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shane.mc
Starting Member
7 Posts |
 Posted - 16 April 2010 : 14:51:30
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Hi,
I have heard back for the OR and he wants to take the rent from my rental property. The OR is writing to the tenant to tell them to pay the rent to him. I now live in Ireland and the rental property is in Ireland. The rent just cover the mortagage on the rental property. If the OR gets the rent will the OR then pay the mortgage? If the OR doesnt pay the mortgage I can't and will default. So what does the OR think will happen then?
I have a rental property in the UK that I have defaulted on and the OR said he will write to Northern Rock and ask them are they repossing it? Do northern rock reposses a brankrupts property? If they don't the OR says "we will deal with the property using our low or negative equity procedures. This will result in the Official Receiver’s interest in the property being returned to you"
The OR has calulated that I have an income surplus that will have to be paid in an IPA.
My home in ireland may have equity in it. The OR said he has a solicitor that can deal with properties in Ireland and he will get him to value my home and irish rental property.
Any addvice with the rent collection and northern rock would be greatly appreciated! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 16 April 2010 : 15:50:24
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Hi
The OR will not pay the mortgage on your BTL.
yes, Northern Rock will repossess properties - BUT, form what I know of them, it will take a long time.
Richard
"There are no problems - only solutions" |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 18 April 2010 : 21:25:43
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Hi Shane
I am having the same battle with my OR (trustee), they have taken the rent for the past 4 months.
My Mortgage provider were initially happy to have 1/2 mortgage paid each month but now they have said no more.
I am having regular battles with my trustee.
I will keep you posted but good luck hope you have a better response than me.
regards Richard |
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shane.mc
Starting Member
7 Posts |
Posted - 24 April 2010 : 11:11:17
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Hi Richard,
How long did they say they would be taking the rent of you? In your income and expenditure do they include the rental income and mortgage payments? In mind they dont include them. If they don't include them in your calculation then the half mortgage payment is surplus money they could be taking under an IPA? Or where did you say you are getting the money to pay the BTL mortgage?
Is there any equity in the house that they could force the sale
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debtinfo
forum expert
2826 Posts |
Posted - 24 April 2010 : 11:31:01
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| Hi shane is the property solely owned or jointly |
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shane.mc
Starting Member
7 Posts |
Posted - 24 April 2010 : 19:19:02
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The property is solely owned
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debtinfo
forum expert
2826 Posts |
Posted - 24 April 2010 : 22:08:38
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| Then the title to the property transfers to the OR and as such any rental income is their income not yours and so they take it directly not as part of an IPA |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 April 2010 : 22:59:38
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Hi debt info / shane
yes they are taking the rental income , i was in the position that a friend was prepared to pay 3 months reduced mortgage.
No equity in the property. Although it is rented out it is still MY home. I am in a tied cottage that goes with the job so could have to move back at any time
the trustees wanted to take the rent for the next three years whilst i was on an IPA.
when i said that they are retaining whole rent, No provision for mortgage, now i am not paying mortgage or insurnaces for the property they are not that interested.
I am playing it by ear each month as the goal posts are changing daily. I cant obtain a definative answer, more info than i have posted here
My Wife should be discharged in the next few momths so I anticipate further discussion about the BI and her share of rental income .
I would like to keep my home as my employment may be short term but i am not going to get back into serious debt over it.
Shane Ill update if and when i get progress
regards Richard
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 25 April 2010 : 16:33:05
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Hello Richard P,
There is a strong chance that this house can be saved in my view.
Have you ever lived at this address as your only or principal home? If yes, that strengthens your case in my view.
You occupy a property for the better performance of your duties and the legal status of your occupation is as a service occupant.
As you have said, if your job goes, then so does the accommodation and thetre is lots of case law there that could be used.
When your wife becomes discharged in a short while, then go back to the trustee and say that she wants to buy the BI and in my view, they must consider that request.
If you also want to put your Trustee on notice that this is what she indends to do - there is a strong case in your favour and your wifes favour.
You know where I am if you want to discuss. Call me or send an email - happy to talk through - also speak to Paul at Reviva (if you have not already done so)
My best regards, Richard
quote:
Originally posted by Richard P
Hi debt info / shane
yes they are taking the rental income , i was in the position that a friend was prepared to pay 3 months reduced mortgage.
No equity in the property. Although it is rented out it is still MY home. I am in a tied cottage that goes with the job so could have to move back at any time
the trustees wanted to take the rent for the next three years whilst i was on an IPA.
when i said that they are retaining whole rent, No provision for mortgage, now i am not paying mortgage or insurnaces for the property they are not that interested.
I am playing it by ear each month as the goal posts are changing daily. I cant obtain a definative answer, more info than i have posted here
My Wife should be discharged in the next few momths so I anticipate further discussion about the BI and her share of rental income .
I would like to keep my home as my employment may be short term but i am not going to get back into serious debt over it.
Shane Ill update if and when i get progress
regards Richard
"There are no problems - only solutions" |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 25 April 2010 : 17:07:57
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thanks Richard Housing.
Yes just trying to keep every one talking it will be sorted soon.
Paul and his team @ Reviva have as ever been helping me with the process
will speak soon regards Richard |
Edited by - Richard P on 25 April 2010 17:25:04 |
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shane.mc
Starting Member
7 Posts |
Posted - 26 April 2010 : 08:48:35
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Hi,
The bank have first charge on the property and they own the property. They will not allow the title to be transfered to the OR. Also I cannot see the bank aggreeing to the OR taking the rent and not mortgage payments been made for 3 years? Is this not the case?
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debtinfo
forum expert
2826 Posts |
Posted - 26 April 2010 : 10:45:47
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| Hi shane, The bank have a charge, this does not mean that they own the property, they just have the right to repossess the property if the mortgage is not paid. On the date of the bankruptcy order the Title vests with the OR without the need for anyone to actually transfer it, it happens automaticaly by rule of law, The Mortgage company dont have any say either way. If it is a buy to let mortgage and they get their act together then the mortgage company can put an LPA receiver in to collect the rent for themselves but often they dont bother. If they dont the rent goes to the trustee |
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rental income
