgage is for £401k giving a negative equity position of £126.
This is a complicated position and I will be unable to give full advice on the forum simply because of the complexity of the issues.
I would recommend you speak with an expert used to dealing with businesses and commercial property and wpuld encourage you to call either the helpline or me to discus the matter in some depth.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
kazy1
Posted - 29 November 2008 : 08:51:58 Hi, I have a mortgage with Lancashire for 206,000 and a second mortgage with barclays for 195,000. I sold 3 flats off which are above the shop and they are all on 999 year leases. The tenant in the shop is a limited company and has 3 more years of a 5 year lease to run.I am the freeholder of this property and barclays valued it at 275000 at the begining of 2007.
Thanks.
Reviva UK
Posted - 28 November 2008 : 18:14:44 Hi Kazy
I probably have more questions than you now.
Commercial property is slightly different to your residential home. Grateful if you can give me an insight to these Q's then hopefully I can help
1. Is the commercial property mortgages? If so how much is the mortgage for
2. Is there a residential mortgage?
3. Is the business a Ltd company or is he a sole trader or partnership?
4. Does anyone else own part of the properties?
thanks
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
