Posted on Wednesday, June 03, 2009
It is one thing being thrown out of your home because you haven’t kept up the mortgage payments, but it is more galling to be thrown out because someone else hasn’t kept up with theirs.
This is exactly what happened to one of our paraplanners last week.
Charlotte was renting a flat in Manchester when the bailiffs turned up. Rent was paid to date and Charlotte was a great tenant, but the landlord was so far in arrears the lender repossessed and, with no notice at all, Charlotte and her roommate were evicted.
Charlotte had the statutory short term lease which it turns out only protects you if you have a landlord, it doesn’t protect you from a lender. Typical friendly bank approach.
It doesn’t even make commercial sense, if I was repossessing a property I would want the rental stream, it even makes it easier to resell.
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