Renting

dodecanese

Hi

For the first month Ive not paid the mort/sec loan- have decided I can no longer manage it, the payments are huge.

The final straw has been water leaking in through the roof (flat, dormer), again in the recent rain. I had an in depth survey done before I bought it and have spent a fair few thousand "sorting" the roof. Apparantly (accordingly to several surveyors/builders) it's a hard problem to solve. But it seems its not solved after all and I cant live with it any longer.

Anyway- the upshot is, it's driven me to the brink of despair in the past and I can't face going back to that. Also, the OR has decided that they dont like my high mort payments- and basically want the property gone. Ive got to the stage Ive had enough, and I want it gone too.

What do I do about things like the elec/gas etc??
Because Im effectively leaving the house and posting back the keys- should I get the utilies companies to change my address?? Because Im still technically liable for the house till the bank repossess it- what happens to the water/gas and elec??
Sorry if I sound really thick- but Im having a real meltdown over the whole repo thing at the moment.
Thanks in advance

Merry_Gentry

Hiya

Transfer the utilities to wherever you rent (if you don't want to switch). Otherwise, when you are moving out, give them a final reading, pay the bills and that's done and dusted.

Council tax - need to let them know you have moved, and be paying that from the new place. The old place will no longer be your responsibility once you have moved, so as long as you tell them it's empty that should be ok.

TV Licence - transfer it to where you are going and make sure you keep it up to date.

Of course, this is just what we did, and so far it seems to have been the right thing.

fiveyearplan

If you are already bankrupt then I don't think you will be responsible for those utilities. If you are then have them all disconnected and write to the council regarding council tax and say the house is empty, once you move of course. You will get 100% rebate for a period of 6 months I think. I thought all the associated expenses with the house would be covered in your BR. I certainly wouldn't give any of them your new address until you know for sure if they are covered.

Richard_S

dodecanese wrote: »

Hi

For the first month Ive not paid the mort/sec loan- have decided I can no longer manage it, the payments are huge.

The final straw has been water leaking in through the roof (flat, dormer), again in the recent rain. I had an in depth survey done before I bought it and have spent a fair few thousand "sorting" the roof. Apparantly (accordingly to several surveyors/builders) it's a hard problem to solve. But it seems its not solved after all and I cant live with it any longer.

Anyway- the upshot is, it's driven me to the brink of despair in the past and I can't face going back to that. Also, the OR has decided that they dont like my high mort payments- and basically want the property gone. Ive got to the stage Ive had enough, and I want it gone too.

What do I do about things like the elec/gas etc?? Just take the electricity and gas readings when you move out, and notify the relevant companies that you're no longer living there. They'll send a final bill, and that's all you need to do.
Because Im effectively leaving the house and posting back the keys- should I get the utilies companies to change my address?? You can leave a forwarding address for them to forward the final bills. Because Im still technically liable for the house till the bank repossess it- what happens to the water/gas and elec?? You're only liable for the consumption of gas and electricity to the point that you leave; there's no standing charges if you're not living there.
Sorry if I sound really thick- but Im having a real meltdown over the whole repo thing at the moment.
Thanks in advance

Hi dodecanese,

With regard to utilities, the only other thing you need to do is notify the council when you move out so that they don't keep sending rates demands.

The most important consideration is not to sign anything from the bank or building society when you hand the keys back. Your bankruptcy will cover any shortfalls when the house is ultimately sold, but there is a nasty little contract that lenders try to get you to sign that makes you liable for shortfalls post bankruptcy; don't sign anything.

Best regards

Richard

dodecanese

Thanks for the replies

Richard- thanks for the advice. I agree, I dont intend signing anything- am just going to send the keys back to the principal lender but there's no way Im signing anything. Think the main lender will be ok- just sec loan- First Plus- that are going to be seriously p****d off, but I suppose it's just "tough".

Thanks for advice also Merry and 5 year- giving up the house is pretty awful, but I think its the best thing. If it was worth it Id fight it tooth and nail- but it's not, so I think letting it go will be the best thing, in the long run.

Had the first call regarding sec loan (1s Plus rang me),
on Friday. They were quite nice really- seemed a bit shocked and hinted other people would call me. I must admit I was a bit a bit scared (tho Im already bankrupt), but have rallied and ready to tell them to s*d off.

Incidently- if anyone is reading this thread and in a similar situation- Ive found it relativly painless to rent while bankrupt (hope Im not tempting fate here)

Ive rung 3 or 4 smaller letting agents who are ok renting without the usual 6 months upfront rent- maybe it's the credit crisis and they're getting less choosy??

Merry_Gentry

dodecanese wrote: »

Ive rung 3 or 4 smaller letting agents who are ok renting without the usual 6 months upfront rent- maybe it's the credit crisis and they're getting less choosy??

Really?? Have you had to provide a guarantor? I only ask because obviously having more of a problem down South and really hoping to get something sorted for me and the girls.

fiveyearplan

I know it will be hard to move out but think of the dry roof and the money you will be saving every month!

dodecanese

Merry_Gentry wrote: »

Really?? Have you had to provide a guarantor? I only ask because obviously having more of a problem down South and really hoping to get something sorted for me and the girls.

I'm in the North of England, I spent last week ringing various letting agents- the larger types- and they all wanted 6 months rent up front/guarantor in full time work. Though I noticed a lot of their properties are empty a long time (and I hope this continues- not that Im bitter )

I've called 3 or 4 smaller/independant letting agents. One wanted 3 months upfront and skirted around my "credit issues"(he said he didnt want to "tar all of you bankrupts with the same brush"- thanks for that you patronising b*****d!!) but would rent with a 3 month deposit- no guarantor.

The other three said they would rent to me with 1 month deposit and a months rent upfront- I was a bit surprised and asked if they wanted a guarantor- all they seemed to care about was if I was in work. Ive been totally upfront about being bankrupt. To be honest I thought they would tell me to s*d off- but theyve been ok. Only one that wanted guarantor said they would accept my mum - she is retired and living on works pension!!

Don't know what it's like in the South- I really hope you find somewhere nice for you and the girls- all the best X

dodecanese

Yes 5 year- honestly a dry roof- it will be brilliant compared to the Hell Ive been through with this house.

Merry_Gentry

Maybe things will calm down down here too..... Fingers crossed for you mate xx