Renting help/advice

lynzpower

You do realise that if you hand the keys in, they will sell at auction. YOU WILL BE LIABLE for the difference in the mortgage and what they fetch for it and they can hound you for the next 12 *count them* years. There are plenty of broken hearts accross MSE of those who are hunte down now, 11.5 years ago and are being told they are legally due to pay sometimes in excess for 50k - have you thought about this??

Its Not a question of dropping the keys back there is a massive legal liability on you to pay, and that WILL NOT GO ANYWHERE.

Did you buy at the peak. IfWhat did you pay for the house? have you had it valued by an agent? I suggest getting it to auction yourself or selling convnetionally, after all the more you ge3t for it, the less debt you will have left over. Seriously if it was that easy to walk away from properties we didnt want, the millstones, wed all be doing it.

Ken_Dodds_dads_dogs_dead

Thanks for your input, a few answers.

benjo wrote: »

But assuming I knew....

That you had lived in your own home for 5 years and couldnt get the best possible rental value out of your own property for the area, due to it needing work and it being too much hassle and expense I might worry that you wouldnt look after my place too well.

I was young and naive when I bought the house, the new kitchen and bathroom blinded me to the obvious future repairs that might be needed structurally to the house itself, the house is victorian and now needs a new roof and double glazing at the front of the house, neither of which I can afford (thanks to the debt left to me). The house hasn't been neglected by me, but to make it a sound property to let out would mean spending money I don't have. Assuming the rental property is in sound condition then there is no question of me leaving it exactly as I find it.

benjo wrote: »

That you are prepared to cut your losses, Im reading this as 'walk away' from your mortgage comittment - sorry if I misunderstood you on that, but I might worry that you would cut your losses as a tenant at some point.

It would be highly unlikely me doing so as I wouldn't have anywhere else to go! Besides which, presumably if I have paid rent up front and you have a bond, walking away wouldn't cause you any hassle would it?

benjo wrote: »

That you already have a proven history of non payment, I know they were caused by your Ex Mrs, but they are in your name, on your credit file that will show up when I credit check you and I might be concerned that any future Ex Mrs may make you unrealiable in paying your bills again....

LOL, I'm single for life my friend, it wont be happening again any time this century. Yes, the debt is in my name, I would be open and admit this to save me the (wasted) cost of a credit check and explain the circumstances that led to the debt.

benjo wrote: »

I do wish you luck in sorting out your accomodation and strongly recommend seeking face to face advice before making any decisions.

Thanks, I think I'll phone up about a few flats I've seen and see what happens.

Caz3121

not sure how long ago you were made redundant or what sort of payment you received but after 13 weeks you may get help with the mortgage interest payments.
You should seek advice before handing keys back the building society do not have much of an incentive to get a good price as you do as you will be responsible for the difference.
mortgage £100k, value £100k, they sell £75k and you will be chased for the £25k + all the selling costs.
There will be people out there that will buy property that needs work done on it

Fire_Fox

Ken_Dodds_dads_dogs_dead wrote: »

I'll be handing the house back to the mortgage company so none of the above mentioned problems will really affect me.

What Lynzpower said. It's irrelevant whether you are repossessed through the courts or voluntarily hand the keys back: you are not able to walk away financially unscathed from this house (sorry).