Bailiff dilemma?

Reply to the comment left by SimonP at 22/08/2023 - 00:42
As I understand it, the banks have superior legal rights to possession of the property. That's why when an owner fails to pay the mortgage, the banks can obtain possession via the courts very quickly, and sell it. I'm not a solicitor, and I don't know the legalities of the system we have here in the UK, so I could be wrong about this.
There have been cases as shown on YouTube where owners had one of those mortgages that were linked to the stockmarket. When the returns were not enough to repay the mortgage, the bank stepped in and were able to evict the owner pensioners. They were not allowed even to remortgage either which would have saved them, and their house. The police turned up in great numbers, because there was a big crowd preventing the bailiffs from evicting the couple. The street was cordoned off, and the eviction took place despite the anger of the crowds, and the pensioners possessions were taken away in a big removal lorry.
It's a pity landlords dont have such support from the legal system, the police and bailiffs.

As I understand it, mortgage companies are the owners of borrowers property until mortgage paid off or sold when the balance outstanding is paid to the mortgage lender.And if the borrower falls into arrears the lender takes possession and evicts the resident because the mortgage company must look after its investment on behalf of other bank building society investors and is incorporated in the contract/agreement on which the bank agreed to lend.

Hi Basil

I wonder if you can depress me..Sorry I meant help me with some info 😉
Im currently waiting for a District Judge to (hopefully grant me possession) on my claim. I'ts currently six months since I originally served S21 and Four weeks since the court admin staff informed me that my file was being sent to a district judge for a decision

How long did it take from submission of claim for the Judge to issue a 'possession date' in your case.

How long did the judge give your tennants? I believe its 14 days to six weeks, if they are suffering hardship.

I'm just trying to get my head around the (obscene) time frame

Thanks

Reply to the comment left by SimonP at 22/08/2023 - 00:42The bank is the owner as a mortgage gives the mortgagee first charge on the property. The mortgagor owns no more than the amount of his deposit if it is an interest-only mortgage.

The mortgage company holds the originals of title deeds and only releases them when the mortgage is paid off.
Borrowers can request copies.

Reply to the comment left by Old Mrs Landlord at 23/08/2023 - 09:11
A search on Google found this reply to "who owns your mortgaged home?"
You might be surprised to learn that even if the property was purchased via a mortgage arrangement, you still own the home. Your name is on the title as the homeowner. The bank or mortgage company owns an interest in the property and the mortgage note itself — but the lender does not own your house.

Your home is considered collateral for the mortgage loan. As long as you pay your home loan in accordance with the terms, you are the legal owner of the property. Even if your mortgage goes into arrears, the foreclosure process can take time, and you will have many opportunities to negotiate an agreement or get up to date on your payments. Until the mortgage lender successfully forecloses, you still own the home.

This explains why you own the growing equity in your home. You own the home!
As I said before, the bank has superior legal rights over the property, so if you fail to pay the mortgage, they can quickly get a court order to evict you, and sell the house, despite the fact your name is on the deeds, and that you legally own it.

There is some very good advice for you here. But If I were you, I would contact your lender, explain what's happening and that you are mounting up debts and/or struggling because of something beyond your control. Be honest and tell the lender everything. Most lenders are very helpful in these situations because they don't want to have to go to the trouble of repossessing your property to get their money. More than likely, they will be able to come up with a plan to slow down or stop the mounting debt, a payment holiday, reduced payments, there are numerous options. This is a difficult but short-term problem and one that you will overcome and your lender will understand that. Good luck with getting your tenants out.

Reply to the comment left by Tony Phillips at 23/08/2023 - 00:04
Hi Tony.
I don't want to scare you but prepare for the worst. I started my legal proceedings in July last year and obtained the court order in April this year, giving the tenant 14 days to leave. He didn't so moved on to the bailiff. Only now that I have got a date, 2 October. So you can work out how long it took to reach this stage. Moreover, the tenant may refuse to leave which means I have to go back to the court. All this time I have been paying the mortgage and service charge out of my savings, this is on top of the court and solicitor's fees. You may be more lucky than me. Court waiting times differ depending on the cases in your area, though the cases are increasing day by day. I wish you good luck.

Reply to the comment left by Seething Landlord at 22/08/2023 - 14:19
I have mentioned that the court said the urgency does not provide grounds for referring the case to the High Court. But Property118 has edited this out, I don't know why. Anyway, I have obtaoned a date from the county court now, which is in October.

Reply to the comment left by Baz at 31/08/2023 - 15:50
No Editing Baz it just can't have saved.