Letter from BS regarding voluntary surrender of keys

Mollie_Guinness15

I surrendered my keys in Dec 2014 but Chelsea BS Say they won't accept volyntary repossession without me signing a form whereby I accept liability for shortfall. I told them there was no way this was going to happen and they sent me this letter:
"I can confirm that where a loss is incurred following the sale of the mortgaged property, this will be registered with the official receiver by way of a proof of debt form. The customer is never pursued for the outstanding balance independently during or after the conclusion of the insolvency."
I'm still not signing their form but wary of this letter too. If they had my signed acceptance of shortfall liability surely they would act on it.

Marktheshark

Is it in negative equity ?

fermi

They may or may not, but you just keep yourself covered either way by not signing ANYTHING that says you are liable.

Mollie_Guinness15

Thought so, thank you for confirming.

Mollie_Guinness15

Yes, it's in negative equity.

Xbigman

Whether or not there is negative equity is often a moot point. The property will be repossessed and sold for well below market value. Then the mortgage holder will add on a frightening array of charges and costs.
When my house was repossessed in 1991 it was worth 45k. After it was sold it never cleared the first mortgage of 29k.

Don't sign anything.

Darren

Mollie_Guinness15

Thanks for the advice I have not and will not be signing anything.