People who know details about RAS scheme?

zoe88

Was just wondering if anyone knows if a house thats in receivership can go into RAS? The house isnt selling and is on the market for quiet a while so wondering could the receiver sign a contract with the council for RAS?

The_Conductor

zoe88 wrote: »

Was just wondering if anyone knows if a house thats in receivership can go into RAS? The house isnt selling and is on the market for quiet a while so wondering could the receiver sign a contract with the council for RAS?

As a receiver would have to sign a contract for a set period of time with the council- they are unlikely to do so. Receivers are not in the business of becoming longterm landlords- they are trying to achieve the maximum possible from the sale of an asset. They may rent it on a month-to-month basis while its on their books, with the explicit understanding that the property is to be vacated if an offer is placed on it, they would not rent it out under a longterm lease arrangement though.

Note- its next to impossible to get a mortgage for a property with sitting tenants- any purchaser would require vacant possession. For this reason- it would be as good as unsaleable if the Receiver signed up to the RAS scheme.

wil

smccarrick wrote: »

..
Note- its next to impossible to get a mortgage for a property with sitting tenants- any purchaser would require vacant possession..

any idea why?
Arent they current and instant income even while the whole process is ongoing?
Makes little sense particularly for purely rental properties

Scortho

wil wrote: »

any idea why?
Arent they current and instant income even while the whole process is ongoing?
Makes little sense particularly for purely rental properties

If its being bought purely as a rental, it needs an LTV of 50% I think.
If its vacant possession, it can be bought as a family home, or a btl.
I know this doesn't answer your question exactly, but bank would never give a mortgage with sitting tenants, if property was intended as a ppr. Well they might but you'd need a massive deposit.

zoe88

Hi all thanks for reply, Just to say, I am actually a tenant in this home and it is in receivership, seemingly the landlord went off to Australia and left the house and his mortgage behind... so i am now renting it, but I am qualified for the RAS so maybe another house would be more ideal... was just wondering what peoples thoughts were, before I spoke to receiver.

shroom007

Go to your local Citizens Advice Centre they can help with this sort of stuff

h3no

hi zoe am in the same boat with landlord etc he went away and i dont think he is comin bck either the rent collector dude said the banks want it back....where do i go from here dya know?? myself and my family are caught up in a bitter relationship break down between landlord and his wife so its frustrating to say the least.

zoe88

h3no wrote: »

hi zoe am in the same boat with landlord etc he went away and i dont think he is comin bck either the rent collector dude said the banks want it back....where do i go from here dya know?? myself and my family are caught up in a bitter relationship break down between landlord and his wife so its frustrating to say the least.

Hi, I wish i could help, I am yet to go into city hall and tell them my house is up for sale, I really love this house ill be gutted when it sells, hope it works out for you its annoying when you dont know whether youre comin or goin

h3no

thanks zoe i can empathise with the coming going lark, we will also be devastated when we have to leave we put alot of work into the house and we feel it was a waste of time now :-(