Help needed regarding reposession

pinkshoes

panda4556 said:

Thanks guys for all your advice I have emailed the solicitor & been very truthful & told them I'm in breach of the residential mortgage which was not intentional but circumstantial.ive always believed honesty is the best policy so I'm sure I'll get the best outcome once a big thanks to all those who replied.may God reward you all for your advice.Ameen.

I will update the post with developments as I'm sure I'll be needing your support. Thanks again

It's funny it's ironic how strangers whom I don't even know are more helpful than my own family.

What outcome are you looking for? Are you happy to get rid of the property? It has a decent amount of equity so would give you some money to go and live your life.

I think I would be phoning the agent this morning and getting them to issue an S8 to the tenant IMMEDIATELY. I would then follow this up in writing. 

I would then contact the lender again and see if you can change to an interest only mortgage to reduce the payments. It might even be feasible to change to a BTL mortgage then release some of the equity to pay the outstanding mortgage payments. See what they say. 

Then, also get onto the British embassy wherever you are and speak to them about trying to get you back to the UK. Plenty of jobs going in most areas, and surely you can find a sofa to sleep on somewhere for a week or two?!?! If you're back in the UK it will be easier to deal with the tenant. 

propertyrental

pinkshoes said:

panda4556 said:

Thanks guys for all your advice I have emailed the solicitor & been very truthful & told them I'm in breach of the residential mortgage which was not intentional but circumstantial.ive always believed honesty is the best policy so I'm sure I'll get the best outcome once a big thanks to all those who replied.may God reward you all for your advice.Ameen.

I will update the post with developments as I'm sure I'll be needing your support. Thanks again

It's funny it's ironic how strangers whom I don't even know are more helpful than my own family.

...... I would be phoning the agent this morning and getting them to issue an S8 to the tenant IMMEDIATELY. I would then follow this up in writing. 
Indeed. This.

I would then contact the lender again and see if you can change to an interest only mortgage to reduce the payments. It might even be feasible to change to a BTL mortgage....
And this.

Then, also get onto the British embassy wherever you are and speak to them about trying to get you back to the UK. Plenty of jobs going in most areas, and surely you can find a sofa to sleep on somewhere for a week or two?!?! If you're back in the UK it will be easier to deal with the tenant. 

As above.
Letters are all very fine but you need to speak to the relevant people.....

panda4556

pinkshoes said:

panda4556 said:

Thanks guys for all your advice I have emailed the solicitor & been very truthful & told them I'm in breach of the residential mortgage which was not intentional but circumstantial.ive always believed honesty is the best policy so I'm sure I'll get the best outcome once a big thanks to all those who replied.may God reward you all for your advice.Ameen.

I will update the post with developments as I'm sure I'll be needing your support. Thanks again

It's funny it's ironic how strangers whom I don't even know are more helpful than my own family.

What outcome are you looking for? Are you happy to get rid of the property? It has a decent amount of equity so would give you some money to go and live your life.

I think I would be phoning the agent this morning and getting them to issue an S8 to the tenant IMMEDIATELY. I would then follow this up in writing. 

I would then contact the lender again and see if you can change to an interest only mortgage to reduce the payments. It might even be feasible to change to a BTL mortgage then release some of the equity to pay the outstanding mortgage payments. See what they say. 

Then, also get onto the British embassy wherever you are and speak to them about trying to get you back to the UK. Plenty of jobs going in most areas, and surely you can find a sofa to sleep on somewhere for a week or two?!?! If you're back in the UK it will be easier to deal with the tenant. 

I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity 
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish 
Reading my post you might think this a joke it's no joke I'm very honest 

Skiddaw1

I get the impression that @panda4556 has probably had her head firmly in the sand over the renting/mortgage issue (I'm sure for understandable reasons) and that's why things have escalated so swiftly. Panda, fundamentally if you're going to have any realistic chance of sorting this mess out you need to grab the nettle and take control of the situation. Follow the excellent advice you've been given and hopefully things will pan out well.

Is there anyone who could give you a bit of support? I know you (again understandably) don't get on with your UK family but is there no-one associated with your grandparents you could turn to? Or a friend back in the UK?

panda4556

Skiddaw1 said:

I get the impression that @panda4556 has probably had her head firmly in the sand over the renting/mortgage issue (I'm sure for understandable reasons) and that's why things have escalated so swiftly. Panda, fundamentally if you're going to have any realistic chance of sorting this mess out you need to grab the nettle and take control of the situation. Follow the excellent advice you've been given and hopefully things will pan out well.

Is there anyone who could give you a bit of support? I know you (again understandably) don't get on with your UK family but is there no-one associated with your grandparents you could turn to? Or a friend back in the UK?

My parents are Pakistan origin I've never been accepted in the Asian community because of running away as for my English & mixed race friends they all have their own family's & responsibility I don't want to burden them, I've always been very independent never replied on anyone I've always helped others God willing I think I'll be alright infarct I'll be on a better financial position to help my friends 

panda4556

Thanks guys all your post have helped me very much just writing it all down to you guys has been a relief you have no idea, I'm dying for a chip butty salt first than vinegar 

Skiddaw1

That sounds seriously scrummy @panda4556

But don't dismiss turning to your friends out of hand. I'm sure you don't want to burden them but I'm also sure they know you'd be there for them if they needed you. It works in reverse too you know.

MEM62

panda4556 said:

Hi Thanks for your reply silver car 
I have spoke to the solicitors about this they said the court threshold for repo is 3 months that was in October now I missed November that's 4 months I have no personal funds to make payment I'm abroad & was relying on rent of £1000, £100 to estate agents £650 mortgage & £250 for me to live on 

Did you not allow anything for tax, maintenance and insurance? 

I have read most but not all of this thread.  It sounds like the OP has placed themselves in a very poor position because of naivety.  The positive is that they have a chunk of equity in the property.  The negative is that much of this will be swallowed up in the property being sold at less than its full potential price and the lenders legal/admin fees.  We can only hope that they walk away from it with something worthwhile.     

pinkshoes

panda4556 said:

I think your right use the equity to live my life I'm fed up of working two jobs, minimum wage tax on top than council tax. I've never had a benefit handout handout the illegal immigrants get treated better than British citizens I was born in the UK in the 70s lived all my life in the UK I've seen it all. Collapsing economy higher tax rises food living crisis high energy bills & what will I do with the house look at the bricks & mortar ? You only live once I might as well enjoy the equity 
No reply from the solicitor as of yet I have emailed & told them I would like to hand the bank the keys. No point in stressing over this, money can't buy good health even if one cell in the human body is stressed chain reaction all the body gets stressed which leads to low energy low immune system I think I'll stay put & only come back to the UK on a holiday for shopping walkers crisp, cheese & Warburton bread & a few bottles of Henderson Relish 
Reading my post you might think this a joke it's no joke I'm very honest 

Don't hand the keys over - it doesn't work that way!

The best thing to do is get the agent to issue an S8 IMMEDIATELY. Phone them NOW and back this up with an email to get the ball rolling and tell them to act on your behalf for now. If the tenant has any sense they'll move.

Once the tenant has gone, auction the property. You'll get a much better price with no tenant.

If the bank auction it with a tenant that doesn't pay rent then you'll lose a lot of money!

Once it is sold, enjoy the equity and start living! 

macman

You let the property without any form of written contract? How is that possible if you used a letting agent? Was the agent or tenant deducting the 20% income tax due under the Non-Resident Landlord scheme?
If you have no written contract, then there was still a tenancy created, but it will be verbal only, or based on whatever messages passed between you-not good evidence to use in law, if you have to evict.