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| anita70 |
Posted - 16 December 2009 : 18:12:53
I have 2 properties that i rent out, both in negative equity, I also have 70k worth of unsecured debt, I have been told I would need to sell both properties as buying out beneficial interest doesnt apply if i dont live in the properties, can anyone help with an answer please. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 16 December 2009 : 19:26:35
Hello again Anita,
What Paul says is helpful for you to think about.
All of our circumstances are different and what works for one may not be a good route for another.
I think professional advice from an insolvency expert is the right way to go.
I assume that in addition to the 2 BTLs, you have a residential mortgage on your principal home too?
A lot to think about - I can see all sides - what Paul says about clearing the decks and starting afresh - but I also see all the hard work that undoubtedly you have given and you are reluictant to give it all up...
I can say that this has been the most stressful year of my life so far and in just over 5 months time, I will be discharged. I have learnt a lot this year and I hope that the future will be better.
All I would say is think hard, discuss with any partner (I did not!! and that is why I got into a mess in the first place!!) And finally, seek good advice from the insolvency experts - those that post here are amongst the best...
regards again, Richard
"There are no problems - only solutions..." |
| Reviva UK |
Posted - 16 December 2009 : 19:11:24
In the current climate it is almost guaranteed that the buy to let properties will go.
in the greater cheme of things it is an opportunity to clear the decks and start again with no "hidden minefields" of negative equity down the road.
This year has seen a huge rise in buy to let landlords deciding to call it a day and clear the negative equity , and we have helped many.
it can be a delicate balance remembering to look after yourself and doing the best you can for your tenants - deposit refunds, notice etc etc etc.
primarily you need to focus on your own home and the right debt solution for you
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Housing |
Posted - 16 December 2009 : 18:32:45
Hi Anita
Welcome to the Forum.
Sorry to learn of your troubles.
My wife and I have a BTL that is positive equity by a few thousand.
I am the BR and my wife is not BR so she is in the process of buying the BI as we "speak." She will have to buy the 50% share of the equity that currently vests with the OR. Therefore, I can say that one BTL is Ok with the OR.
I have to say, I am not sure on this one - that does happen sometimes!
I am not sure whether the OR would see it as being reasonable for someone can buy the BI in the other property - I think this is more of a question to one of the insolvency experts.
One question are the properties in your sole ownership or are they in joint ownership?
I do very sincerely wish you well and I will see with interest what the replies say as I will learn too.
My best regards, Richard
"There are no problems - only solutions..." |
| debtinfo |
Posted - 16 December 2009 : 18:32:37
Although it is not impossible to buy the interest out, it is very very difficult. There are specific rules to help people retain their family home, but these do not apply to business properties |
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