Landlord With 3 Properties: £284,000 In Negative Equity
Case Resolved – Landlord With 3 Properties Totalling 284,000 pounds In Negative Equity
The Problem: Three Buy-To-Let Properties In Negative Equity
This client, who wished to remain anonymous, had numerous buy-to-let properties in various locations and approached Landlord Debt Advisory regarding three of the buy-to-let properties he had bought at the height of the market in 2007 at the cost of almost £560,000. When he came to us, the properties had fallen drastically and were only worth £276,000, leaving him with a rather substantial negative equity value of £284,000. Even though all three properties had long-term tenants, he was still losing money every month.
The client approached the Landlord Debt Advisory team asking if we could help. We successfully negotiated the sale of all three properties. Landlord Debt Advisory also contacted the lender, and we successfully negotiated an exceptional deal whereby our client paid a settlement of £28,000 to the lender, achieving a total debt write-off for the sum of £254,000.
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