Reposess or Voluntary hand back? Consequences?

santosc

Hi
Its my first time posting so i apologise if i am posting in the wrong forum.

I am in a hell of a situation. Had a joint flat and a house with ex. Flat is in equity about 15k hopefully and the house is in Negative equity about 30k.

Flat is rented and i have had to rent out the spare rooms on the house to help me with bills. Even so with the monies i collect im still paying through the roof. I pay £400 'rent' on my room towards the mortgages/bills but because rooms are hired inc bills, its all too bhigh to maintain also tenants leaving so shortfall of moneya nd fees for estate agents etc, it turns out on top of my rent i have paid out over 1.5k in the last 4 months (inc to cover his aprt of a joint unsecured loan)! He is giving me NO monies at all and keeps harrasing me thinking there is money in it despite me writing to him detailing all the incoming and outgoings ind etail. Now he has started contacting mortgages/tenants etc cancelling debits and doing all sorts of things and complicating matters further. He is trying to get involved (we are not on speaking terms) anyway it gets more complicated than that but the question is......

because the money from sellignt he flat would not cover the negative equity on the house: there would be a mortgage shortfall: because i dont think hed pay it etc i know they would chase us.... so firstly ive advised the back im starting to struggle but am still currently paying on time advised rooms rented etc.
Theya re ok with this and seeing what happens.
Is it best to if i decide: Voluntarily hand the keys back?
Or stop paying and start the repossession process?
Consequences?

also does anyone know if they write off the debt after a certain time and how long you remain in bad credit for?

Im going mad here, getting into depression, solicitord charge through the roof and Citizens advice im having to wait a month for appointment!!

Mrs_Bumble

If you hand back the keys it is the same principle as repossession, all that is avoided is the court costs.

So the consequences are the same if you have a property repossessed you will never obtain a mortgage.

They will pursue both parties for the shortfall and they are unlikely to right off any outstanding debt in the short term.

I don't really understand what is going on though.

Are you named on a mortgage for the house and the flat with your ex partner?

Who are your lenders

mortgage balances outstanding compared with value.

What is your ex contributing if anything?

What is he hoping to achieve?

DVardysShadow

Now he has started contacting mortgages/tenants etc cancelling debits and doing all sorts of things and complicating matters further

Get yourself a separate bank account and get yourself off any joint accounts. Not the answer to your problem,but do take care to prevent this getting worse