How does getting my house repossessed work?

CanItGetWorse

My husband and I declared bankruptcy 18 months ago. All went straightforward and at the time we decided to stay in our house. We pay interest only on the mortgage and are about 15-20k in negative equity.

Now we are discharged we are looking for a fresh start. We are struggling to afford the maintenance on the house and it's full of bad memories to be honest.

I'm aware I wont be charged for the shortfall (although Halifax will understandably try to get it from us) but I'm a little unsure of anything else, would anyone be able to help me with some questions?

How long will it take?
Do I have to tell them my new address?
Will there be much in the way of phone calls/letters?
Will I have to go to court?
Will I have to pay council tax on my empty house?
Will my neighbours be made aware it's a repossession?

I would be really grateful if anyone could answer any of the questions.

tiggerbodhi

Hi, will answer from my experience with Santander, not sure if the Halifax will be same or similar, I did a Voluntary Repo which if the Halifax accept (NRAM seem not to for some odd reason!) is quicker, but Don't sign anything if you VR or the Repo.

How long will it take? for VR it took a Month from posting the keys to them to them taking formal possesion for them doing it, ie going via court etc there are people on her ewho it has taken 9-18 months depending on the bank/providor

Do I have to tell them my new address? Makes it easier to finalise the communication, I didn't with Santander though, had a re-direct on my mail and left it at that.

Will there be much in the way of phone calls/letters? for VR not to many, I got very nice straight forward comms from Santander, letter explaining VR and what to do, then acknowledgement of recieving the keys, then formal possession, sale and final statement, if you are justgoing to let it take its course rather than VR assume you will get the "standard" pay up, pay up now, no really pay up, we are going to repo if you don't pay up, last chance or we repo, then repo letters, intersperse this with phone calls from a call centre with little knowledge and two hours training with a script in front of them.

Ways to avoid the above; change your phone number, only ever phone them with your number withheld, if they do phone you refuse to go through security with them as you have no idea who they are.
But do keep in touch with them as you need to let thme know not to bother hounding you for years to come as you are BR

Will I have to go to court? No, not unless you want to contest the repo, with VR it doesnt go near court.

Will I have to pay council tax on my empty house? Some councils do give a discount of waive it, as soon as formal possesion takes place you can stop paying CT and buildings insurance.

Will my neighbours be made aware it's a repossession? it won't be written on big letters on the door, but TBH it is normally fairly obvious if they are that nosey, if you leave anything behind a "chattels" notice has to be affixed so it can be seen from the outside to give you seven days to clear them, also a little team of "repo" goblins will turn up, change the locks, clear and clean the place, turn off the Water/Electric/Gas secure the property ready for sale, nosey neighbours will go on the estate agents website to see how much it is being sold for etc.

CanItGetWorse

Thank you so much for your reply Tigger! I found the whole bankruptcy thing very stressful (who doesn't!?) and need to arm myself with information!