desperate for advice please

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    desperate for advice please

    Advice required please, I have a small business made up of 4 rental properties, I have owned these houses for about 12 years. They were all bought when I was married to my ex husband, they were in my name only and bought for a low price and remortgaged on interest only for maximum value. My ex husband managed them and I had nothing at all to do with tenants or the properties. My husband and I operated after a very difficult marriage and I ended up taking these houses as part of the settlement purely because I just wanted him out of my life and away from him. Long story short, he then contacted all of the tenants and told them to have nothing to do with me. Since then, I have managed to get in touch with 3 of them and things are going well, the other tenant, despite a year of trying to get her to answer the door, call me or make any contact at all I have been unsuccessful, her rent is paid by the local authority direct to me. I don’t have the original tenancy agreements for the houses and no keys to gain access myself. A major fail on my part but because of the way my marriage ended, I left my home and never returned until my ex was gone and he had taken everything, when questioned in court, he denied it. So heres my question, what can I do? Considering there is no equity in the properties at all, they are a complete burden to me and I’m very tempted to just have the mortgage company repossess them, Please don’t judge me, its all such a mess but I just want out of the situation all together. Any advice would be very welcome.

    #2
    Offer her a new tenancy with something she wants -eg lower rent, new kitchen, new furniture,better heating. If she agrees get all paperwork perfect


    Wait 6 months, then evict.

    Much cheaper than the alternatives
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      Don't let the lenders repossess the properties, you'll be on a mortgage blacklist forever!

      As an alternative to the excellent suggestion above, you could put the rent up, which would start to build up arrears.
      Alternatively, contact a professional eviction service and let them sort out the problem.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        I would go for getting the tenant out with a professional eviction service. Yes it will cost you money but at least you will be in control and able to re-let probably after some refurbishment at a higher rent.



        Freedom at the point of zero............

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          #5
          Have you served s3/s48 notices on your tenants to tell them you are the new landlord and give them your details?

          Comment


            #6
            Originally posted by DPT57 View Post
            Have you served s3/s48 notices on your tenants to tell them you are the new landlord and give them your details?
            May not be necessary if she was always the LL.
            Husband could have been just her agent.

            Comment


              #7
              You've checked land registry deeds to ensure it's only your name on the deeds? See..
              https://www.gov.uk/search-property-i...-land-registry

              - 5 mins, £3, each, online...

              Good luck: He sounds like a right b*rst*rd and needs a good kickin'.
              I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

              Comment


                #8
                Originally posted by theartfullodger View Post
                Offer her a new tenancy with something she wants -eg lower rent, new kitchen, new furniture,better heating. If she agrees get all paperwork perfect


                Wait 6 months, then evict.

                Much cheaper than the alternatives
                Good idea. I'd second it

                Comment


                  #9
                  "My husband and I operated.."
                  Did you mean separated?

                  Comment


                    #10
                    Originally posted by MdeB View Post

                    May not be necessary if she was always the LL.
                    Husband could have been just her agent.
                    Yes, that's possible. Perhaps the OP can confirm who is listed as landlord on the tenancy agreement.

                    Comment


                      #11
                      Thanks everyone, I appreciate your advice and am trying to fudge my way along! I’m in a lose lose situation that in hindsight I should never have agreed with but just desperately wanted out of a very controlling marriage. A little more insight for you, I’m never going to get a mortgage again, I have been self employed for 20 years, I’m 47 and have had a very successful horse rehabilitation business - except I didn’t, my very successful business was in my ex name, yes, stupid but I just signed the accounts every year, my role was to be outside rehabilitating horses and he ran the office, when my divorce solicitor told me my business was actually his and the other way round, I was devastated. 25 years and I find out my business isn’t mine and his business that’s hocked up to the eyeballs is mine.
                      I truly feel I have no option other than to let these houses go, I’m tied into the capital gains now - the rent I receive is covering everything every month but in a few years and the mortgages expire, I’m left with the costs and how can I remortgage if I haven’t any real status. I’ve never not paid anyone but maybe this is how I leave the past behind me and get out of a crap situation! I own my current home outright but could potentially box clever, sell it now, loose the money and then give up! I truly do appreciate any ideas, thoughts, words of experience. Not where I expected to be at 47! All because untrusted my husband. Thank you

                      Comment


                        #12
                        Yu need professional advice! Go see a proper financial advisor, they're usually free for a visit or three, they take fees from anything they sign you up for! Get all the help you can. Good luck!

                        Comment


                          #13
                          I'm sorry for you situation, you have escaped and now you can start to rebuild you life. If you have access to suitable premises there's no reason you horse business can't be successful again. People use you because of your skills not the name of the business, they will soon find out where you are and come to you again.
                          You need to know the value of the properties. It's likely there's some equity in them and if you decide you don'twwant them it might be better to sell yourself rather than abandoning. The rent should cover the cost of the loan and a plan to pay it off. Maybe have a look at the mortgage agreement and see if you can pay a lump sum without penalty. I agree you need some proper advice. You should be able to make a success of the rental business as well as the horse rehab.

                          Comment


                            #14
                            As said above, do NOT make any decisions yourself right now, please see a financial planner and look at every possible avenue other than defaulting on the mortgages, this will blight your financial life for decades to come and given your age this could be until you retire. I have made major financial decisions in the past thinking what i was doing was the only option, it was not and if i had taken the advice i have just given you i would not have made some rather obvious mistakes. Good luck.

                            Comment


                              #15
                              Basically you have a business which you see as a hassle and lost the business which you love.

                              ​​​​​​I agree with another comment, people went to see you not the business name.

                              Is it a question of funding the right place for starting business or just no wanting a hassle of being a landlord?

                              Worth to get an agent idea about the value of the properties.
                              ​​​​​​Re stubborn tenant, who is her landlord you or your ex?

                              ​​​​​​It is a bit of hassle, yes. But if you work with the situation you will have enought money to rent the place to work with horses again.

                              Comment

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