Major property problems- what are the options?

george2000

Hello, I am pretty new to this forum, but as it is all quite anonymous, I feel I can kind of spill my friends problems out here in the hope that someone has some advice they can offer.

Basically she bought a property (1 bed flat) for around £75k 4 years ago. At this time she already had a bit of debt, which gradually got worse. She has since done a debt repayment scheme which is about to be completely repaid, so her credit record is not good as it is.

Her main issue is that her property is riddled with problems (rising damp, cracks in walls, ground floor, bad area) and she is very unhappy there. She cannot afford to repair it and the whole situation is making her ill with stress and worry. What are her options? As her credit report is already awful, would giving up be an option? What are the implications to just 'giving up' your proerty and can it actually be done?

I hope the information I have given above is enough? ANY advice would be appreciated.

Thanks

JQ.

If the property is worth more than her outstanding mortgage, sell the property and move into rented - no worries about maintenance then.

Thrugelmir

george2000 wrote: »

What are the implications to just 'giving up' your proerty and can it actually be done?

Downside is that it will destroy your friends credit rating.

Having battled through a debt repayment plan. Then the next stage should be to tackle the repairs on the property in stages too.

While the property may not be in an ideal location. Once inside its still home.

smudge33

has she tried the Citizens Advice? That and the friendly folk on here will help. Stress is so bad for our health, I sincerely hope she finds a way to resolve it soon - perhaps renting would be easier until she gets back on her feet and 'things' settle? You're a good friend so she's got something priceless on her side anyway