Buy to let property reposession

[wales01man]

Re: Buy to let property reposession

I asked about repayment of any money paid out by the local authority because i have heard that grants are repayable in some cases if the ownership of a property changes if this was the case would the original owner or the mortgage company who gains possesion be liable?

[PlanB]

Re: Buy to let property reposession

I asked about repayment of any money paid out by the local authority because i have heard that grants are repayable in some cases if the ownership of a property changes if this was the case would the original owner or the mortgage company who gains possesion be liable?

I agree that's an important point and the OP needs to read the small print of the contract signed with the LA. It probably says that the financial investment of the renovation works is tied to a minimum rental period available to the LA (5 years has been mentioned). Equally this is a point to be argued in court that the OP would suffer further financial loss if the property were to be respossessed prior to the expiry of the LA contract.

Lots more background info needed

[springwater]

Re: Buy to let property reposession

thanks for feedback!

the mortgage has always been with m.x, it was taken out with them originally.

I will check my contract with the council tonight and revert back!

[springwater]

Re: Buy to let property reposession

any update on this guys?