handed keys back

Lou67

For sale within 5 days of you sending the keys back to them?! :eek: Are you absolutely sure? That sounds awfully fast.

Re; your original query: I would have thought that if you are still the owner of the property, and there has been no official repossession, that you would still be liable for council tax. I also don't know how they can sell the property if no repossession has taken place.

It's very confusing as I don't know the full circumstances. IMO, you should really have gone for voluntary repossession.

I am not sure if you are have gone bankrupt or not, as your post here doesn't say, but you do realise don't you, that if you HAVEN'T gone bankrupt and you are just giving up your property, that if there is a shortfall when they do eventually sell the property, that they can - and most likely will - chase you for the money through the courts. You're mistaken if you think that you abandoning your property and just giving the mortgage lender the keys back, is the end of your troubles. You will have to make up any shortfall.

pollyjen

Lou67 wrote: »

For sale within 5 days of you sending the keys back to them?! :eek: Are you absolutely sure? That sounds awfully fast.

Re; your original query: I would have thought that if you are still the owner of the property, and there has been no official repossession, that you would still be liable for council tax. I also don't know how they can sell the property if no repossession has taken place.

It's very confusing as I don't know the full circumstances. IMO, you should really have gone for voluntary repossession.

I am not sure if you are have gone bankrupt or not, as your post here doesn't say, but you do realise don't you, that if you HAVEN'T gone bankrupt and you are just giving up your property, that if there is a shortfall when they do eventually sell the property, that they can - and most likely will - chase you for the money through the courts. You're mistaken if you think that you abandoning your property and just giving the mortgage lender the keys back, is the end of your troubles. You will have to make up any shortfall.

this is exactly how things have happened -

i cancelled mortgage payment that was due 1st january 2013,
moved into rented place 24th march,
posted keys back 1st may recorded delivery,
locks changed 13th may,
house up for sale today 24th may.

i even called at the property today and the back gate and outhouse door have been padlocked!

there will definately be a shortfall, my partner works full time, im no longer working and the property is in my name only so no doubt i will have to go down the bankruptcy route!

i know this isnt the end, far from it! this is just the start!

jenny54321

im really sorry things have gone so far but i know myslef that a property can often be a burden rather than a posession especially with a mortgage -
Even though you have handed the keys in they have probably changed the locks as a precaution -
I dont think that your liable for council tax as its a repo and its empty - for 3 months you dont have to pay i THINIK reposessed properties come under the catagory of exemption - i think form the way it sound like you have gone through voluntary reposession - thats why its happening so fast - the bank dont want the property - they want the money and they will get the best price they can for it - you may get lucky as often there are a few fellas after the same property so the price will go up a bit - weather its at auction or no -
then you will get whatever is left minus the costs and the original morgage ect

Beetlemama

Repossessed properties are exempt but this property doesn't sound like it was repossessed, if it came to me at work, I'd have to leave the "owner" liable until they could send me the official repo doc.