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Hello. I am in a similar position to this man, and the responses really frightened me. My florist shop closed down a few month ago and i still have 3 years left on the lease. I have no money apart from my house and am also a single mother. I have applied for legal aid and believe i will get it, can the courts force me to sell my house ?
That's a good question which I don't know the answer to but would like to. Anyone?If the court orders a judgement mortgage and i eventually sell the house in say 20 years time, is it the original value of the lease that would be charged, or the lease plus inflation and/or interest?
It would be the amount of the judgement plus interest at court rate from the date of the judgment, but the creditor would most likely settle for less if offeredThat's a good question which I don't know the answer to but would like to. Anyone?
Can you not start another business from the premises? Go to one of the cheap importers and start a pound shop, or anything that will bring cash flow.
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