home reposession

[scatty natty]

Re: home reposession

i told them in our explanation letter that it isnt just a property , its our home and we do intend to live in it again but will be at least another eighteen months i told them that in sept/oct

[scatty natty]

Re: home reposession

will do thankyou

[scatty natty]

Re: home reposession

yea my house valuea prox 130.000 left on loan aprox 36.000 so really dont understand it, even if i was in breach surely they should have just altered the interest rate, even if they had of backdated the interest i wouldn't have minded if we are forced to sell would be really worse off as payed 145.000 in 2007 makes me sick to think where we are now,we down sized when we decided to go back and forth to spain so bought the house in question outright, begining to wish had kept it simple and not invested cash here, hoping to make a bit of extra cash for the kids, (all late 20's and30)would have been much better off!

[wales01man]

Re: home reposession

You must get proper advice and fight this ,get a SAR from them and contact a solicitor who can sort this,in this day and age corresponding by snail mail and phone is getting dated email can answer questions quicker and solicitors can move things quicker .this company like others will rack up charges knowing that if they win they get the money or dont i think its matters little to them they seem to think they are at war with the other side ,i know from experience these type of lenders really do not care

[housing officer]

Re: home reposession

Hi just looking at your thread - sorry to advise you cannot give the tenants just a months notice even if they havent signed a new tenancy agreement - It would have to be a section 21 notice (HousingAct 1996 ) which is 2 full months for possession , the whole process would take around 5-6 months

[scatty natty]

Re: home reposession

they are really nice couple living there, i dont want to do that anyway, i heard back from the mortgage company again yesterday, i requested the right to appeal their situation or to extend the period they have given to me to 12months, they came back with no on both they said if i asked the tennants to leave that the house being left empty is also a breech of mortgage conditions and have given me an extra 28 days to try to refinance it, i am finding it hard to find a place that will provide me with an offer as a self employed person outside of the uk,

[PlanB]

Re: home reposession

i heard back from the mortgage company again yesterday, i requested the right to appeal their situation or to extend the period they have given to me to 12months, they came back with no on both they said if i asked the tennants to leave that the house being left empty is also a breech of mortgage conditions and have given me an extra 28 days to try to refinance it

This is bullying, pure and simple. Did you mean you've heard from the mortgage company or their solicitors? I would make a formal written complaint to Redstone Mortgages. If they don't respond (or you reject the response you get) within eight weeks you can then refer your complaint to the Financial Ombudsman Service. This normally places everything on hold while the FOS investigate which can take months and months

You've been given an extra 28 days (get that confirmed in writing) which means you have about three months in total before they'll pounce. A Buy-To-Let mortgage is based on the rental income of the property and not your personal income, although the lender would need proof that you can support yourself without dipping into the rent each month. The usual criteria is the rent must cover the monthly mortgage payment by 125%. I assure you there are loads of lenders out there happy to lend on BLTs especially when you have so much equity in your property and will only need a small LTV. A broker would be able to source a product for you within 3 months.

But I'm hoping you'll get Redstone to back off in the meantime (so you can continue with the mortgage you've already got until the end of the term) with the intervention and help of the FOS so get writing because you can't believe anything you're being told on the phone and you'll need a good paper trail if you have to challenge this in court :typing:

Send a copy of your complaint to the solicitor too so that they know their client's conduct is being formally challenged :nono:

You've probably already got Redstone's contact details for your complaint, but if not here they are:

http://www.redstonemortgages.com/

[scatty natty]

Re: home reposession

i have it all on email it is from their solicitors, the only question the solicitor did not answer was why they were telling me they refused my requst for a change of product why i did not request one ,i have a friend here that i have given her everything i have right down to mortgage aplication she is going to put it in order for me in one email so its easier to read so i can forward it on to a solicitor , i have tried to contact them on that email address before and they dont answer , also i got the dates mixed up it all started was june , i thought it was later than that and the letter i receivedto say thankyou for updated your address detail had added at the end(as requested) they have been very clever in wording, i will be sending all my stuff to a solicitor on monday and will keep you posted,the house is rented out for 600 a month and my mortgage is 509so even taking out insurance cost and agents fees i dont have to put any money to it, only for repairs which is not a problem,even this week the garden fence is being renewed,that cost me 400

[scatty natty]

Re: home reposession

oh and they havent told me the settlement figure either that i did ask for

[PlanB]

Re: home reposession

i have tried to contact them on that email address before and they dont answer . . .

i will be sending all my stuff to a solicitor on monday and will keep you posted

I can understand that since you live in Spain any contact has to be by email. If Redstone have not replied to your emails then I would strongly suggest you make a formal complaint to them in writing. Can you email a Word document or a scanned PDF of your complaint letter to a family member in the UK who can print it out and send it by Royal Mail Recorded Delivery on your behalf (also email the complaint letter from Spain).

You can submit complaints to the FOS online so that's easy and they will deal with your investigation by email.

Even though you've now approached a solicitor I think you should also make that complaint to Redstone because it'll help your case. Their answers to your letter could trip them up. The more ammunition and evidence you have the better and it'll help to pile on the pressure. Anyway solicitors charge but the FOS is free

[scatty natty]

Re: home reposession

i havent aproached a solicitor yet will be first contact on monday,i can get my friend to email a word document to them on monday, my daughter can send it recorded delive , should i sent a copy to their solicitor also? then do i have to wait 8 weeks before i can send it in to the fos and do i write in my letter of complaint to redstone that i have the intension of refering my complaint to the fos?

[FlamingParrot]

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.

Hi just looking at your thread - sorry to advise you cannot give the tenants just a months notice even if they havent signed a new tenancy agreement - It would have to be a section 21 notice (HousingAct 1996 ) which is 2 full months for possession , the whole process would take around 5-6 months

One thing to bear in mind here is that, despite being in the EU, Spanish tenancy law is substantially different from UK tenancy law. S.21 notices are only relevant to the UK, not Spain. In Spain, tenancy agreements are for a minimum of 3 years rather 6 months, and this after a change of legislation that took place only last summer. If the agreement was signed before the change, it would have been for 5 years. The exception is if the agreement is for a holiday let, which can be up to 11 months, however, in this case it is essential to establish that the property is not the tenant's main residence. I once had 9 month tenancy on the Costa Brava and had to provide a UK address as my main residence.

You may want to look at this for reference: http://www.spanishpropertyinsight.co...p-10-mistakes/

The fact that Spanish tenancy law is so biased towards tenants is one reason why lenders are not as keen on BTL property in Spain as they are in the UK.

[scatty natty]

Re: home reposession

i live in spain , it is my uk property i am letting, we took over a buisnes here and went into partnership, we were going to have it fully managed but because of the tourist market being hit so bad we have had to manage it ourselves thats why we rented the house because we did not want to leave it empty, i have explained this to redstone mortgages and even though they knew i was remortgaging my house to use part of it for an investment here, they are not prepared to be flexible one bit

[scatty natty]

Re: home reposession

hi here is an update on my situation , done the official complaint through redstone, even offered to pay an additional 5%per year off the balance of the loan, asked them to reconsider the extreame action they intend to take or extend the time given to resolve the breach they came back with a no on all of it , i also contacted the financial ombudsman who now have my complaint and are dealing with it , redstone sent their final responce last tuesday and the crooksoverlooked the fact that they had given me a further 28days so in the final response they told me my 60 period had already lapsed so was now in the hands of lpa receiver i called redstone straight away, a

[scatty natty]

Re: home reposession

they told me i they were investgateing weather i misunderstood them , i was at this point not very polite to them and asked them how can i have it in black and white from an email sent by their solicitor say i can confirm redstone will extend me a further 28 days, i am now waiting to hear back from a solicitor to see if there is any way i can stall them longer because i dont want to loose the equity in costs i have managed to raise half the money to pay off my mortgage and hoping to get the rest before the deadline of the 8th july, also another shock i had was when i received my yearly mortgage statement and almost 2 grand had been added in solicitors costs without my knowledge, these things are all in the complaint to the ombudsman i was not notified previous to these costs being added to my mortgage account, will keep you all posted on here as to the outcome to my situation in the hope others can get some help from it and may i thank all of you that have offered their advice so far