Handing the Property back

worries

i decided to take this off

Senior_Paper_Monitor

Firstly - your 'other half' needs to realise that if payments fall behind, the house is handed back (or anything other than servicing the mortgage fully) it will impact his credit rating 'big time' and for a long time (as it will yours).

You appear to be on a repayment mortage (reducing balance) and need to discuss with your lender any way to reduce payments - in view of the circumstances - pending a sale, such as interest only (most likley) or a holiday (I suspect this will not be accepted). You may or may not be successful in this - as you appear to be in negative/limited equity and the lenders are always nervouse (although they have a clear responsibility, FSA and government driven, to be reactive to helping to address your problem).

The 'other half' needs to co-operate with this in his own interests - and the lender will tend to be more co-operative if you are acting as 'a team' and facing up to your mutual responsibilities.

You can incidentally obtain your HIP for a bit less than the figure quoted - and you may be able to save money/maximise revenue by utilising the growing numbe of direct sale (no commission) web based estate agencies.

I disagree strongly with the apparent advice from your workplace 'legal advisory service' in tewrms of 'handing the property back' - guaranteed default impact for both of you.