22/12/2015 By property

Suspended Repossession

Suspended Repossession

A suspended repossession order is a legal arrangement made between you and your lender following a repossession court hearing. This means that a repossession order on the property has been suspended (you are not ordered to leave your house – yet). This suspension will usually have some strict conditions attached to it. The two most common conditions are:

You agree to pay in full your monthly mortgage payments, plus an additional amount to pay towards the arrears you have incurred. Be careful not to over-commit yourself to any unmanageable repayments.
You agree to sell the property within a certain time scale and replay the mortgage in full. This will only usually be accepted if you can show you have already found a buyer for the property and are just waiting for the sale to ‘complete’.

Caution: A judge will give you a suspended repossession, instead of a normal repossession order if they believe the mortgage arrears issue can be resolved. If you have a suspended repossession order on your property it is important to stick to the terms of the order as failure to do so may result in you being evicted from your home without your lender requiring another repossession court hearing.

Suspended Repossession – The Terms & Conditions

If a judge has made a suspended possession order, you are permitted to stay in your property for as long as you keep to the conditions detailed. The conditions will be explained in the court order, but if they are unclear you should seek professional advice.

Typically, the order will say you have to pay a certain amount off your arrears alongside your usual mortgage payment. Most mortgage lenders will ask for the arrears to be paid off within a certain time frame, e.g. 3 years – but the time scale will ultimately be decided by the judge based on your financial circumstances, and in some cases the arrears may be spread across the remaining mortgage term (though uncommon).

If you think you are likely to have problems sticking to the conditions of a suspended possession order, you should contact your lender and/or get advice immediately. Never put off dealing with the situation. Such an action may make your lender (or other creditor) to evict you very easily if you either fail to keep to your original agreement or fail to agree to an alternative.

Further / On-Going Financial Difficulties

Upon a suspended repossession, some people find a way to solve their mortgage problems. Nevertheless, this is not the case for everyone. Majority of people that receive a suspended repossession order are often struggling to keep up with their current mortgage and other financial debts. When they are required to pay even more to their mortgage lender to bring to bar their mortgage arrears, it results in even more strain on their budget.

The solution to such is not an eviction if you miss just one mortgage payment. If you do receive a letter from the bailiffs, seek advice immediately. There may still be time to stop the eviction. We understand that at this highly stressful time you may feel you have no way out; however, if you contact us we may be able to see you through it. You can sell your house quickly for cash, so you can pay off your mortgage in full and any other secured debts and the remaining cash will go straight to your account. We can even arrange for you to rent your house with us either in the short term while you find your feet, or the long term if you would prefer not to move.

What Next After a Suspended Repossession?

If you have been issued with a suspended repossession order, now is the time to act in order to save your home from being repossessed. Even if the situation seems hopeless, we may be able to help you find a solution. For example, if you have lost your job, it may be possible to get the conditions of the order changed to make the repayments more manageable. If you want to change the conditions of an order, you will need to apply to the court and may have to pay a fee. However, if you are claiming benefits or have a low income you may be able to get help with these costs.

If you would like to have the suspended repossession cancelled and started freshly, then the simplest solution we offer is a quick cash sale. This involves us making you an offer typically in less than 24 hours, and we can transfer the cash as soon as the sale completes. It is a fast, reliable, and hassle free way to sell your house. We don’t even need to come and view your property; we simply base our offer in the trade value of your house. What’s more is that we will pay all your legal fees, and because the sale is direct you don’t have any estate agents fees, which in total will save the average home mover about five thousand pounds.

11/12/2015 By property

Will George Osborne put an end to Buy-To-Lets?

With the buy-to-let marketing booming over the last twenty years or so, there there’s been talk for a long time about changes in the property market that would have a negative impact on potential investors; however it now seems that the Chancellor of the Exchequer has hammered the final nail in the coffin in his Autumn statement which took place last month.

The First Blow: Stamp Duty

In his Autumn Statement, George Osborne announced that Stamp Duty charges will be increased by 3% more for those buying a second home (holiday home) or a buy-to-let property to rent out, than those who are purchasing a property as their main residence.

Those who are buying caravans, mobile homes or houseboats will be exempt from the new rates.

In terms of the Maths, 3% may not initially sound like a big deal – however consider this percentage increase on a buy-to-let property worth £250,000. Under the old rules, a buyer would be expected to pay £2,500 in Stamp Duty; after the changes come into effect a property investor will face fees of £10,000.

The new Stamp Duty rates will come into effect on 1^st April 2016.

George Osborne has justified the increase by stating that the savings will be used to help first time buyers, with the new rates expected to raise £625m in the first year alone.

The move is likely to be applauded by the first-time buyer market who currently face stiff competition from landlords and property investors when it comes to purchasing cheap homes. With a number of property investors expected to desert the market once the charges come into effect, some house prices – particularly those in popular rental areas – could start to see a drop in value.

Investors won’t have to pay the tax if they purchase properties worth £40,000 or less, although as you can imagine in the current housing market, properties at this value are few and far between. And in a further blow to those with just a small handful of properties – the super-rich investor with a portfolio of over 15 properties will also be exempt from the new charges.

Further Blows: Buy-to-Let Taxation

The increase in Stamp Duty for property investors comes after the news that mortgage relief on rental properties will be reduced to the basic rate of income tax only from 2017 – the removal of landlords’ ability to deduct the cost of their mortgage interest from their rental income when they calculate a profit on which to New btl tax rules pay tax means that all higher-rate taxpayers who own rental properties on which there is a significant mortgage, will be required to pay substantially more tax. Basic-rate taxpayers are also likely to be hit, as the changes will push them onto the higher-rate tax bracket.

Wealthy investors who do not have mortgages on their properties will not be hit by these changes. Because George Osborne is effectively taxing landlords on their turnover rather than their profit this could mean that for some property owners, they will have to pay all of their profit in tax – and then some – as tax rates are likely to exceed 100%.

So what do these changes mean for the buy-to-let market?

Experts believe that there could be a distortion in the property market as potential investors rush to purchase property before the Stamp Duty charges take effect, but over the longer-term with the additional changes being rolled out buy-to-let could be seen as a much less attractive form of investment.

The changes are likely to deter a vast number of new landlords from entering the buy-to-let market, and those that do, are likely to pass on the increased costs to their tenants who will see rental costs increasingly pushed up to compensate.

08/12/2015 By property

Sell My Property Portfolio, some options

So you think to yourself i’ll sell my property portfolio but you don’t know where to start then you’ve come to the right place. Selling your property portfolio can be tough if you speak to the wrong people, but here at Barry Home Buyers we have the experts to help you professionally and effectively.

The first thing you need to do is decide if you want to sell all of the properties within your property portfolio and how quickly you want to sell your property portfolio. It is important you also understand all the options involved when considering selling your property portfolio. download

If you have existing tenants in your properties this may affect the success o
f the sale of your property portfolio, dependent on the tenants situation and the relationship and agreement you have with them. Dependent on who you are selling your property portfolio too will mean you have to think about if you want to sell the property portfolio with or without tenants; other landlords for example will be interested in purchasing a prop
erty portfolio that already has tenants in the properties.

Landlords will be happy to consider purchasing your property portfolio as a way to build on and expand their own portfolio and if the properties have tenants already it means the landlord will save time and make more money as he or she will no need to find tenants quickly. If you are looking at selling your property portfolio to landlord images (5) s they may require multiple visits to the property so you need to make sure your tenants are onboard to allow easy access to the property.

Property Investors, like us, may also be interested in purchasing your property portfolio; property investors will be able to complete the purchase quickly for you and you won’t need to disturb your tenants with continuous viewings. The property investor will also take on the responsibility of the tenant so you won’t need to worry about getting vacant possession of the property.

If you are looking for a quick, easy and stress-free solution to selling your property portfolio then we could be the answer to your prayers. We offer cash purchase for a speedy sale with minimal hassle and no delays.

Why not call our team of experienced property investors and see how we can help you to sell your property portfolio with minimal stress and a great outcome?

30/11/2015 By property

How To Mend A Broken House Chain

A broken house chain can be extremely frustrating, you have chosen the house of your dreams and you have a date in mind that you would like to move in the house by, but then something happens and the buyer of your home pulls out. They may have chosen not to move house, found a different house or their mortgage may have fallen through. What can you do to mend a broken house chain so you can still move into the house of your dreams?

The best advice we can give you is that you come to us, the team here at Barry Home Buyers. We can buy your property from you to allow you to mend the broken house chain and still move into the house that you dream of.

Years ago there were no such thing as property buying companies like us, but property buyers have become increasingly popular over the years as they are a great way of mending broken house chains or resolving problematic house chains.

When you speak to our tem of house buying experts here at Barry Home Buyers it doesn’t need to be a problem to sell your house fast, we can buy your house quickly to allow the house chain to continue in an effective manner, with less stress and more ease.

There are lots of benefits of selling your house to Barry Home Buyers too; we have listed some of these below for you;

As house chain specialists we are experienced in dealing with a wide range of instructions allowing you to continue with the purchase of your dream home.
We are a chartered surveying firm so we professionally understand house chains and ho
Don’t let a broken chain happen to you.

w to manage quick house sales.
On instruction of our team all seller fees are covered, we understand you’ve lost money in the broken house chain already so we want to help you.
Our experts can help you process a quick house sale within as little as 7 days, or to make a timescale of your choice.
We always provide a cash offer as this can help speed up the sale of your property; we purchase houses with cash at all times.
Our professional house buyers will offer a free consultation and valuation of your home.
There will be no stress, multiple viewings or sales boards. When you choose Barry Home Buyers we take away the hassle for you.

If you’re looking to fix a broken house chain why not call us now to see how we can help you?

07/07/2015 By property

Relationship Breakdown and Mortgage Arrears

When Only One of The Joint Owners Want to Sell the Property

It is a common misconception that repossession is only something that is of concern to the low paid. A terrible misconception really.

Here is the story:

A young professional woman contacted us to ask for our help with regards to a property she jointly owns with her ex. They separated over 6 months ago, she moved in with a friend and they agreed he would stay in the house and continue to pay the mortgage. It was quite an amicable split, which seemed to suit them both as there was a high penalty for paying off the mortgage at the time. Mortgage arrears

To cut a long story short, the women decided it was time to buy a place of her own so looked in to how best to free herself from the existing mortgage. She was shocked to find her ex had not paid one single mortgage payment since the day she left. The court date for a repossession hearing was already set, yet it was the first she became aware of the situation. She was shocked, appalled and furious as you can imagine.

It turned out her ex was more upset about the split than he let on, and it seemed revenge was best served in the red. “I hope it [the house] does get repossessed, so you will never be able to have your own house again”. Clearly this was not going to be a straight forward cash sale!

Our first course of action was to put Ms X in touch with a good local family solicitor who would provide free legal aid to help her obtain a court order for the sale of the property (as both names where on the mortgage and he was not willing to co-operate). Simultaneously we drafted a cash offer in writing for her to show to the bank that she was serious about selling the house and clearing the debt.

It took just over a week to get it all cleared up, then the cash was transferred, the mortgage paid off, and what was left over got split between the two. Ms X planned to put her share down as a deposit for her new house.
A good result I am sure you would agree!

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