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Can lender take second property

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  • Can lender take second property

    Hello,
    I’m in the unenviable position of having two properties.
    The one in which I live is mortgage free, which I’d like to pass to my daughter.
    The other property, in South Lanarkshire, has an interest only mortgage.
    I’ve tried to sell this property but it’s a terraced house and the adjoining house has been abandoned and left to deteriorate.
    The result is no one wants to buy the house.
    I and many neighbours of the property, have pursued South Lanarkshire Council to take action to have the owner upgrade or sell because it denigrates the village.
    Legally the law says the Council “may” take action but the Council have declined. As one official said to me. “The lawyers are not looking for work”

    Questions:
    If I decide to stop paying the mortgage payments for the South Lanarkshire property, have the lenders any claim to the property I currently live in or is the mortgage only tied to that property?
    Tags: None

  • #2
    Catch 22

    Comment


    • #3
      If you are in debt and have other assets then those assets can be charged. Do you know who owns the adjoining house? If it is now owned by the Council, then you may be lucky. What is the value of the house or the price you are trying to sell it for and the outstanding mortgage on it?

      Comment


      • #4
        Thank you SAM101.
        You've clarified that other assets (my current home) might be charged. Obviously not good for me,
        The property next door is owned by a guy who owns several derelict properties around the area,
        Why are you asking about prices?

        Comment


        • #5
          The property next door is obviously having affecting the sale possibility of your property. Has it always been like that or become so after you bought it and are there other derelict properties nearby, possibly owned by the Council?

          Thinking about prices as to how much equity you have in that property. The mortgage compared to the value and if there are other thoughts that may help the situation for you.

          Comment

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