Voluntary repo, complicated one need help!!!!

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?

silvercar

Why not just sell up?

Voluntary repossession would be a big black mark on your credit rating and make it difficult to get a mortgage at a decent rate in the future.

Put it on the market at a reduced price and get rid.

sharpe106

if you give it back to the bank then it will affect you rating whatever and if you have paid a bit already you be giving away a lot of money.

Just sell it for what you can afford to if you really want rid of it

LOZ007

Have had the property on the market for nearly 18 months, have dropped the price by over 25% still nothing.
I can't live there any longer, it really has effected my health and other things too many to list have gone on aswell.
We are thinking of auctionning it but if that doesn't work we have only one option, trust me i have been running it over and over in my brain and can't see anyother options.

LOZ007

it states in the lease that we can not rent out, plus we have pretty much begged for him to let us but he doesn't want to know!

sooz

How many flats are there in the building?
when you say you went to court, do you mean the LVT?
depending on how many flat there are in the building, you can all apply to have him removed as the building manager, or to buy the freehold off him.
look at www.lease-advice.org for more information.

LOZ007

sooz wrote: »

How many flats are there in the building?
when you say you went to court, do you mean the LVT?
depending on how many flat there are in the building, you can all apply to have him removed as the building manager, or to buy the freehold off him.
look at www.lease-advice.org for more information.

Hi i know all about it, but to prove bad managment you need to get what they call a managment surveyor to come round and go through accounts, building and so forth which is very expensive. Plus you can only get this survey done if the building meets certain rules i.e commercial floor space no more then 25%, which we fail on straight away.
This is why we cant do right to manage, buy freehold and so forth, it is a building which contains 4 leashold flats a shop and a basment rented flat.

The rules are really stacked up against leaseholders, we went to small claims the last time and i represented myself but he had a solicitor and a barrister there. He only won a small sum that he was claimming, however the rest of the legal fees he has took from the maintenance fund a big fat £4000.00.

LOZ007

Sooz i want to really thank you for your help, i've been intouch with the leashold advice service and found out that I CAN rent my flat and if the freeholder does try and withhold consent because of our terrible dealings with one another I can sue him for damages.

Wickedkitten

Voluntary repossession isn't going to put you in a better position than if the bank was forced to repossess because they will still be looking for you to make up the shortfall and then some.

RAS

LOZ007 wrote: »

Sooz i want to really thank you for your help, i've been intouch with the leashold advice service and found out that I CAN rent my flat and if the freeholder does try and withhold consent because of our terrible dealings with one another I can sue him for damages.

that's a turn up. glad it will work out.

LOZ007

It really has made my day finding this out, and im so glad there sites like this around.

thanks everyone