HOUSE RENTING QUESTION

thatsmyboy

Hi guys im looking into renting a house from a guy who was a large builder in my area for the past ten yrs but is now no longer living in this country as he is been chased by creditors to who he owes a lot of dosh too. His building company has gone bust and bailifs have taken a lot of his machines and property he had in the name of his building company..

Anyways the house im thinking about renting off him is owned by him personally and not his building company thats gone bust, he assures me no one can touch is house as he is paying the mortage on this but i dont believe him and i thought they could take his personal belongings off him ie his house to pay his creditors and i would be left on the road with my wife and 2 kids

I would appreciate any help with this please

Peregrinus

If he personally owes money, then anyone enforcing a judgment against him can take his property, including the house you occupy.

However if the house is mortgaged to a bank, any other creditor who takes the house will have to pay off the bank first before getting any money themselves, so it practice it is rare to seize a mortgaged house, unless you happen to be the mortgagee.

If he defaults on his loan to the bank, or if he is made bankrupt, then the bank will seize the house.

If the house is seized, whether by the bank or another creditor, they take it subject to the lease to you. You continue on as the tenant, and they step into the shoes of the landlord. They have whatever rights your current landlord does to terminate the lease, e.g. by giving you notice, and there is probably a good chance that they would do that.

GerardKeating

thatsmyboy wrote: »

Hi guys im looking into renting a house from a guy who was a large builder in my area for the past ten yrs but is now no longer living in this country as he is been chased by creditors to who he owes a lot of dosh too. His building company has gone bust and bailifs have taken a lot of his machines and property he had in the name of his building company..

Anyways the house im thinking about renting off him is owned by him personally and not his building company thats gone bust, he assures me no one can touch is house as he is paying the mortage on this but i dont believe him and i thought they could take his personal belongings off him ie his house to pay his creditors and i would be left on the road with my wife and 2 kids

I would appreciate any help with this please

If the person you are paying rent to live abroad, you are required to deduct tax at the standard rate from the payments and remit that tax to Revenue

Builderfromhell

Thanks Geradkeating. I didn't know that and I also rent from a Landlord who has moved back to the Uk. I do not know if he is liable for or pays tax on the rent.

MagicSean

Is there something special about this property? You seem quite attached to it already. If it gets seized you can simply rent somewhere else. Or if you're that worried just don't move there in the first place. There are loads of rental properties out there.