Landlords at risk of repossession

Landlords at risk of repossession

A property management agency has warned that it is landlords rather than owner occupiers who are at risk of repossession.

Sarah Rushbrook, Founding Director of Rushcroft & Rathbone warns that many Landlords have underestimated their true costs and have run into trouble with keeping up with repayments.

The warning comes despite the latest report by the Council of Mortgage Lenders that states the number of repossessions in the second quarter of 2012 fell, and April through to June saw the lowest figures since the last quarter of 2010.

Ms Rushbrook had suggested that awareness needs to be raised amongst landlords, of the obligations they must fulfil.

She commented: "During our 25 years of business, we have only experienced and dealt with very few repossession cases.

“In the first half of 2012 however, our total figure doubled. Looking at the statistics on paper it would appear to contradict the recent findings from the CML that actually repossessions have finally declined as we were seeing the opposite happening.”

When the firm came to look into the cases they were seeing it became obvious that it was landlords who were the ones affected.

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