Surrendering property & future rental chances

bankrupt_2018

So to cut a long story short my wife and I spent two years with a debt management company until earlier this year when our monthly budget became negative. They wouldn't deal with us anymore and told us to make token payments to all creditors until things improved. They couldn't advise for or against bankruptcy but I managed to convince my wife (after looking at forums here & ejsewhere) that bankruptcy wasn't evil & represented our best chance of being better off in the future. So we got the money for BR together and filled in the forms online - all straightforward & the insolvency people were mostly understanding. The issue we have now is I've no idea about when or how to surrender our property (virtually negative equity if fees included etc) would like a couple of months in here to save maybe because I've heard renting is tricky with added costs for BRs etc.

1) any ideas about surrendering property and timescale to repossession at all?

2) is renting much more difficult and what extra costs are we likely to incur?

Probably wasn't as short as I imagined but thanks in advance for any help & also thanks for the contributions across this group of forums for helping guide us in the last few months. Any questions of my experience with BR also welcome.

joa1210

we personally, moved first. stopped paying the mortgage and used the money to find a rental property, waited until the house was sold and the shortfall was finalised before we hit the button.
best bet would be private landlord id guess, I'm pretty sure we weren't credit checked as my credit was appalling but they'd already said they would accept a garuntor (sp) if there were any issues (my credit rating was appalling)
i hope you get sorted

debt_doctor

Hi,
I assume that you are living in a mortgaged property that you don't want to keep.

If payments are currently up to date, then if you stop paying, in my view you would have an absolute minimum of a further 5 months in the property, and up to a year with a mainstream lender.

This will potentially allow you to save up for a bond / deposit for a private rental - but you need to think that you are bankrupt and that surplus income needs to be declared. It is much better to do this prior to bankruptcy.

Over the years I have found that if the mortgage is unaffordable, the OR would be ok with you accumulating funds to secure a rental property - but never seen that written anywhere!

DD

System

If you are in negative equity and you want to keep the property the OR won't be interested in taking it off you. You may have to find some money if there are any legal fees for the OR involved in them releasing their interest in the property. This you want to do as it means they can't come after it in the future once you have equity in it.

bankrupt_2018

To clarify we do not wish to keep the property but just need some help around what we're likely to expect now we've stopped mortgage payments. We have a meeting with somebody from the mortgage company in a couple of weeks regarding payment arrangements etc but we've got it covered if we are basically forced out.
Looking further forward our main concern is rental agreements. If anyone has experience of this after BR then please help. We have a guarantor available too. Thanks.