Head Out the Sand, and Looking to a New Start

dmmsta

Have found a couple of sample VolRepo letters on the site, and have written one (based on thoses).

Dear Sir/Madam

Due to my current financial situation I request that you acknowledge this letter as written confirmation of my intention to surrender my property back to you as the lender via Voluntary Repossession.

I voluntarily surrender possession of the above mentioned property to Nationwide and agree to the sale of the property as you see fit.

We understand that the proceeds of the sale will be applied to the account to pay off in whole or in part the balance outstanding. Any surplus funds should be passed to the owner of the second charge against the property.

I note that Nationwide are at liberty to remove and/or sell any items of a personal or household nature remaining in the property after the date of our giving possession.

I confirm that the property will be vacant from today's date, XXXXXX.

For your information, all correspondence can be sent to the above address, and will be forwarded to myself via Royal Mail Postal Redirection


[FONT=&quot]Yours faithfully,[/FONT]

Anyone have any comments on this - good / bad

Very aware of being a total newbie to this sort of thing, and want to make sure I don't put a noose around my neck.

Do I need to worry about forms they send me (regarding shortfalls), as I intend to go BR once this is in motion?

Also, should I advise BR to them in the above letter, or wait till they accept VRepo??

Teen_the_Drama_Queen

We went down the vol repo route - after speaking to the mortgage company they said go into branch in town and hand over keys - thats what I did, along with a letter.

Once backrupt we rang mortgage co and they said we were still liable for buildings ins cover - we hadn't paid this since Jan - mortgage payment and ins were all rolled into one payment. They said we were still liable until it was sold. I rang the OR and they said don't worry about it - (bloke in the office there seems very laid back).

Told mortgage company again in another call that we were BR and that house was empty (we are settled in rented house now) and clean and tidy (well, maybe not the oven - I was gonna pay and get 'a man' in to do it properly, but once house sale fell through - I thought I'm not gonna throw away good money after bad! ). They said in that case they can treat it as abandoned. Less than one week later, back and front gates have been padlocked and two for sale boards are up!

Regarding utilties, I notified all concerned - the water peeps wanted sight of Council Tax notification that property was empty (and therefore not eligible for council tax) - which wasn't a problem.

The only prob I had was with Pipex the phone bods, notified them early Feb that property was empty and wanted to cancel account. I paid over 30 squids for the final bill. This month a bill has been forwarded from old property - another month's line rental £10! Bog off, Pipex, I stuck env. back together and marked it gone away and returned to sender :rotfl:

dmmsta

Thanks for that!

Wasn't sure if I should get in touch with lender prior to sending them a letter.

Guess they know that some people will do it, so isn't a huge problem.

Cheers.

dmmsta

Would it be better to hand my house back to Mortgage company prior to BR, or go BR with the house still in my name.

I know that any Mortgage shortfalls can be included into the BR, which is why I ask...

Is one route better than the other??