Voluntary repossession :(

CS2017

Hello 
Back in April 2023 I came to the hard decision to do a voluntary repossession of my property of 17 years , I had ended up on an interest only mortgage for many years and with the interest rate increasing month on month it had sky rocketed out of my means. I fully explained my reasoning to Mortgages PLC which they accepted straight away with no offer of any real assistance or resolve.
So long story short the house has sold, huge relief and burden lifted I had been keeping a close eye on the property on their website, I could see there was a notice of offer for £137'00 I enquired with the estate agency today as the listing had been removed,  they advised the property had sold and would be complete today. Yesterday I had a statement from the mortgage company with a balance of £126'652 ........... I understand there will be estate agents fees and legal fees but what are the chances of receiving anything left in the pot ?  I also know no maintenance has been carried out at the property at all. 

la531983

What did you owe on it?

ACG

If there is anything left over you will get it. 

I know this is hindsight so probably more for anyone else reading this in a similar position but you would have been better putting the property up for sale yourself or putting it in an auction. 

The £126k will have 5 months worth or mortgage payments and interest added, they no doubt have added late fees etc, legal fees etc etc. You now also have to declare the repossession on future applications. If you had just paid whatever you could afford whilst selling or put it in auction for a quick sale you would have been much better off (sorry its not meant to sound like I am kicking you whilst you are down, I am sure you probably dont care the moment and are just glad for it to be behind you). 

But yes, you are legally entitled to anything over and above the amount that was owed as you still owned the property. 

CS2017

la531983 said:

What did you owe on it?

As of yesterday £126'652 

MWT

CS2017 said:

la531983 said:

What did you owe on it?

As of yesterday £126'652 

Once you've deducted the last 5 months of mortgage interest, legal fees, estate agent etc. I suspect there will be nothing left, just ending up without any remaining debt after the sale will be a bonus.

I assume you did stop paying the mortgage back in April?

ACG

MWT said:

CS2017 said:

la531983 said:

What did you owe on it?

As of yesterday £126'652 

Once you've deducted the last 5 months of mortgage interest, legal fees, estate agent etc. I suspect there will be nothing left, just ending up without any remaining debt after the sale will be a bonus.

I assume you did stop paying the mortgage back in April?

Assuming the mortgage statement is dated recently, that should be included in the statement or at least the bulk of them. 

MWT

ACG said:

MWT said:

CS2017 said:

la531983 said:

What did you owe on it?

As of yesterday £126'652 

Once you've deducted the last 5 months of mortgage interest, legal fees, estate agent etc. I suspect there will be nothing left, just ending up without any remaining debt after the sale will be a bonus.

I assume you did stop paying the mortgage back in April?

Assuming the mortgage statement is dated recently, that should be included in the statement or at least the bulk of them. 

It will be great if everything is in there, but if the sale only completed today I suspect there is still more to go...

Probably going to have to chase them to get a final accounting from them.

ACG

MWT said:

ACG said:

MWT said:

CS2017 said:

la531983 said:

What did you owe on it?

As of yesterday £126'652 

Once you've deducted the last 5 months of mortgage interest, legal fees, estate agent etc. I suspect there will be nothing left, just ending up without any remaining debt after the sale will be a bonus.

I assume you did stop paying the mortgage back in April?

Assuming the mortgage statement is dated recently, that should be included in the statement or at least the bulk of them. 

It will be great if everything is in there, but if the sale only completed today I suspect there is still more to go...

Probably going to have to chase them to get a final accounting from them.

There probably is some stuff to add, hopefully the bulk of it will have been added but I suppose with solicitors and legals the bills are added at the end so you could well be right.