Given Up

alunonhisown

After fighting Santander (and winning) to stay in this house we applied for a Council House (2 bedrooms) jut in case. It was based on a bidding system according to your needs.
We spoke to a few enemies at the local council and choose some areas and were told we only choose the nicer areas and were virtually impossible to obtain housing in those areas as most of the properties were sold and rarely come available.
We persevered and saw that one did become available, bid for it and won it.
Did a load of sums and decided that as we are on an Interest Only Mortgage we would after all the fighting and been offered this house hand back the house to Santander.
We worked out that we will be roughly £1100 per month better off on mortgage payments and council tax alone.
We will move into the house end of this week and to be honest we cannot wait.
Decorating all done most of furniture in, phones going in tuesday and just looking what is best Sky+ deal to be had, (See other thread)
So, thanks to you all for your support and also your sound advice.
It was appreciated believe me.
But £1100 a month means we can Work to Live and not Live to Work.
Just really need to sort out which is best deals on Utilities now.
Any advice will of course be appreciated.
Diane and Alun thank you from the bottom of our hearts.
It was the Maths that did it for us.
£994 per month Mortgage or £326 a month Rent?
We will hand back the keys to Santander after Easter, just hope they cannot chase us for any shortfall as there is £60k of negative equity in this place.
A MILLION THANKS.:D:D:D:D:D:D:D:D

DevCoder

Did you go with bankruptcy?

Else Santander will chase you for the negative equity.

michael1983l

I don't think it is as easy as just handing your keys back. But they will chase you for the £60k shortfall or whatever it happens to be after auction and all the fees are added for repossesion. I'd expect it to be a lot more than £60k after that. Sorry to rain on your parade.

alunonhisown

I went BR in July 2010. Discharged now.
Surely the debt now secured would become unsecured and would fall into the bankruptcy?
Am I wrong?

michael1983l

You are not currently bankrupt, but in honesty I am not sure. I would have thought that after the house is sold, the shortfall would be classed as a new unsecured debt. Maybe a visit to the CAB would be in order for some difinitive advice?

Mouse1812

Don't worry, as soon as the debt becomes unsecured it falls into your past bankruptcy (so long as you have not signed anything for Santander like a deed of acknowledgment)

100% certain

alunonhisown

Mouse1812 wrote: »

Don't worry, as soon as the debt becomes unsecured it falls into your past bankruptcy (so long as you have not signed anything for Santander like a deed of acknowledgment)

100% certain

That's how I saw it, as it was the reason we decided to go for the council house.

Thanks

PippaGirl_2

The only thing I would say is that social housing rents are now rising 10% every year until they reach 80% of the LHA so will be rising considerably. This is to make them less desirable and reduce the waiting lists. Also most LA's no longer provide secure tenancies, instead they are fixed term and they reassess need and finances after that and can issue notice to leave if they do not deem the need to be sufficient for that property.

Is yours a secure tenancy or for a fixed period alun?

If your mortgage/secured debt was taken pre BR and nothing has been signed/agreed since, the shortfall will fall into the BR.

HappyMJ

The best Sky+ deal is the minimum package £21.50.

You might want some extra channels they'll cost another £5

You might then want some Sports to be added on that'll be another £21

Then you might want the movies as well which will be another £16 a month but only £8 more if you take it with Sports.

You're going to need a phone line with Sky that'll cost £14.50 a month

Unlimited calls may be a good option that'll be £5 a month

You're going to need broadband and the free limit isn't going to cut it so that'll be an extra £7.50 a month

Do you want fibre? Which is 10 times faster that'll be £20 a month.

Multiroom might be an option in a multi person household that'll be £10.25 a month

The HD pack will cost £10.25 a month

Whatever you choose go through Quidco or Topcashback rather than ringing them direct or going through a shoppng centre salesperson. You would then get the commission instead which could be hundreds of pounds.

alunonhisown

PippaGirl wrote: »

Is yours a secure tenancy or for a fixed period alun?

I am on an Assured Shorthold Tenancy which changes to Assured after 12 months.

Does that make sense?

michael1983l

I'm glad this has worked out for you then, I am very envious of your position. Unfortunately I will still need to go through the BR process either that or hide until everything is statute barred.