Releasing Foreign Property Value

RacineFan

Hi

I've been looking for an answer to our dilemma for some time now but have got a little stuck!

Short history:

Five years ago we bought a villa in the Dominican Republic with the intention of moving there after a couple of years (life changing type of thing, got involved with an orphanage, mid-life crisis, new start, etc etc). We sold our UK house and moved to rented accom whilst we got prepared. Unfortunately, my job ended unexpectedly and we found ourselves a little short on funds to make the move.

Our villa is now valued at £140,000. Fully paid for. We have put it on the market (has been for 6 months), intending to get something smaller and release approx. £65,000.

However, in the meantime, bills are stacking up and our outgoings would be dramatically reduced if we could effectively obtain a mortgage/loan against the property for £65,000 and pay this back upon it's sale.

My question:

Does anyone have any experience or knowledge of how we can release this equity before things get critical? I can't find any UK banks willing to loan against a Dominican property, even though it's 100% paid for and has rental in place.

Any advice or suggestions would truly be appreciated.

Many Thanks
Matt

PS. If it helps, our current household income is around £30K, reduced to next to nothing after bills!

RacineFan

It's a shame no-one's been able to suggess anything as we haven't found a solution either!

It would seem that Bankruptcy is our only option now as it still hasn't sold.

Please can anyone advise as to whether the house in the DR will be taken from us, or is it out of the juristiction of the UK courts?

From what I can find, only property in the EU and USA (and possibly other UK friendly/linked countries e.g. Australia) is likely to be 'claimed'.

Any advice would really be appreciated. We do have an appointment with an advisor but that's nearly a month away and it's obviously very worrying.

Thank You.

RacineFan

Have now moved this question to a more appropriate section of the forum:

http://forums.moneysavingexpert.com/showthread.html?t=1929533&highlight=