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Seperation.......dont know what to do for the best with the house?????
I really have a problem, as Im sure thousands of people do at the moment, and dont know what to do.... any advise would be gratefully appreciated....
My partner and I bought a house for £104,500 2 years ago and took out a 100% mortgage.We have an unsecured loan of £5,200 on top of that too.We split up 5 months ago and decided to put the house on the mortgage and live in the house till its sold...that isnt an option anymore as we cannot live with each other the way we are doing....its unbearable!!The house has been on the market for £115000 for 3 months but I think that this is very optimistic indeed! We have had 3 viewings but no interest in making an offer.Houses like ours sell for anything between £99000-£106000.We would need £108,500 to pay off the mortgage and early repayment fee (mortgage fixed until 2011 with northern rock).Estate agents fees are £2100 and solicitors £700.The unsecured loan can be paid over time.
I have the option of moving to a friends and paying her rent aswell as the mortgage on this house which would be a struggle.The way the housing situation is going at the moment our house could be on the market forever and possibly be in negative equity.
The other option it to rent but it is such a hassle being a landlord and do people really want to rent a house that is on the market and could be sold at any minute (I wish!!!!)
Would voluntary repossession be an option if I explained that I can no longer live in the house with my ex but I cannot afford to pay rent and a mortgage.Would I be losing anything seeing as I know that there will not be any profit what so ever on the house...if anything we will be in debt.We pay the mortgage 50/50.
What is the repossession procedure and would I be in any debt after it?
HEEEELLLLPPPPP I dont know what to do for the best
Any advise appreciated
Thankyou
Michelle
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