possible to sell with arrears?

divas76

maybe a dumb question but is it possible to sell home and buy another when you have arrears and negative equity, even part ex or other ways? we have a growing family and a home too small. We pay off part arrears every month but are a long way off clearing them. thanks

dunstonh

You can sell the property but you would be required to pay the arrears and negative equity before the completion.

we have a growing family and a home too small.

If you cannot afford a small home then how do you propose buying a larger one or is your plan to rent instead?

WhiteHorse

You would have to cover the arrears and convince the lender, something which will probably be quite difficult. You can always ask them.

divas76

dunstonh wrote: »

You can sell the property but you would be required to pay the arrears and negative equity before the completion.


If you cannot afford a small home then how do you propose buying a larger one or is your plan to rent instead?

bigger home not a bigger value, we bought brand new 4 years ago but in our town there are bigger older houses alot less money.

thanks for all the advice peeps, looks like we'll just have to make do for now, was worth asking just incase tho

GMS

If you have arrears it may prevent any new mortgage as lenders do not like missed payments.

Having negative equity will mean you will need to make up any shortfall before the current lender will release their charge to allow the sale to complete.

When and how did the arrears happen?

divas76

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When and how did the arrears happen?[/QUOTE]

OH lost job and I was on maternity we were on fixed rate mortgage at time, very high cost. we are now and have been working for over a year, not missed any payments in this time and our mortgage is half what it was. also have a arrears repayment plan with them.

too much money for us to pay off and regardless of the arrears its sounds unlikely to sell with neg equity anyway!! wouldnt hindsight be an amazing thing!!