Advice now rec'd on vol repo and council situation

GettingHopeful

I have been posting quite a bit lately about whether I could or not have my property vol repossessed - it has been empty since February and I have had conflicting advice about this.

The OR has said it is up to me now, as equity has reduced or may even be nil.

BS have said, in view of the various advices I have had they wanted me to get further independent legal advice before I did a voluntary repossession to them.

I have now heard from the charity I emailed and the situation is:

1) Yes I can voluntary repossess as OR has said up to me and I am in secure alternative accommodation

2) Any shortfall will fall with the BR

3) Should I look to rent (unlikely at present) then to try and find a private LL rather than a letting agent due to credit enquiry problems. Some LAs keep lists of possible LL where the credit rating has been affected, they said.

4) I do not need further legal advice or a solicitor to change the deeds

I included the question about council tax as the 6 months unoccupancy is up and the LA are chasing me for the full amount now (with apologies Debt Doctor the email to the charity had already been sent when you kindly responded to my post here when I was panicing after a follow up from the council)

The charity has recommended that I write to the LA informing them that there should be no council tax to pay as it is empty and is held by the trustee in bankruptcy, and to direct them to the ORs office for clarification.

The charity does know that the 6 months are up.

(I'm not sure if I have a trustee in bankruptcy?)

I think I will try this first, and if problems, go with the 50% argument (Thanks DD). In any event I can go for vol repo now so the property could be taken off my hands shortly.

Thanks to you all for help and support and will keep you informed.

tigerfeet2006

Thanks for the update. Lets hope it all goes smoothly now.

craigos74

hi,
new to this forum. I have just gone BR and not had my interview with the OR yet. I have a mortgage and a secured load on a flat thats worth less than i paid for it now so i have stopped payments to them so i can get some rent money together. I just had a call from the secured loan people, a really aggressive guy, who basically said i'm obliged by law to pay them and they will apply to my employer to get the money directly and they would do everything in their power "to get me" which sounded a bit harsh. I'm understandably worried sick now, can they do that? i thought if i didn't pay them they would reposess the place, sell it, get what they can and the rest goes to BR?

LilyBart

GettingHopeful, the "trustee in bankruptcy" is just fancy-speak for the OR.

craigos74, secured loan people will say *anything* to put the wind up you. They cannot apply to your employer and cannot "get you" in any way. Once your mortgage holder has sold or auctioned the property and taken back what you owe them, they get what's left over. If nothing is left over, fine, it's an unsecured loan as soon as it has been repossessed, so they will have to join the queue of other unsecured creditors your OR will be dealing with. Don't let them panic you or intimidate you. We've been through all this and it's horrid, but it will (I hope) eventually stop!
Lily

GettingHopeful

Really sorry to be so late responding, thank you Lily.

I haven't as yet heard from the BS with the forms. Am now being chased by the electricity (it's not being used but there still appears to be charges ) Have done a meter reading and a bill has now come in for £49 which also predates my BR. Electric co said in a telephone conversation that they had put in a charge to the OR of £22, so seems to my simple mind that I should pay them £27 - which I can just about manage.

I haven't yet heard further from the council.

I am concerned that the BS have not put the paperwork for vol repo on the post - hope they haven't changed their minds. I have checked with my previous estate agents who take the view that the property is probably worth a little more than I thought, which means equity still.

Sorry to ramble on - I just want to get rid of it, as it is going to continue to cost me if not.