Voluntary Repo letter

the_brown_stuff

Hi
We are giving up our property after much fighting over the last 2 years & moving into a rented house pre bankruptcy
I need to write a letter to the mortgage company informing them of our intentions to hand the keys back , I was just wondering if anyone had been through this and if there are any does & donts with the wording of the letter I.E
Dear sir
Can't afford to live here anymore so have decided to leave the keys in the door , help yourselves !!

Maybe a bit blunt ?

Thanks in advance:money:

IF

Hi TBS, haven't been through this myself so until anyone can advise further a thread for you to read and some info:-


Voluntary repossession forms and bankruptcy - click here

BB&B wrote: »

When you leave a property that is going back to repossession, it is up to you to have the utilities CLOSED* down, that is they should physically come out and shut them off.

If you don't do this then, you can be liable for any and all costs until the property is sold.

Just moving out and telling the utilities that you have handed it back to a mortgage company doesn't count until, as they say, there is either a court order or letter from the mortgage comapny accepting liability.

The same applies with Council Tax, which you remain liable for, but you can get an exemption on, unfortunately utilities don't normally give the same exemptions.

*Closed down means:

Electric - The Electric Company comes out and removes the master fuse.
Gas - The Gas company comes out and caps the supply.
Water - The water company normally agree a cut off, they really actually cut the water off

Any mortgage shortfall after repossession would be included in the bankruptcy regardless of when he handed it back as long as he does not sign anything accepting liability, read this link

http://www.insolvency.gov.uk/faq/faq.htm#16


Best wishes
If...x

NeverAgain_2

Repossession is up to the lender, not the borrower.

In that respect, it doesn't matter what you put in a letter, or if you write one at all.

I can understand the desire to leave things tidy.

A short note along the lines of "I'm no longer living there" is sufficient.

the_brown_stuff

Hi guys
We have now moved out of our house and moved into rented , we are already much happier and I am now moving on with my application for insolvency ,
I am currently sat here writing a letter to the mortgage company giving up our property for voluntary repossession and was just wondering if this is ok ?

Dear sir
Due to my current financial situation I voluntarily surrender possession of

---

(our address) with immediate effect.
Please find enclosed the keys.

Yours faithfully

The brown stuff !

Is this ok ?
Should I put a forwarding address or let them find me ?

Any replies are greatly appreciated , thanks

debt_doctor

Looks ok to me, to be honest it doesn't matter what you put so long as it is clear that you dont want the property.You might want to say that you will not contest any possession action. Just make sure that you don't sign any debt acknowledgement letter.
I wouldn't pass your new address to anyone you owe money to until you are BR.

DD

the_brown_stuff

Evening all , happy new year

With regards to my previous post about a voluntary repo letter we have this weekend received a letter from the mortgage company basically saying that they will not accept our recorded letter or the keys unless we complete a 'SURRENDER OF KEYS AGREEMENT' ?
We have a large form to fill out with our names , new address and various other personal questions , I am just wondering if this is something that I am ok to do as I seem to remember there being some kind of letter that 'I must not sign?'
Any advice would be great .
Thanks in advance
TBS
The brown

tigerfeet2006

I wouldn't if it was me. I would send it back with a covering letter saying that you will not sign their paperwork but do still wish them to repo. and keep saying that until they either accept it or take it to court for an official repo. It is their time and money they are wasting.

fermi

Although, as this is pre BR, in theory it doesn't matter what you sign.

tigerfeet2006

True, true. I just don't trust some people

Ineedaname

Check the Royal Mail website to see if someone signed for your Recorded Delivery letter, if so, then they have accepted your letter and the keys into their possession, lol.

indebtinsussex

We handed in our keys and wrote a letter along the line of please find enclosed the keys, we're giving you the property, best of luck with it. and they sent a letter back saying they cant accept it until we sign their official letter. I was told on here not to sign anything as its basically an agreement to you paying any shortfall from the selling (there were rumours of some mortgage companies doing slightly illegal things with the letters, couldnt tell you how true that is, but tbh wouldnt surprise me), anyway we didnt sign it, and they still reposessed the property, so didnt need the letter signed!

So my advice is be on the safe side and dont sign it, hope that helps!