House and BR

markt89

Hi me and the wife are saving for BR and getting a deposit together for rented what we are wondering is when our current home (mortgaged) what happens re BR do we hand the keys back or not and also do we have to wait for it to get repo`d before we can go BR or is the shortfall in the eventual sale included in the BR even if we go BR before the house is sold at auction ect

hope it makes sense

alastairq

Hi...shortfall goes into the BR, regardless of when the property is sold....since the original mortgage pre-dates the BR petition.

Move into your new rented home when best suits you. [but I advise starting lease before BR , and check lease for any anti-BR clauses?}..

The keys can be returned at any time...as re-po takes a bit of time to happen.

tigerfeet2006

Alistare, there is now the added complication that you no longer get the six month exemption on council tax so that will have to be looked into. I'm not sure of all the ins and outs yet as I haven't had a chance to look into it but it may be worth thinking about.

Rylynn

tigerfeet2006 wrote: »

Alistare, there is now the added complication that you no longer get the six month exemption on council tax so that will have to be looked into. I'm not sure of all the ins and outs yet as I haven't had a chance to look into it but it may be worth thinking about.

Hi Tigerfeet, so does that mean if you move out you have to pay council tax on your new rental and also the house you have left, and until it sells come to that? Do you pay less if the house is empty? Just thought I would ask so I know when I see this type of question.

luvchocolate

As I understand it you are still liable for the council tax until it is reppo
and this took my lender 10 months, which does make the decision when to move out harder, as always said move into rented while credit is still ok before br, but this could make a difference.
The adviser from the council tax office will explain later I'm sure x