Hi Thanks for all your replies to my first question re council tax payments after BR. I had 5 BTL properties with Northern Rock, so I guess I'm in for a rough ride.
Another question: Northern Rock appointed LPA's to 5 BTL properties two months before my BR. They are now saying that the are refusing to take the properties back due to negitive equity, and that the prperties are still mine with all associated financial responsibilities. Can they do that, even though I am BR? The OR has told me I need to deal with them directly, and does not seem to want to get involved. Northern Rock haven't even taken the arrears which mounted prior to BR off of the debt.
As long as you do not sign any new agreements when the properties are finally sold any shortfalls will fall into the bankruptcy even if they continue to collect the rents and it akes a long time.
I believe that the class Q exemption for council tax should last indefinitly as the properties vest in the trustee (i presume they are solely owned) and will do indefinitly until NR decide what they want to do, not much you can do at the moment, The LPA receivers are managing the properties and will continue to do so until northern rock tell them not to
Northern Rock refusing to take properties back
Posted - 13 June 2010 : 16:00:51
