complicated, does anyone know about Voluntary Repossesion!

LOZ007

Hi everyone,

me and my partner seriously want to hand the keys back to our mortgage lender, it's not because we cant afford the payments or anything debt related.
We bought a flat 5 years ago and the freeholder at the time was a lovly local lady, however she sold it to what i can only describe as the devil reincarnated.
The guy has been ripping us all off for four years, we even ended up in court but lost as i had to represent myself, the relationship now is unbeliavable and desperatly want to move.
The problem is the freeholder wont let us rent, making it hard for us to sell and is being the biggest p*@ck u can imagine.
me and our neighbours simply havn't got the money to go to court and get forensic accountants involved and so forth plus this would make the property even more unsellable.
It has now effecting my health and is causing major rows with me and my partner, we want to give it back to the bank but in a way that wouldn't drastically effect our credit rating.
Does anybody know anything about voluntary repossession?

RAS

Loads of people are having properties repossessed but doing it and not affecting your credit rating is not going to happen.

had you tried to post re your situation on the house-selling etc forum here? There are a few mouthy plonkers but there is some really good sound advice and they will almost certainly know someone who can help you gratis even if the forum members cannot help you themselves.

LOZ007

I understand that it will effect our credit rating but i don't want it to effect it to the point that in 5 years I wont be able to get a mortgage.

RAS

You would definitely be better posting on the housing forum as they will know more about this.

LOZ007

Thank you for your help its greatly appreciated, just posted it on the house selling forum.

thanks again

Dinah93

In the UK you can not just send the keys back to the bank. You will default on the mortgage, and any difference between what you owe the bank and what they sell the property for you will still owe the bank. If you are in negitive equity this could mean you end up owing the bank thousands of pounds, and your credit rating will take a large hit if you go the repossession route.

Sorry I don't have the news you wanted.