Archive for repossession
Its a 2006 Suzuki Verona and the factory is buying them back but on their conditions. They want me to pay a usage fee but from October to January it was in the shop 11 times for the same problem. I have refused to drive the car since January and it has been parked there since. Its now March and I feel like I am getting the Royal Shaft, if you know what I mean. I need help please if anyone can…
Sell and Rent Back
Help on my NIGHTMARE tenancy agreement?
Posted by: | Comments
Here is a letter I’ve sent to my council but it may take some time for them to reply and I would be gratefull of any help!
April 1st 2009
To whom it may concern,
I was wondering if anyone could help me with some information on whether I have any rights to get out of my 12 month short hold tenancy agreement. I live in a student house with 3 others.Our letting agents are Charles Lawson Lettings and our landlord is Mr. Zulifqar Hussain.
Our term is 12 months and we are just coming up to out 6 month in the house and after a really terrible week we are now desperate to get out. About 3 weeks ago we received a letter to say that our house was being repossessed on the 31st of March as our landlord Mr Z Hussain had not being paying the mortgage. After consulting Charles Lawson’s they admitted that they new about this back in September before they had even let out the property to us. In fact Mr Z Hussain was already being taken to court! So Charles Lawson were continuing to tell us the house was not being repossessed and kept asking us to pay our rent and gave a sob story about Mr Z Hussain being made redundant and having no money. However after an internet search it turns out that Mr Hussain actually owns the Letting agents and from the article attactched has been involved with several failed businesses and has in the past gone into liquidation and then has been starting up new businesses under similar names. On the Friday before the proposed eviction date my father called the bank and solicitor who were in charge of the repossession and they told us that it was still going ahead as the arrears had not been paid. The bank told us also that we should not have been in the property to start with as the mortgage was not buy-to-let. We rushed to Charles Lawson’s who said they would sort this out but to come back in the afternoon (they also used the phrase ‘no comment’ any time we enquired about Mr Hussain owning the agency). My housemates went over to the letting agency to find that they had shut the shop. Finaly on Monday afternoon we got a fax to confirm that the landlord had paid his debt over the weekend.
Could you tell me whether there is any chance that we would be able to get out of this tenancy agreement we dont want to risk any more incidents klike this and the house in really crumby anyway? Thank you very much in advanced.
Best regards
Tilly Turbett
Attached: Oxford Mail Article about Mr Hussain, Emails between the bank and my father dated 27th of March 3 days before the proposed repossession
______________________________________…
From: Hayley Watts [mailto:Hayley_Watts@wragge.com]
Sent: 27 March 2009 11:36
To: ***********
Subject: FW: 9 Glanville Road, Oxford. (W&Co Ref: 1989816)
Dear Sir,
As my colleague advised you on the telephone the eviction is still scheduled to continue on 31.03.09. I understand the rental contract is a 12 month contract but the Mortgage company are not in breach of this and are within their rights to take possession of the property. Also the account is not a buy to let product so the tenants should not be in the property to start with.
Also to confirm the tenants will need to vacate the property before the scheduled eviction. Unfortunately as you are not party to the proceedings we are unable to confirm any account details to you I.e when the proceedings were commenced.
Regards
Hayley
James C Penny staff re-employed after liquidation
12:07pm Friday 27th February 2009
By Maggie Hartford »
OXFORD estate agent James C Penny has gone into liquidation with debts of more than £400,000.
The four staff were made redundant but were then almost immediately re-employed by a new company called James C Penny (Estate Agents) Ltd, according to the report from liquidator Bridge Business Recovery.
The new company is controlled by a former director, who had resigned from the original company on February 1.
Creditors were told the assets were estimated at £1,800, while the company owed £105,429 to HM Revenue and Customs from employees’ PAYE, National Insurance and Corporation Tax, plus £71,634 VAT.
Meanwhile, the National Association of Estate Agents said it was taking action over James C Penny’s claim on the company’s website that he is a member of the association. NAEA chief executive Peter Bolton King said: “We have already sent a letter out. James C Penny, according to our records, has not been a member for some years.”
The company was owned by Israr and Zulfiqar Hussain, of Bartlemas Road, Oxford, and by James C Penny, of Eynsham. According to the liquidator’s report, Istikhar and Israr Hussain held office and were helped in day-to-day management by other family members.
The main creditor is Istikhar Hussain, who is owed £299,875. He is the only director who remains on the register at Companies House. The other directors, Zulfiqar and Israr Hussein, resigned on February 1.
Zulfiqar Hussain, the former company secretary, whose
whose address at Companies House is given as 11 Granville Road, east Oxford, is involved in the two new companies which were set up on January 14.
On January 28, he became a director of Jame C Penny (Lettings) Ltd, and of James C Penny (Estate Agents) Ltd.
Zulfiqar Hussain is also a director of another Oxford estate agent, Charles Lawson and several other dissolved companies with the Charles Lawson name.
Robin Swailes, of North Oxford Property Services, said he had teamed up with residential agent Thomas Merrifield to bid for the James C Penny name from the liquidator, Danny Wright of Bridge Business Recovery.
Mr Swailes said: “If any other estate agents would like to help, they should call the liquidator.”
Asked for a comment, Istikhar Hussain said: “I’m no longer involved after the administration.” No one from James C Penny was available to comment.
David Murray, of law firm Morgan Cole, said the Insolvency Act was specifically designed to avoid the ‘phoenix effect’ where
Sell House Quick
My partner and I want to set up a mail order business for car parts?
Posted by: | Comments
We thought maybe start off as mail order/internet order and then branch out into a shop if it was successful. We are having no luck making ends meet by working for other people! I am fed up seeing my other half slaving away for a minimum wage!
We are on a very low income, have consequently had a lot of problems with money - nearly lost our house to repossession last year and so our credit rating is non existent. Presumably this means we wouldn’t be able to set up our own business as we wouldn’t be able to get credit/loan?
Or would we be able to get a grant from the Welsh Assembly (we live in Wales)?
Any advice on how to get started would be appreciated thanks.
Rent Back Fast
Would you take a friend to small claims court if he/she owes you money?
Posted by: | Comments
while trying to avoid a repossession until I got the money to pay, I switched cars with a friend. We understood each of us would be responsible for the others car. Well, as my luck would have it, she ran my car into a light pole, damaging the front end. Because she was driving my car, my insurance would not cover the damages.
She made arrangements to get my car repaired at a “shade tree” body shop/mechanic and shortly thereafter, she took her car from me leaving me without a vehicle. The quote was unusually cheap and now I see why—the work he did was crap and now will have to be redone. My ex-friend now refuses to pay up and says that she should not have done me a favor in the first place and that I “used her”.
Should I take her to court to recover the money that I will have to spend on getting the repairs done right? Do I even have a case? Am I ultimately responsible for switching cars with her in the first place?
Any advice?
Sell and Rent Back
I have not missed payments. He just said he no longer wanted to do business with me. Is this a legal repossession?
The repairs that were supposed to take place should have been done before the sale of the vehicle. The seller of the car said the car was fixed and ready to go. I took the car thinking it was ready and was never fixed and have been stuck since. The car had a 3 month full warrenty or 3000 miles full warrenty.
Finally when they said they would look at it I was happy then he said i could not have it back and cleaned all my and my childrens items out and said they do not want to do buissness.
I was happy because they were going to fix the problem, not repo the car i have had for three months. I put money down on the car and was making monthly payments of 300.00 dollars and had never missed a payment!
Rent Back
Business Property - A Look At The Advantages And Disadvantages Of Buying
Posted by: | Comments
Nearly every type of business needs a premise from which to operate - In the case of a small business it may be possible to work from home however as most things do eventually grow and expand, it may be necessary to obtain larger working facilities.
The majority of businesses will require their own premises and are generally faced with the option of either renting or buying. The obvious choice for many would be to buy, finance allowing however there are advantages and disadvantages to both sides.
Advantages Of Buying
Retention of ownership - most businesses will need to take out a loan in order to purchase property. In the case of taking out a mortgage, the business is able to raise the capital without resorting to selling a share in the company, either to an interested party or by way of issuing shares. In this case the original owners will have retention of both ownership and control. The mortgage lender will have the right to charge interest on the loan amount outstanding however it will have no interest to a share in the business or its profits. The lender has an interest solely in the property and is only permitted to call in the loan in the event of borrower default.
Taxation - Businesses are permitted to make mortgage interest payments with pre-tax money that is deductible for tax purposes as expenses.
Cost and cash flow management - A commercial mortgage allows a business access to finance that would not usually be available. They can offer a degree of flexibility in designing a repayment scheme to suit the needs of the business, which may include fixing the repayments for a set period of time. Mortgage repayments tend to work out lower than rental payments and the borrower in this case will know what the payments will be in advance - this fixed payment can often aid the business with cash flow and managing costs. Businesses that rent a premise can be exposed to market conditions which could result in payment fluctuations on review.
Security of tenure - Businesses and individuals that rent have very few guarantees beyond the end of the current agreement.
Asset appreciation - This of course is by no means guaranteed however property has long been viewed by many as a very sound investment. The business or individual will have an asset which can potentially grow in value, just like residential property - this could subsequently increase the value of the business.
Financial flexibility - Taking out a loan by way of a mortgage to buy a business premises can free up money held in the business for other purposes. Borrowing money outside of a mortgage could prove to be more costly. It may also be possible to remortgage in order to raise finance in the future by using the available equity.
Retirement - Many people decide to hold property in a pension plan which can offer a tax-efficient way of buying the premises and boosting pension benefits.
Disadvantages Of Buying
Financial difficulty - Like any other mortgage, the mortgage lender will hold a legal charge over the property. Nearly all businesses meet financial difficulties at some stage which could potentially result in mortgage payments being missed. In the event of default the lender may take steps to repossess the property - if this happens then it would leave the business with nowhere to operate from.
Relocation - In the event a business needs to relocate, it is relatively easy to terminate a rental agreement. In the case of an owner occupier, the process is of course far more complex.
Flexibility - A business that rents has a far greater amount of flexibility that a business that is tied to a mortgage. Buying would only make sense if the business is confident over its future which encompasses two main factors - relocation & business expansion.
Drain on Capital - When it comes to getting a deposit, this can mean a huge drain on the business capital as this is usually taken from the profits or reserves.
Maintenance and upkeep - The owner of a property has management responsibilities that a tenant would not usually have - maintenance and upkeep of a property is a constant process and can prove to be very expensive.
Repossession
Property Investor Show
Posted by: | Comments
Nowadays a popular method of buying a property is through auctions, with plenty of info found about them at property investor shows. You see, nearly 21,000 homes are being auctioned every year.
And since 1998, the buying and selling of homes in auction by is increased by 60%. Hence thousands of professional investors and bargain seekers are turning to auction to find a perfect property at a reasonable price.
One reason of buying at auction is that the properties at auctions are often significantly cheaper than in the open market. For example, it is possible to purchase an overseas property at auction at a price 50% lower than other similar properties. However, overseas investments can and do often involve complicated legal procedures. Hence, novices in this field need to be cautious and should do sufficient checks before a deal is finalized.
Other points to consider are;
1) A property investor show offers the best of the property investment world. More than 100 exhibitors cover every aspect of making money from property. They also offer the expertise from UK and overseas, for both the residential and commercial investments. Specialists help you with mortgage and financial advice for local, national and international investments.
2) A property investor show is the best source of information for people who want to earn money from property. It is also a source of inspiration. The show brings together buyers, sellers and professional services that aid you investing in property. This is profitable and straightforward.
3) The property investor show conducts seminars at nominal cost to help you. This makes your journey to the property investment goal easier and more profitable. The show is an opportunity for investors. This show is a treasure trove of information that is useful for investors. And the show can develop an insight that helps you build a successful portfolio.
4) Now is the perfect time to invest, trade up and expand your portfolio. It is the first foot on the property ladder. With advice of industry experts, do your research and see what future hold for you at property investor show.
5) If you are serious about making money through investments in property, then the property investor show NEC Birmingham is a unique opportunity. This show has gained a reputation among serious property investors. This event proposes to feature property and its related services. Nearly 130 exhibitors are supposed to appear for the first time. The exhibitors include chief house builders, estate agents, brokers, developers, lenders, the companies that provide property training, property experts and property owner associations. The show features more than 70 seminars, various debates. These will cover all the facets like how to buy, finance and manage your property.
6) The property investor show is not limited to just industry professionals. First time investors are also welcomed. This show is the perfect destination if you are searching for a property to invest in. The show is priceless resource and allows you to have most of the outstanding opportunities. You can interact with experts and use the information to decide about acquisition.
7) The property investor show also allows you to judge the opportunities in overseas markets like France, Spain and USA. It also includes the opportunities in comparatively new locations like Croatia, Hungary, Cyprus, Montenegro, and Dubai.
In conclusion, you will find that the seminars are not merely sale pitches but are truly informative. Visitors and the attendees usually book seminar tickets online to save time and ticket trouble. And the property investor show seminars are sure for gaining understanding in real property investments.
Sell House Quick
Quick Bridging Loan Helps in Financial Ridge
Posted by: | Comments
Bridging means overpass. In financial terms, it connotes to fill any unexpected monetary gap. It is a real phenomenon, when an individual avail facilities, he may have to pass by many financial hitches. After all, time does not always remain same. If a person is making an important deal, and all of a sudden, he finds that the amount he has is insufficient. He hankers after for financial support but that all goes to not. Since no one likes to provide good amount of money instantly, the person visits some commercial institutions where he comes to know about a quick bridging loan. This loan is secured in nature. For this loan, candidates have to place collateral as of the security of Quick Bridging Loan.
There are many options of pledging the borrowers may have. Following are some of them:
• Residential Properties
• Commercial & Semi-Commercial Properties
• Development Sites
• Auction Properties
• Land with planning permission
• Buy to Let Properties
• Retail Shops
On placing asset, the lenders evaluate cost of the security by comparing through current market analysis. After appraisal, the required sum of the money is sanctioned to the borrowers. However amount sanctioned by the lending authority under the quick bridging loan plan varies person to person and lender to lender. Generally this amount varies from ₤100, 000 to ₤400,000. Borrowers avail the benefits of the quick bridging loan for a period of one month, looking the repaying capacity of the borrowers, the lending authority is generous enough to extend the repayment period up to twelve months.
Quick bridging loan is commonly used for the following reasons:
• When funds are required within days rather than weeks
• Purchasing property where the surveyor recommends a retention
• To help homeowners who have been or are about to be repossessed
• Property refurbishment or conversion
• To stop bankruptcy
• To meet Inheritance Tax Bills
• Purchasing property at auction
• Chain-breaking mortgage
• Everyone can avail this loan including adverse credit score
Passive Income
Home Property Auction
Posted by: | Comments
Prospective buyers can examine auction items before hand which can help sellers to set a minimum price below which they will not sell the property. Nowadays auction is taking place for artwork, antiques, secondhand goods, and farm houses, buildings repossessed by banks or government, and stock and commodity exchanges. There are different types of auction for each category. Jewellery auction are divided into three like 1920 jewellery auction, diamond auction and classic auction. In art there may be modern art auction, renaissance auction and alternative art auction. Likewise even house property auction are divided into commercial auctions, disused home auctions, repossessions, luxury homes auction. The oldest auction was for a bride known as Herodotus, existed in 500 B.C.,
were once in a year females of marriageable age were sold to the highest bidder. But times have changed; auction takes place through e-commerce or internet, which enables individuals to interact directly with each other electronically. Globalization and market growth is likely to further enhance this prominence in the twenty-first century.
Home auction is gaining popularity. Most real estate auction houses operate in the following way. Auction houses make a list of the upcoming live auction on their website. Prospective buyers register online to participate in the auction. Prospective buyers can have a look at the house for inspection on a particular day prior to live auction. Prospective buyers can make an offer on any home prior to the auction date. If the seller accepts, the home is excluded from the live auction. To participate in live auction, prospective buyers must bring earnest money, often a certified check that ranges from $1,000 to $5000. It is advised that buyers take a home loan upto the maximum amount they wish to bid. Buyers who fail to pay the money will lose their earnest money.
Commercial auctions
Certain developers specialize in buying commercial buildings such as pubs and shops. Commercial auctions help developers to attend only those auctions in which they are interested in.
Disused home auctions
Certain prospective buyers like to buy those type of properties which are in great need of repair. Buyers who are thinking of building a dream house may buy an old, disused home of great size in a good area for a very cheap price.
Repossessions
As mortgager is not able to pay mortgage amount due to rise in interest rates over the last couple of years homeowners are struggling to pay their mortgage amount because of which they lose their home. These properties are sold at rock bottom prices at property auctions so that potential buyers could get themselves a real bargain.
Luxury homes auction
Not only repossessed or disused properties are sold at auction. There are prospective buyers who wish to buy house at auction that are very costly. These properties go for an awful lot of money.
According to an association, gross annual revenue from home auction grew nearly 47 percent from 2003 to 2007. Home auctions, are usually web based and live bidding, which takes place when the sellers were not able to find a buyer the traditional way.
Sell and Rent Back
Big Profits in Commercial Real Estate
Posted by: | Comments
Real estate is often known as the safest investment available. Because,real estate investing executed with correct evaluation of the property (and its true value), can result in good earnings. This is one reason how come a few people engage in real estate investing as their regular job. The dialogue of real property are broadly centered toward residential real estate; commercial real estate seems to be not as popular. All the same, commercial real estate also is a good alternative for investing in property.
Commercial real estate includes many various forms of properties. Most folks associate commercial realty with only office buildings, parks or manufacturers/ industrialized units. Even so, that’s not entirely all of commercial real estate. There’s more to commercial real estate. Health care centers, retail structures and storage warehouse are all good examples of commercial real estate. Even residential properties like apartments (or any property that comprises of more than 4 residential dwelling units) are considered commercial real estate. As a matter of fact, such commercial real estate is much sought after.
So, is commercial real estate really profitable? Well, if it were not Lucrative I wouldn’t of have been writing about commercial real estate at all. So, commercial real estate is productive for sure. The only matter with commercial real property is that acknowledging the opportunity is a little difficult as equated to residential real estate. But commercial real property profits can be real huge (in fact, much bigger than you would anticipate by residential real estate of the same proportion). You could take up commercial real estate for either reselling after appreciation or for letting out to, say retailers.
The commercial real estate development is as a matter of fact handled as the 1st sign for emergence of residential real estate. Once you acknowledge of the possibility of significant commercial growth in the area (either due to tax breaks or whatever), you had better begin assessing the potential for appreciation in the prices of commercial real estate and then go for it promptly (equally soon as you find a good deal). And you must really work towards getting a good deal.
If you find that commercial real estate, e.g. land, is available in large chunks which are too costly for you to purchase, you could look at forming a small investor group (with your friends) and purchase it collectively (and split the profits later). In some cases e.g. when a retail boom is expected in a region, you may determine it profitable to purchase a property that you can change into a warehouse for the intent of renting to small businesses.
So commercial real estate exhibits a whole plethora of investing chances, you just need to seize it.
SEIZED REAL ESTATE MARKET IS HOT! EVERY MONTH THOUSANDS OF PROPERTIES BECOME REPOSSESSED BY BANKS, STATE, FEDERAL AND PRIVATE ORGANIZATIONS THROUGH VARIOUS SEIZURE AND BANKRUPTCY LAWS. THOSE PROPERTIES COULD BE PURCHASED THROUGH AUCTIONS AT A FRACTION OF THEIR ACTUAL MARKET VALUE! FIND ONE FOR YOURSELF TODAY OR START BUILDING WEALTH!
Click Here to get more details
Quick Property Sale
