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Lynnk
Starting Member
United Kingdom
13 Posts |
 Posted - 04 May 2011 : 21:58:39
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| Does anyone know of a good legal advisor in Liverpool regarding bankruptcy and LPA taken charge over buy to let, but still putting charges on and marking it on credit list |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 May 2011 : 22:07:43
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Hi Lynnk and welcome to the forum.
Are you bankrupt?
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 05 May 2011 : 00:24:42
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quote:
Originally posted by Lynnk
Does anyone know of a good legal advisor in Liverpool regarding bankruptcy and LPA taken charge over buy to let, but still putting charges on and marking it on credit list
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 05 May 2011 : 00:31:58
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Hi
Yes discharge last July. This house this was put in as part of bankruptcy, but they wont sell because market is bad. Still charging me every month for letters and because there is money owing where the tenant was not covering rent for last two years. Say we have no say on house but they can charge us for arrears. Shows on credit list so come six years I will still be blacklisted. Worried if interest goes up what charges I will get then. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 May 2011 : 14:05:28
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I've absolutely no idea about this Lynn - hopefully one of the experts can help.
Otherwise perhaps speak to CAB?
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 06 May 2011 : 17:32:17
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Hi,
is there a tenant in the property, as the role of an LPA receiver is mainly to manage the former BTL property until they hand it back to the mortgagee with recommendations as to how to deal with it. Do you know if the OR is still trustee, or has it been handed over to an IP?
Was this the only BTL property that you had,and was it jointly or solely owned?
Also, is it Liverpool city council that are the council it comes under?
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 07 May 2011 : 10:29:36
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Hi,
The OR passed it onto IP who now say that they dont have any more dealings with this. There is a tenant in the property but LPA have told us that apart from the property being in our names we dont have no other say. It is a joint property and both of us had to to declare ourselves bankrupt as we had other properties in scotland and they have all been sold at losses. This one still charges us every month for being in arrears because the tenant didn't cover mortgage although they have reduced the interest for the next 2years to pay of but cant see how because they keep adding charges every month. My problem though is should they have carried on charging us if this was part of the bankruptcy and what do I do if the interest goes up or the tenant moves out and no one pays the mortgage. They are still blacklisting us on the credit file each month because of the arrears so I will never be clear and my name will always be blacklisted because they may never sell the property. I have been cab who say it is something they have never dealt with so they cant help. I feel like I am going round in circles as I dont know who to contact. Something is wrong because when we declared ourselves bankrupt it was with the feeling of dread but also with the thought that there would be a silver lining at the end where we would be clear in six years, which is not the case. do you know who I could contact to try and sort this mess out. Thanks Lynnk
quote:
Originally posted by Bigal4787
Hi,
is there a tenant in the property, as the role of an LPA receiver is mainly to manage the former BTL property until they hand it back to the mortgagee with recommendations as to how to deal with it. Do you know if the OR is still trustee, or has it been handed over to an IP?
Was this the only BTL property that you had,and was it jointly or solely owned?
Also, is it Liverpool city council that are the council it comes under?
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 07 May 2011 : 11:54:58
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Hi,
the problem you have, is that unlike a solely owned tenanted property where the legal title vests with the OR or trustee, with a jointly owned property, the legal title does not vest with the trustee,and so you remain as landlords of the property, and ultimately responsible for it.
The thing that vests with the trustee is the beneficial interest as unlike the title it can be seperated, which I think is where your problem lies, as shown in this extract from the technical manual:
31.12.74 Rental income from jointly owned tenanted property
As it is only the beneficial interest in an AST that vests in the official receiver as trustee, the joint owners retain the right to collect the rent from the tenant (see paragraph 31.12.9 for more details). The official receiver, as trustee, is only entitled to the bankrupt’s share of the profits from the rental income, that is the bankrupt’s share of the rent after deduction of all direct costs and expenses of renting the property under the terms of the AST agreement (see Part 3). This situation applies even where both the joint owners are bankrupt.
The sting in the tail, is that the mortgage repayments are not included in the above calculation, so after taking out the expenses involved in the tenancy i.e insurance, maintenance etc, the remainder goes to the trustee.
I do know an IP in Liverpool who I did refer people to for help, but I'm not allowed to mention them on the forum unfortunately.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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RHB
Senior Member
1159 Posts |
Posted - 07 May 2011 : 16:12:32
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| I suppose eventually the mortgage company will tire of you not paying the mortgage & look to repossess. The shortfall will be covered in your BR. |
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 07 May 2011 : 16:33:14
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[The company wont sell and tenant could be there for next twenty years. In that time they are still putting charges on me each month because of all the arrears not covered by tenant for last two years when I first declared myself bankrupt. so where I thought I would have a clear credit file in 6 years is now proving to be wrong and in fact I will never be clear because until they sell means they can do what they want.
quote]Originally posted by RHB
I suppose eventually the mortgage company will tire of you not paying the mortgage & look to repossess. The shortfall will be covered in your BR.
[/quote] |
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RHB
Senior Member
1159 Posts |
Posted - 07 May 2011 : 17:02:00
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| IS it a business property cos it's unusual to have such a long lease? Is the property mortgaged, if so just stop paying it! |
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 07 May 2011 : 17:24:26
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[It is a buy to let and LPA have tenant in which we have no dealings with. They have told us the only part we are involved in is the property being in our names. They give tenant 6 months lease and it is renewed every six months but that could change if they want to make it longer. The LPA was put in place by the mortgage company.quote]Originally posted by RHB
IS it a business property cos it's unusual to have such a long lease? Is the property mortgaged, if so just stop paying it!
[/quote] |
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RHB
Senior Member
1159 Posts |
Posted - 08 May 2011 : 07:59:06
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| Sop you pay no money to the mortgage company at the moment, they take it direct from the tenant? |
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 08 May 2011 : 09:54:33
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| The tenant pays money direct to mortgage company, but mortgage company charge us for the arrears that have amounted after we de declared ourselves bankrupt 2 years ago because the rent didn't cover the mortgage payments. This house was part of the bankruptcy and if and when they sell the house what ever is owing is part of the bankruptcy but until they sell they keep adding charges and then this shows each month on our credit file as being in shortfall so even after six years when we should be able to start afresh with our credit history we wont be able to because they will continue to add it to credit file until they sell house which may be twenty years if they want to or if we pay arrears occurred since bankruptcy. Hope this makes sense. |
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RHB
Senior Member
1159 Posts |
Posted - 09 May 2011 : 13:34:30
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Right, I understand now. I can't see them keeping the house as long as 20 years though. Have you phoned your OR & asked this question, since the whole point of bankruptcy is to start afresh. Are these arrears only after the bankruptcy?
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Lynnk
Starting Member
United Kingdom
13 Posts |
Posted - 14 May 2011 : 20:55:58
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[Hi Bigal4787
I have sent a email to your other email address if you can reply I would appreciate it.
Lynnkquote]Originally posted by Bigal4787
Hi,
the problem you have, is that unlike a solely owned tenanted property where the legal title vests with the OR or trustee, with a jointly owned property, the legal title does not vest with the trustee,and so you remain as landlords of the property, and ultimately responsible for it.
The thing that vests with the trustee is the beneficial interest as unlike the title it can be seperated, which I think is where your problem lies, as shown in this extract from the technical manual:
31.12.74 Rental income from jointly owned tenanted property
As it is only the beneficial interest in an AST that vests in the official receiver as trustee, the joint owners retain the right to collect the rent from the tenant (see paragraph 31.12.9 for more details). The official receiver, as trustee, is only entitled to the bankrupt’s share of the profits from the rental income, that is the bankrupt’s share of the rent after deduction of all direct costs and expenses of renting the property under the terms of the AST agreement (see Part 3). This situation applies even where both the joint owners are bankrupt.
The sting in the tail, is that the mortgage repayments are not included in the above calculation, so after taking out the expenses involved in the tenancy i.e insurance, maintenance etc, the remainder goes to the trustee.
I do know an IP in Liverpool who I did refer people to for help, but I'm not allowed to mention them on the forum unfortunately.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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a good legal advisor in Liverpool ?
