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Buying your house from the LL

  • 29-03-2013 3:10pm
    #1
    fasttalkerchat
    Registered Users, Registered Users 2 Posts: 5,652 ✭✭✭


    A landlord remortgaged all 5 of his houses in Northern Ireland and fecked off to Australia. He is an Australian citizen married to an Irish woman. He owes money to a management company, unpaid tax, and we believe hast been paying the mortgage for any houses for the past year.
    One of the tenants has been living there 4 years. He's in a steady job and lives with his partner who is unable to work.
    They have paid the rent directly to the LL since he absconded but the house isn't in great condition and the LL won't do any work. They want to invest in the property and possibly own it.
    Should they stop paying the LL and talk to the bank with a view to taking over the mortgage or should they make the LL an offer and get a mortgage for it?
    Third option is to wait until the bank repossess the house then try and buy from the bank but Im not sure if the bank will try to reposses with a tenant inside.

    Value of the house is currently very low (£50000) but if reassesed may increase due to work the tenants did to the house.

    Any advice welcome.


Comments

  • #2
    ted1
    Registered Users, Registered Users 2 Posts: 23,893 ✭✭✭✭ted1


    Not sure what tax laws are like up north, but I imagine there similar to here in that if paying money to a landlord abroad the Vat content should be with held. And paid directly to revenue.
    You. Could try the landlord but of he is not paying his mortgage the bankay not let him sell it.


  • #3
    fasttalkerchat
    Registered Users, Registered Users 2 Posts: 5,652 ✭✭✭fasttalkerchat


    ted1 wrote: »
    Not sure what tax laws are like up north, but I imagine there similar to here in that if paying money to a landlord abroad the Vat content should be with held. And paid directly to revenue.
    You. Could try the landlord but of he is not paying his mortgage the bankay not let him sell it.

    I have a feeling the landlord is dodging all outgoings and collecting the rent for as long as he can.
    How easy would it be to cut him out and take ownership legally? Would the bank be more likely to repossess if they had a buyer waiting to pay?


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,627 ✭✭✭✭Marcusm


    fasttalkerchat wrote: »
    I have a feeling the landlord is dodging all outgoings and collecting the rent for as long as he can.
    How easy would it be to cut him out and take ownership legally? Would the bank be more likely to repossess if they had a buyer waiting to pay?

    Income tax at the basic rate needs to be withheld unless the landlord appoints an agent or a direction is received from HMRC. if the bank has not taken possession proceedings, they will not be permitted to speak with the tenant about the matter. The tenant is in possession of the property and should consider whether they need to satisfy their tax obligations and whether this might bring matters to a head.


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