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xxlizzy89xx

Landlord gone bankrupt

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Hi, apologies if this is the wrong place to start, I'm trying to get some info for a friend.

 

He's been renting his flat since march and after the initial 6 month tenancy agreement, he's now on a rolling one month contract.

 

Last month he received a letter stating his landlord had gone bankrupt along with a list of business's they owned.

 

His rent was due to go out the next day but was returned to his bank.

 

He rang the estate agents and they sad that they were unable to take the payment as the landlords accounts were frozen but to keep the rent to oneside and to wait until the insolvency company write to him.

 

By now he should have now made two rent payments but has not heard anything.

 

Does anybody know what the usual process is here, when he's likely to have to pay the unpaid rent, and if he's likely to be able to stay in the flat?

 

Any advice would be great thank you in advance

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Hello there.

 

I don't know the specific answer to your question, but hopefully someone will be along who knows. If it were me, I wouldn't spend the money.

 

My best, HB


Illegitimi non carborundum

 

 

 

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Thanks for the reply, he's keeping the money to oneside but is unsure whether to look elsewhere and what happens with his deposit etc.

 

Fingers crossed it won't be a long drawn out process!

 

Thanks again

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He will have to wait until the official receiver has conducted the initial assessment. Is there a mortgage lender? (letters etc)

 

Ultimately it will be the overall position of the asset in relation to the creditors that will determine the viability of any tenancy but the likelihood is that the creditors will want it sold to allow funds to be made available. This could take a while to getting this stage though.

 

The property can be sold with the benefit of the current tenancy, and a new owner may wish to continue if sold as an investment. Some obligations under the tenancy will continue until terminated either by the tenant or by the entity with whom the landlords interest rests.

 

I think a judge will want his tenancy honouring in so much as he be given the correct notice (2 months ) before granting a possession order, but it would depend upon the grounds that possession was applied for, but the notice of any application would then also present the interested party with whom he can enter into talks going forward.

 

 

Few legal points:

 

 

48 Notification by landlord of address for service of notices.

 

(1)A landlord of premises to which this Part applies shall by notice furnish the tenant with an address in England and Wales at which notices (including notices in proceedings) may be served on him by the tenant.

 

(2)Where a landlord of any such premises fails to comply with subsection (1), any rent or service charge otherwise due from the tenant to the landlord shall (subject to subsection (3)) be treated for all purposes as not being due from the tenant to the landlord at any time before the landlord does comply with that subsection.

 

(3)Any such rent or service charge shall not be so treated in relation to any time when, by virtue of an order of any court, there is in force an appointment of a receiver or manager whose functions include the receiving of rent or (as the case may be) service charges from the tenant.

 

L & T 85 - inform tenant of assignment of landlord’s interest.

 

(1)If the interest of the landlord under a tenancy of premises which consist of or include a dwelling is assigned, the new landlord shall give notice in writing of the assignment, and of his name and address, to the tenant not later than the next day on which rent is payable under the tenancy or, if that is within two months of the assignment, the end of that period of two months.

 

 

 

 

 

 

I'd advise living as normal until somebody makes contact.

 

B

Edited by B-B

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Thanks so much for the info, I will past it all on and check for updates etc

 

Thanks again for taking your time to reply

 

Liz

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