Should I go for repossession?

stretch170

Hi, I moved from Wales to Devon some time ago and as I was unable to sell my house I have rented it out. However, this year things have gone wrong, the tenant has not paid rent since January 2008 and the letting agent has not done anything about it and does not answer the phone. I have travelled up there only to find the office closed. They are still there as I have enlisted the help of another letting agent who has been to see them but they refuse to release my file to the new agent. I have threatened legal action but they still refuse to hand it over!
The new agent says they can't do anything unless they have the file.

But, to complicate things, I intend to divorce the wife this year and she'll want half the equity in the house of which there is none. (She doesn't know that though!) So no financial gain for me or her.
I've kept the mortgage payments going but feel this is dead money and would rather let it be repossessed. But, what are the implications?

The tenants are still in the house so I suppose it would be down to the mortgage company to get them out, is that correct?

What are my options?

The tenants owe me £2615 in unpaid rent which at the moment I can't see I'll get.

Many thanks

tigerfeet2006

Hi and welcome to the board.

Unless you are going bankrupt you may find that you will get a better reply on the house buying and renting board

http://forums.moneysavingexpert.com/forumdisplay.html?f=16

All the best with getting it sorted.

CCCS_Sarah

Hi Stretch,

The ideal situation would be to try and sell the house privately as generally you would get more for it.

If you did want to go down the repossession route I would suggest you call CCCS for appointment so we can look at your best options in detail.

I have also attached a link to the Shelter website that explains about repossessions in detail.

If you would like an appointment please call 0800 138 1111.

Sarah

summermummy

My husband bought a buy to let property a couple of years ago and it now has negative equity by quite a worrying amount. Is it possible that he can let it go? I understand that mortgage companies sometimes chase the owner if they sell the property at a loss. Please let me know what his rights are?

tigerfeet2006

If the house is sold at a loss then he is responsible for the short fall and must arrange to pay it back.

Please seek advice from one of the debt advice agencies in my signature if you are having financial problems.

summermummy

Thanks tiger, is it possible that he could negotiate with the lender. I checked Google and apparently there is a company that can negotiate with the lender on his behalf. Is this correct?

summermummy

I've just checked Google again and the company are called ibas. Is this a reputable company.