Negative Equity need to sell home

Sooty1975

Hello, we need to sell our home as we are moving due to work but we are currently in negative equity of around £50,000.
We have asked the bank if we can sell and still await a reply, however, the one thing we will not do is sign a Deed of Acknowledgement (DOA) as the negative equity has been caused by an incorrect valuation by the bank (tried to sue to no avail)

Basically, if a bank requests you to sign a DOA at what stage would they do this? Before they agree to let you market your home or when you receive an offer for a sale?

If they insist on a DOA can I go to Court to get a judge to decide if we can sell without the signing of the DOA?

Any advice from anyone who has been in the position would be appreciated.

foxy-stoat

Your lender will totally agree to the sale, as long as you clear the full balance on the day of exchange/completion.

Have you got £50K sitting in your bank/savings account ready?

glentoran99

You don't necessarily have to clear the negative equity, you may be able to take it with you

foxy-stoat

https://forums.moneysavingexpert.com/discussion/4995954

Highly unlikely that the lender will allow the OP to sell due to the circumstances.

Thrugelmir

Sooty1975 wrote: »

If they insist on a DOA can I go to Court to get a judge to decide if we can sell without the signing of the DOA?

Might as start reducing the mortgage now. Court would cost a considerable sum of money. If you lost the case do you have the money to fund the lenders legal costs?