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problems, problems!! can anyone help?   Logged in as: Guest
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napoleansolo

 

Posts: 1
Joined: 3/7/2007
 

problems, problems!! can anyone help? 
hi, all!

my first time in posting to this forum, so pls excuse any misbehaviour from me!

i have a problem that i am hoping somebody here may be able to help with.
i have several properties rented out but due to the rental income coming in at odd times of every month, i am now faced with arrears on some of them, as i was relying on the rental to pay the mortgages.

i have one property which has around £25k to £30k equity in it and i am thinking of selling it to release the equity from it, so i can clear up the problems with my other mortgages.
but, this particular property is in a very good area and i can forsee its price increasing much higher in the long term.

so am i making the right decision in wanting to sell it off? i cannot try and remortgage it as i now have arrears on my credit history and one application i tried for a remortgage was declined.

the only other choice i have is to try and raise a secured loan on this property, but that will have to be credit checked too!

i need around £15k to £20k to sort my problems out.
any ideas at all, pls? :(
  Report Abuse |  Date 3/7/2007 10:43:15 AM
 
Pebble

 

Posts: 13
Joined: 7/6/2007
 

RE: problems, problems!! can anyone... (in reply to napoleansolo) 
Hi Napoleansolo

Read your post. WOW!, let see if this helps.

As the rental are being paid to you at various times of the month. Why dont you change the payment date to ie; 1st of each month. As most mortgages are due for payment early on the month. You would get the tenants to pay a pro-rata amount to bring all their payments to the first. This way, you would be guaranteed whilst they would be a shortfall when they make their pro-rata, that all the rental payment would be in on the same day.

As you seem to have a vast portfolio, I dont see why you would sell a property which would increase in price. Perhaps, you need to talk to your 'friendly bank manager' and explain the situation and take a loan, you could put your properties up as a guarantee. At least this way you could resolve the problem you have and repay the loan in a quicker period that attaching it to the mortgages that you already have.

Perhaps it would also be an idea to remove the tenants in arrears and replace them with new tenants. It would be prudent to put a rental guarantee on all of these. If then, the tenant defaulted you would be indemified against any loss.

Hope this helps, if you need any further advice please do not hesiate to contact me.

Rex Mhach- for and on behalf of
Pebble.co.uk.ltd - effective landlord solutions
www.pebbleonline.net
t. 05600 755734
  Report Abuse |  Date 4/7/2007 2:47:09 PM
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  Report Abuse |  Date 7/7/2007 5:11:37 PM
 
simhar

 

Posts: 96
Joined: 5/4/2007
 

RE: problems, problems!! can anyone... (in reply to Guest) 
napoleansolo - please tread carefully !

cheers

simhar
email: simhar@talk21.com
web: Properite Landlord Software : http://www.properite.co.uk
  Report Abuse |  Date 19/7/2007 7:17:34 AM
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