Not moving out of a property will cost you & your credit

Brett Alegre-Wood
March 8, 2023

A lot of people stay in a property for a long time, even when they no longer need or want the home. But if you stop paying your mortgage, this will affect your credit. By not moving out of a property you are actually costing yourself money. Find out why staying in one place can cost you more than moving out of a property.

Video Transcription Not About Moving Out of A Property

I also find it interesting because some tenants think that once they've been told given notice to move out if they just stay there. And in fact councils now, which I think it should be illegal, but councils are telling them to stay in the property until the bailiff turns up, what they aren't telling them is the fact that they're going to be charged for the court fees, they're going to be charged for the bailiff fees. And all that is going to add up to somewhere between 1500 pounds to probably 3000 pounds. 

So if you're a tenant, you don't want to move out of a property and the council is telling you to stay put, well then just expect that extra to, you know, 1500 3000 pounds to be added to the bill, which is going to ruin your credit rating for the next six years. I'm sure they're not going to tell you that. So how to think about that before you stay in the property longer than you should be. All right. Your landlord has reasons for wanting you out. It may be that they can't afford it. They've got to sell it, whatever it is. Yeah, they have the legal right to do it right now. So think about that.


Tags

Not Moving out of Property, UK Property Investment, UK Property Investors


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