Voluntary Repo

B4ndit74

Hi all, me and the wife went bump in April, moved out of the house and rented somewhere, wrote to NR informing them that we had been declared BR and wanted to have the house voluntary repossed, got the forms through today to sign, but upon reading it, it states we will be liable for any shortfall, obviously we dont wanna sign for that, just wondered where we go from here with this really, do I need to see a solicitor, or just not send the papers back and continue not to pay the mortgage and let it be repod in its own time.

Any help with this would be great.

Thanks in advance

Andy

Sunnylooloo

Hi Andy

sorry not 100% sure myself but I think most of the advice here is DON'T SIGN ANYTHING regarding the shortfall, I'll give you a little bump up and someone will be able to claify that for you.

Also (I'm sure you probably are aware) that council tax and buildings insurance needs to be kept up to date until the lender officially takes back the property (with council tax you will get I think 6 months exemption)

Good luck

B4ndit74

Thanks for that sunnylooloo

MicheH

Hold on a min.. i've delt with NR just got to sort the kids and i'll come help you

MicheH

Righteo.. Northern Rock are slippery customers so be aware of that. They have lied to me regarding THAT form.

You obviously want to vol rep without sighning the form (NEVER SIGN IT) and you can... but they'll have you believing that THAT form is absolutely neccessary to get the ball rolling.

I'm proof that if you hold out, stand your ground that you will absolutely not sign that form they will allow you to vol rep with a one sentance letter saying 'we wish to voluntary surrender the above property' and when you moved out.

It can be done but they'll fib whatever ways to coax you into signing that deed of acknowledgement.

B4ndit74

Thanks for that micheh, should I write another letter to them with words to the effect of wot u have just said, they told me that signitures would be required to get the ball rolling. Off to work now so I wont beable to replytill tomoz.

Thanks.

MicheH

I would write saying thank you for the voluntary surrender paperwork but you've had legal advice (that's me.. lol I got legal aid and spoke to a solicitor) and you would not be willing to sign that form. say you will however formally give you notice that the house is empty from ***** date and would wish to vol surrender as of now *****

They were going over and over how they needed my signature. They insisted that I should at least prove my signature with copies of my driving licence. Many people advised against things for fear of doctoring the signature onto the legal document but they have my signature anyway on my mortgage agreement. I signed the date through the end of my sig just to be safe.

Who knows but they can try it with me. I know a couple of guys that might just want to help me take their paperwork further. I got a letter saying they MAY be in touch when the house is sold for the shortfall.. its still on market so dont know but has lost 10K already. They'll try it i'm sure.

milothewestie

i just crossed out part about being liable for shortfall,then photo copied it so they cant falsify it in any way,and so you have a copy yourselves and sent it back to them,have not heard anything so think its all going ahead,good luck anyway hope it works out for you

fermi

Personally, I think it is better to write something of your own wording. Similar to the vol repo forms, but without anything that admits liability for the shortfall.

That way there is no way it can be misconstrued.

If Northern Rock won't accept that, then that is their own stupid fault and they will be shooting themselves in the foot.

In the end you offer vol repo on your own terms, and if NR are daft enough to want to do it via the court, then that is up to them. No problem for you.

B4ndit74

Gonna write another letter to them over the wk end, dont think ill be signing it though, thanks for the advice, ill re post when I hear back from them.

b4ndit74

curly04

About the council tax
I think if you are BR and the house is empty you dont have to pay

I dont know what its called but its something to do with Cause / working Q Class????

God knows what i'm on about but Im sure you dont have to pay after the 6 months