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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » has anyone experience or knowledge of the insolvency service for 2nd properties?

has anyone experience or knowledge of the insolvency service for 2nd properties?

Due to the closure of our business (long story) & in trying to save things – we did alot of things we might not have done, anyway…now both personallly bankrupt… The receiver has told the agents managing our flat (2nd property) to hold on to the rent. Property is on a buy to let mortgage & is in negative equity. We had no idea this was happening, so paid the mortgage – as normal. Family home is also in negative equity. Receiver says -flat – 2nd property is his – fair enough – but he will not pay the mortgage with rent he has held & we will default & flat will be repossessed & tenants evicted. This seems madness to us – it will cause so much disruption, administration, bad credit for us etc……. We would love to hear similar experiences or genuine knowledge of this situation??
. We dont want money from it- it just seems so crazy to evict people and re-possess, in the current climate ….when the rent is there – paying the mortgage & is tied in to end of this year??!! We admit to it being an asset – should there be any equity in it. Excess rent/, we have said to him to keep , though at the moment, we live off of it.

If they re-possess the flat, the Mortgage company will also incur so many expenses – & the tenants too evicted and paying more fees elsewhere! – it is making me mad!
In this area – where the recession was slow before….- a developer goes bust every week!
Does anyone know? if we could sort the flat through this situation? or who can you go to? Can e transfer it to a childs or my Mothers name??

any advice to minimise the disruption for everyone?
The Insolvency service are like no other service I have dealt with..
does anyone elso have any ideas?

Genuine knowledge and experience for comments please,

thanks very much


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One Response to "has anyone experience or knowledge of the insolvency service for 2nd properties?"

  1. nick says:

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