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Viki.W
forum expert
United Kingdom
2211 Posts |
 Posted - 28 May 2012 : 17:26:11
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If the mortgage co agree to the sale, then yes, any shortfall is included in your bankruptcy if you haven't signed any new agreement with the mortgage co.
Have you thought about handing the keys back to the mortgage co and getting them to reposses?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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wellerchic
wellerchic
135 Posts |
Posted - 29 May 2012 : 10:19:25
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Hi Vicki
Thank you for your advice.
What happens if I hand the keys back, does it count as a repossession?
I presume I would just move and send the keys registered delivery so a signature is obtained from the building society.
Would I still be liable for council tax on the property untill it is sold by Alliance and Leicester
Gill x
There is light at the end of the tunnel, I can actually see it !!!! |
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wellerchic
wellerchic
135 Posts |
Posted - 29 May 2012 : 10:22:52
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Viki - Sorry about reposession sentence, I have seen what you have written on original post !!
There is light at the end of the tunnel, I can actually see it !!!! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 29 May 2012 : 14:14:36
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Yes, it would be repossessed. You can get a 6 months exemption for your council tax once you leave and the property is vacant, however, if the mortgage co don't reposses in that time, then you will be liable again.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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year 2029
Average Member
590 Posts |
Posted - 30 May 2012 : 15:56:54
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Hi wellerchic,
Just to add, its a surrender of keys agreement that you should be able to get from your mortgage company.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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wellerchic
wellerchic
135 Posts |
Posted - 01 June 2012 : 11:48:42
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Hi
Sorry for all the questions !!
Do I just ask the building society for a Surrender of keys agreement?
Is it that simple?
Gill
There is light at the end of the tunnel, I can actually see it !!!! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 June 2012 : 13:14:03
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No, you just need to send the keys back recorded delivery with a short covering letter saying that you want the property to be repossessed.
The mortgage co will send you a letter, don't sign anything that says you a liable for the shortfall.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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year 2029
Average Member
590 Posts |
Posted - 03 June 2012 : 12:07:39
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When I looked at giving up some of my properties, it was clear that the mortgage company would eventually reposess.
So that there was no undue delay (and more money available in my estate), I asked one of my mortgage companies how I could speed up the process, rather than wait until arrears had built up, and they went through there due process of reposession etc.
They told me if I wanted to do that, I would need a surrender of keys agreement, which basically meant I was agreeing for them to reposess the property straight away.
Maybe its at least worth a phonecall to your lender, or a new trip to CAB for some professional advice?
I hope it all works out.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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debtinfo
forum expert
2826 Posts |
Posted - 03 June 2012 : 13:28:07
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| the difference here Year 2029 is that the surrender is after the bankruptcy. If you hand the keys back before the bankruptcy id doesnot really matter what you sign. BUT if you do it after the bankruptcy order date, most of the forms from the lenders (usualy called a deed of acknowledgement) normally have a sentence in there that states that you agree to be liable for the shortfall, Now if that is signed after the bankruptcy date you are in effect creating a new debt and so would therefore be liable for the shortfall despite the bankruptcy |
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year 2029
Average Member
590 Posts |
Posted - 05 June 2012 : 05:04:35
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My previous post was referring to my own personal experience AFTER dclaring BR.
The OP could take whatever forms they are presented with to the CAB BEFORE signing them to make sure they have not entered into a 'deed of acknowledgement'.
They would also be able to get advice from their OR/Trustee.
I have found mine helpful when I have asked them any questions.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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wellerchic
wellerchic
135 Posts |
Posted - 06 June 2012 : 15:52:28
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Thank you for all your replies, you have all been very helpfull x
There is light at the end of the tunnel, I can actually see it !!!! |
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year 2029
Average Member
590 Posts |
Posted - 06 June 2012 : 15:55:17
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Hi wellerchic,
glad to hear you're 'getting there'.
Let us know how you get on.
Its good to hear peoples personal experiences.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Mortgage payments etc
