House due to be repossessed. What's the best option?
Discussion
Nicol@ said:
Wings said:
On the 1st October 2010 a legislation came in to force to protect tentants of mortgage properties, The Mortgage Repossessions (Protection of Tenants etc) Act 2010.
The above requires that the mortgagee gives notice at the time they apply for a Warrant of Execution to instruct the County Court bailiff to enforce a possession order. When doing so they must also send a notice to the property by first class post or by hand delivery or personal service addressed either to the tenant in their own name or to "The Tenant or Occupier". The form of this notice is set out in detail and it specifies all the details of the Court who will be dealing with the matter and the details of the mortgagee who is seeking possession. It also spells out the tenant's new rights under the Act to ask for a stay of 2 months in the execution of the warrant and the process by which this is to be done.
The OP, through his tenant can use the above to both delay repossession and to look for additional financial advice/assistance, please PM for further info.
Sorry to but in but my landlord has post sent to my home and what I think are mortgage statements.The above requires that the mortgagee gives notice at the time they apply for a Warrant of Execution to instruct the County Court bailiff to enforce a possession order. When doing so they must also send a notice to the property by first class post or by hand delivery or personal service addressed either to the tenant in their own name or to "The Tenant or Occupier". The form of this notice is set out in detail and it specifies all the details of the Court who will be dealing with the matter and the details of the mortgagee who is seeking possession. It also spells out the tenant's new rights under the Act to ask for a stay of 2 months in the execution of the warrant and the process by which this is to be done.
The OP, through his tenant can use the above to both delay repossession and to look for additional financial advice/assistance, please PM for further info.
I think something similar may be going on with my landlord.
A letter arrived last week from the local court (postmark) addressesed to the landlord. The first line says defendant (landlord's name).
I still have the unopened letter.
Now wondering if it could be a baliff letter as they (lender) don't know the house is rented.....hmmm
p.s. Emsman, where is your house as I might need a pad soon.
Edited by Nicol@ on Thursday 28th October 13:36
Edited by Nicol@ on Thursday 28th October 13:38
Nicol@ said:
Sorry to but in but my landlord has post sent to my home and what I think are mortgage statements.
I think something similar may be going on with my landlord.
A letter arrived last week from the local court (postmark) addressesed to the landlord. The first line says defendant (landlord's name).
I still have the unopened letter.
Now wondering if it could be a baliff letter as they (lender) don't know the house is rented.....hmmm
p.s. Emsman, where is your house as I might need a pad soon.
If you do a search on the property at HM Land Registry you can see whether a bankruptcy restriction or interim/ final charging order has been registered. Costs a couple £ if you do not have an account. This will also show you who actually owns the property and the identity of the mortgagee.I think something similar may be going on with my landlord.
A letter arrived last week from the local court (postmark) addressesed to the landlord. The first line says defendant (landlord's name).
I still have the unopened letter.
Now wondering if it could be a baliff letter as they (lender) don't know the house is rented.....hmmm
p.s. Emsman, where is your house as I might need a pad soon.
Edited by Nicol@ on Thursday 28th October 13:36
Edited by Nicol@ on Thursday 28th October 13:38
James P said:
grumbledoak said:
rsv gone! said:
What do you reckon the angle is?
Residential mortgage, cash income.p.s. I have a thread in 'business' if you want to reply there and leave this thread to Emsman, as I feel rude butting in.
robsti said:
hornetrider said:
Uh-oh.
On the upside if the rent isn't covering the mortgage then he won't be owing the revenue anything
Why not? only the intrest portion is tax deductable so all of the rent minus tax deductable expensis is taxable!On the upside if the rent isn't covering the mortgage then he won't be owing the revenue anything
hornetrider said:
robsti said:
hornetrider said:
Uh-oh.
On the upside if the rent isn't covering the mortgage then he won't be owing the revenue anything
Why not? only the intrest portion is tax deductable so all of the rent minus tax deductable expensis is taxable!On the upside if the rent isn't covering the mortgage then he won't be owing the revenue anything
James P said:
If you do a search on the property at HM Land Registry you can see whether a bankruptcy restriction or interim/ final charging order has been registered. Costs a couple £ if you do not have an account. This will also show you who actually owns the property and the identity of the mortgagee.
Which report will show this, as it doesn't look like the title register report will (from example)?Edited by Nicol@ on Thursday 28th October 15:33
hornetrider said:
Thanks Eric - simply put, you don't pay tax on the gross rent received shirley? Not when one of the 'costs' of the business is the mortgage itself, thus the business showing a very small profit?
Tax is calculated after deductions for allowable expenses, such as repairs, agent's fees, mortgage interest etc.LeighW said:
hornetrider said:
Thanks Eric - simply put, you don't pay tax on the gross rent received shirley? Not when one of the 'costs' of the business is the mortgage itself, thus the business showing a very small profit?
Tax is calculated after deductions for allowable expenses, such as repairs, agent's fees, mortgage interest etc.hornetrider said:
Thanks Eric - simply put, you don't pay tax on the gross rent received shirley? Not when one of the 'costs' of the business is the mortgage itself, thus the business showing a very small profit?
What bit of my post did you noy understand! only the interest part of the mortgage payment is allowable against tax!Nicol@ said:
James P said:
If you do a search on the property at HM Land Registry you can see whether a bankruptcy restriction or interim/ final charging order has been registered. Costs a couple £ if you do not have an account. This will also show you who actually owns the property and the identity of the mortgagee.
Which report will show this, as it doesn't look like the title register report will (from example)?Edited by Nicol@ on Thursday 28th October 15:33
robsti said:
hornetrider said:
Thanks Eric - simply put, you don't pay tax on the gross rent received shirley? Not when one of the 'costs' of the business is the mortgage itself, thus the business showing a very small profit?
What bit of my post did you noy understand! only the interest part of the mortgage payment is allowable against tax!
HTF do BTL LL's make money then? Aren't they all (modern, leveraged jcls) looking over the edge of a precipice? And wtf happens when interest rates go up??
hornetrider said:
robsti said:
hornetrider said:
Thanks Eric - simply put, you don't pay tax on the gross rent received shirley? Not when one of the 'costs' of the business is the mortgage itself, thus the business showing a very small profit?
What bit of my post did you noy understand! only the interest part of the mortgage payment is allowable against tax!HTF do BTL LL's make money then? Aren't they all (modern, leveraged jcls) looking over the edge of a precipice? And wtf happens when interest rates go up??
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