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Business & Finance2 mins ago
Eviction
Our landlord called over last evening to inform us that he is going bankrupt. The house we have lived in for the past 5.5 years will probably be repossessed. How do we stand with our tenancy? Is it likely we will be required to leave the premises? And if so, how do we go about finding somewhere else to live, bearing in mind we are both OAP's and have a very limited income. Many thanks, in advance, for any advice you can give.
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yes, if the house is repossessed you will have to leave, regardless of tenancy agreement. As to finding a new place you can either go to a letting agency, look in the paper for places to let, or approach the council for social housing. How did you find this place? perhaps you could find another place the same way. You will probably have some time
Did he say he was declaring himnself bankrupt or is he being made bankrupt by a claim through the courts? The house is part of his assets and would need to be sold but it may well be that it can be sold as a rented property and a going concern as a business income, I would ask the CAB for advice but also get your name down with the local authority as you would technically be being made unintentionally homeless if it came to having to move and therefore they have a duty to rehouse you.
Once the mortgage company has possession of the house, they will then start legal proceedings under section 8, ground 1 of the Housing Act 1988. This will take around 2 months.
So, if we presume it will also take them a couple of months to re-posses it from your landlord then you should be safe until the middle of the year at least.
IF you were to stop paying rent (which you definately shouldn't do) it would take about as long to evict you but you would have 4 months worth of rent saved up towards a deposit on a new place and moving costs.
So, if we presume it will also take them a couple of months to re-posses it from your landlord then you should be safe until the middle of the year at least.
IF you were to stop paying rent (which you definately shouldn't do) it would take about as long to evict you but you would have 4 months worth of rent saved up towards a deposit on a new place and moving costs.
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