home reposession

**scatty natty** · 11th April 2013, 15:50:PM

Re: home reposession someone please help!

please anyone have any advice for me they have given me 60days to resolve or say they will be appointing an LPA receiver, does anyone know if i can stop this acction, they say i am in breach of terms and conditions because i rented my house out and i have a residential mortgage, always paid mortgage on time and never missed a payment, any advice anyone, feeling desperate, thanks

**Sapphire** · 11th April 2013, 15:55:PM

Re: home reposession

Bumping for help

When I rented out a property I had to contact the mortgage company first and get their permission, they told me that if I didn't do it then like you I'd be in breach of the T & C's, hopefully someone will pop along with some help for you.

**TUTTSI** · 11th April 2013, 15:59:PM

Re: home reposession

Can you get it remortgaged?
Do you have any documentation that they said it was OK back in November?

**scatty natty** · 11th April 2013, 15:59:PM

Re: home reposession

oh sorry i thought what i was posting was on open forum, sorry not very good on computers and pretty new to this stuff, mostly i can email, facebook and buy stuff, that is about my lot , thankyou

**TUTTSI** · 11th April 2013, 16:02:PM

Re: home reposession

You are on an open forum.....you asked a question and we are trying to help you.

Originally posted by scatty natty View Post

oh sorry i thought what i was posting was on open forum, sorry not very good on computers and pretty new to this stuff, mostly i can email, facebook and buy stuff, that is about my lot , thankyou

**PlanB** · 11th April 2013, 16:07:PM

Re: home reposession

Have you got tenants in there at the moment or a tenancy agreement that's coming to an end soon so you can remove them? Because if it's not let then you're not breaking your Ts & Cs and they can't touch you

If your finances can cope with the strain you could leave it empty until you get a remortgage with a Buy-To-Let lender.

**scatty natty** · 11th April 2013, 16:14:PM

Re: home reposession

since all of this started they asked me to send a letter in explaining my situation which i did, i was still sending things to them in january as there was a mix up with the buildings insuran, which i corrected straight away, they wanted to see the tennants contract , know which agency was managing the tenancy ect. the only letters i have received have been a standard letter about interest rates and one to say thankyou for updating my details and to let them know if any of my curcumstances changed and that is all , when i sent the letter explaining why we had rented out the house ect, i told them i would need to continue renting it for at least another eighteen months but it is our home and do intend to live in it again, i have sent their solicitor an email this morning asking them to please reconcider the situation and asked if they will extend the time to 12 months instead of 60 days. I am not sure if will be able to get another mortgage as now residing in Spain and am self employed here

**scatty natty** · 11th April 2013, 16:21:PM

Re: home reposession

i can give the tennants a months notice as we did not do a renewal so the original agreement applies but they are good tennants and would hate to have to go down that road, they have expressed to me they wanted to stay there long term, would not like to do this to them, i think there is a clause in my mortgage terms about leaving it empty as well so unless i move back i cant see a way out and if i do that i will be unemployed or work is seasonal so it could not have come at a worsed time

**TUTTSI** · 11th April 2013, 16:24:PM

Re: home reposession

You may be able to get a new mortgage as a buy to let.

Originally posted by scatty natty View Post

since all of this started they asked me to send a letter in explaining my situation which i did, i was still sending things to them in january as there was a mix up with the buildings insuran, which i corrected straight away, they wanted to see the tennants contract , know which agency was managing the tenancy ect. the only letters i have received have been a standard letter about interest rates and one to say thankyou for updating my details and to let them know if any of my curcumstances changed and that is all , when i sent the letter explaining why we had rented out the house ect, i told them i would need to continue renting it for at least another eighteen months but it is our home and do intend to live in it again, i have sent their solicitor an email this morning asking them to please reconcider the situation and asked if they will extend the time to 12 months instead of 60 days. I am not sure if will be able to get another mortgage as now residing in Spain and am self employed here

**IanM** · 11th April 2013, 18:24:PM

Re: home reposession

Whatever the rules, the lender or the receiver will have to go through the court process to repossess the house and can only normally do this if you are in arrears with the mortgage. They may however apply for an order to repossess on the grounds that you have breached the terms of the mortgage by letting it out which leaves the decision to repossess or not in the hands of the judge. It may be the case that the judge would give you an extended period of time to find a buy-to-let lender so long as the mortgage payments are maintained. The biggest advantage you have is the equity you own if you only borrowed up to 40% of the value and have paid it for 4 years already, a maintained mortgage with only 6 years of the mortgage left is hardly going to be detrimental to the mortgage company so I would wait until they take some kind of action and then seek advice from a solicitor before doing anything. Who is the lender?

**PlanB** · 11th April 2013, 21:55:PM

Re: home reposession

Under The Law of Property Act 1925 a lender can appoint a receiver without going to court. Only repossession proceedings are handled by the county court since that involves occupiers who would need to be evicted. The legal situation is different where there are tenants involved. It's very rare for a residential mortgage contract to have this power included in the loan's Ts & Cs although all Buy-to-Let loans usually do because they're unregulated and seen as commercial loans.

Your starting point should be to get a solicitor to check your mortgage terms to see whether the lender can actually take this drastic step. The lender would need to have a good reason such as a minimum of two months' arrears. It highly unusual for it to happen over anything else. Are you certain all your payments are up-to-date?

Here's some background to this antiquated act which makes grim reading but it may also prompt you to get the formal legal help you need because it sounds like your lender means business. You need to establish your legal rights and then tackle the solicitor head on:

http://www.michaelparkes.co.uk/docum...at_they_do.pdf

**scatty natty** · 11th April 2013, 22:23:PM

Re: home reposession

thankyou for he advice, i hope you are right, i am going to try to get alternative funds so i can carry on as i am, thankyou again for your support its such a shock to me, i was not expecting this. The lender is called redstone mortgages

**IanM** · 11th April 2013, 22:25:PM

Re: home reposession

Originally posted by PlanB View Post

Under The Law of Property Act 1925 a lender can appoint a receiver without going to court. Only repossession proceedings are handled by the county court since that involves occupiers who would need to be evicted. The legal situation is different where there are tenants involved. It's very rare for a residential mortgage contract to have this power included in the loan's Ts & Cs although all Buy-to-Let loans usually do because they're unregulated and seen as commercial loans.

Your starting point should be to get a solicitor to check your mortgage terms to see whether the lender can actually take this drastic step. The lender would need to have a good reason such as a minimum of two months' arrears. It highly unusual for it to happen over anything else. Are you certain all your payments are up-to-date?

Here's some background to this antiquated act which makes grim reading but it may also prompt you to get the formal legal help you need because it sounds like your lender means business. You need to establish your legal rights and then tackle the solicitor head on:

http://www.michaelparkes.co.uk/docum...at_they_do.pdf

Hi PlanB, I read the same link before commenting and the receiver, if appointed by the lender does have to apply to the court if he wishes to repossess the property as far as I understand it. As the debt is being paid in accordance with the loan agreement the only dispute is over the letting of the property as opposed to being lived in by the borrower the receiver will have to decide whether it is in the best interests of the mortgage company to repossess but as the account is not in arrears and the borrower owns more than 50% of the property and is maintaining the payments there is room to manoeuvre before any repossession is needed. It would seem that the lender has ulterior motives in going for repossession which is why I asked who the lender is before making any further comments. At this stage I would be advising the borrower to submit a SAR to the lender and clarify the details in the original mortgage contract and then seek legal advice from a solicitor as how to respond to the lender.

**PlanB** · 11th April 2013, 22:30:PM

Re: home reposession

Originally posted by scatty natty View Post

its such a shock to me, i was not expecting this. The lender is called redstone mortgages

Ah ha, that says it all. Restone was fined £630k by the FSA for not Treating Customers Fairly which we reported on this site at the time:

http://www.legalbeagles.info/forums/...tment-of-custs

They may need reminding of this fact

Here's what the FSA think of Redstone's practices: http://www.fsa.gov.uk/pubs/final/redstone.pdf

home reposession

home reposession

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