This was a tricky one for us, as not only did we have the property owner to consider, but also the family that lived in the house, and who had been living in the house happily for 18 months.
The property was originally inherited from the owners parents - but in order to help fund their new house they remortgaged the property as a buy to let, with the idea that they could keep the house in the family - even though it was not the right house for the owners at the time.
So for the last 6 years they have been renting out their property without any problems, mostly on short term 6 month until the last family who where keen for a longer term solution - which suited both parties perfectly at the time.
About 6 months ago however, one of the property owners became unemployed and the lack of income has mean that they have had to use the rent from their buy to let to pay towards their property mortgage, instead of the mortgage on the buy to let. Unfortunately the owner was not able to find a job to replace the one they lost and so the arrears on their buy to let built up. The informed the tenants about the situation that it was likely the property would be repossessed - as you can imagine they where very upset.
At this point, the tenants contacted repossession-stoppers.com to see if we could help. Usually we only deal with property owners, as at the end of the day it is them how have to make all the decisions. But given the situation we said we would help as much as possible to find a solution.
That same day we arranged to talk with the actual property owners, who where equally as upset by the whole situation and discussed with them what we do and their options. Despite the property owners own financial problems they where very caring towards their tenants and said above all what is causing them most stress is the guilt that this family might be homeless.
This gave us an idea that in this situation a sell and rent back scheme, not with the owner but with the actual tenants currently living in the property. This turns out to be the king of good ideas - as the property owners sell us their buy to let and we paid them the cash in less than 7 days, this helped to pay off all the debts which had built up during his unemployment. Whats more the tenants got to carry on paying rent just as before - at the same rate, plus we put them on to a long term contract which they much preferred.
So whilst ultimately they did end up selling their buy to let for cash, everyone got what they wanted and whats more there where no repossession hearings, and so no black marks against anyone's name. Another good result for repossession-stoppers.com!
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3 comments:
I am a tenant and my landlord says the property will soon be repossessed. Does that mean I will be evicted??? What are my rights as a tenant??
Macy,
The possession law (repossession law) will take priority over your tenent rights. That means, if the property is repossessed then everyone will be evicted - including any tenants.
What I suggest you do is firstly find out what kind of time scale you have to work with so you can ensure you find some where to live and are not homeless, and secondly - if pass on the details of repossession-stoppers.com to your land lord saying we can buy his property fast for cash, and continue renting it to you. That may be an ideal solution as it would prevent him from being blacklisted by credit agencies etc.
Please visit our website and send us an enquiry if you require any futher information about how the process works.
Rent bank is definatly another good option. We have had many happy clients although you do need to go to a company with a good reputation.
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