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Sale of rented house

parrot pie · 2014-10-07 09:11:25

The property I am currently living in has been repossessed by the bank. I just found this out from a relative of the landlord. They were hazy on the details, but said that it's likely the bank will want to sell the house in the coming months. The landlord himself is going to contact me to discuss the situation. We signed…

07-10-2014 9:11am

#1

parrot pie

Registered Users, Registered Users 2 Posts: 1 ✭

Join Date: October 2014

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The property I am currently living in has been repossessed by the bank.

I just found this out from a relative of the landlord. They were hazy on the details, but said that it's likely the bank will want to sell the house in the coming months. The landlord himself is going to contact me to discuss the situation.

We signed up for a fixed twelve month lease which is up a month from now. We were hoping to continue living here once the lease was up, and the relative I was talking to seems to think that we can stay for the foreseeable future until the house is sold. We have had very little dealings with the landlord, but we have a good relationship with them and have had no problems, nor had they any with us.

Two questions:

Our final months rent is due within the next couple of days. Should I pay this? I have always paid rent on time - in fact we've been ideal tenants - but what I'm thinking is - firstly - surely we should now be paying the bank and not the landlord? (I don't know when the repossession happened.) Secondly, I know that the final months rent should never be withheld in lieu of deposit, but in this case where it's clear that the landlord is in financial trouble, I'm concerned we'll end up losing the deposit. I guess what I will do is hold onto it until we get more details at least. The landlord was supposed to contact us before now to discuss all of this, according to the relative I was speaking to. (I don't have their number, I usually deal with the relative.) I don't want to p*ss them off when we've always been on good terms, but then again, does that even matter any more - they won't have any say in whether we can stay in the house or not?

My second concern - what usually happens here? Would the bank usually be happy to continue to rent to the same tenants? (Our current rent is well below market rate, so if they raise it to market rate, this may not be an option anyways.) And then, say if we were interested in buying it from the bank? In ordinary circumstances, I do not believe we would qualify for a mortgage, but would they be willing to compromise in a situation like this? Basically I would be using a gift given to me as the mortgage deposit, and we are both in permanent jobs, but we have no savings history. I know usually the bank would want to see savings, but I'm wondering has anyone ever heard of an exception being made in a case like this? Or even, I don't know, some sort of a rent-to-buy agreement?

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