Voluntary repossession OK to sign forms pre BR ?

BTF

Hi,

I posted on this board late last year and received some really useful advice.

Basically my situation is now that we have (finally) found rented accommodation and moved in last weekend. My old house on which I am in arrears and which has massive negative equity we are intending to hand back to the lender(s).

From what I have read on here I should be ok to sign forms accepting liability for the shortfall and still be able to include that debt in my impending BR. Is that right ? I need the property off my hands asap as Class C exemptions from my council end on 1st of April 2013 and I can't afford 2 lots of CT.

Also is it just my primary lender I need to hand the keys back too or do I need agreement from both them and my secured loan lender (Barclays/First plus)

Any advice appreciated

fermi

Yes, it should be OK to sign if you are doing it before you go BR. Please take independent advice though.

As far as I am aware it is only the first charge mortgage lender that you have to deal with and return the keys to.

Find_The_Real

As Fermi says I would be inclined to get advice, maybe it is an idea to give Shelter or someone like that a ring as it can be a bit of a grey area about who is responsible for council tax/insurance etc before the house is either repossessed or sold regardless of whether you have handed back the keys to the mortgage holder. Especially where it seems some lenders are in no hurry to either sell or repossess.