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Self Employed – What Happens if You are Injured and Can Not Work (Case Study: Home and Business Mortgage Issues)

This lady had worked hard to build up her own riding school, it wasn’t huge, and by all accounts bloody hard work – but it was her dream come true. That was until a nasty fall from a new horse left her unable to ride or handle horses. This of course meant she had to hire people to keep her business going – something she couldn’t really afford to do, but as she didn’t know how long she would be out of action it was the only possibility. Sadly this also meant selling on a few of her horses to keep the costs down. Things did not improve and soon the debt mounted up – being self employed meant she got very little help from the government.

To cut a long story short her dream home and stables where at risk of being repossessed. Even at this stressful time I recall her being more worried about her horses being homeless than herself! Anyway, thankfully she got in touch and we came to an unusual arrange, but one which suits Miss horsey gal (and her horses) perfectly. Basically the property was split so the house was one part and the stables, barn and fields another.

To keep her bank happy we agreed to buy the whole lot and with the equity she had built up in the property she bought the stables, barn and field back at a pre-agreed price. We also arranged for her to rent back the house on a long term lease. As complicated at this sounds we got it all sorted in 2 weeks, and there was even some cash left over from the sale which went straight to Miss horsey gal which no doubt helped reduce some financial worry and gave her time to concentrate on making a full recovery – which she did by the way!

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