Mortgage/repossession/declaration of trust

silvercar

You have nothing to lose by sending the keys back to the lender ie a voluntary repossession. They will then deal with your ex. As there is sufficient equity in the property, you won’t lose out by doing so as any costs incurred in repossession will come out of the equity. It will affect your credit rating, but as you live elsewhere you won’t be looking for a new mortgage. It also means you can have a break from your ex.

luvchocolate

Hoenir said:

luvchocolate said:

Hoenir said:

Lender will ultimately proceed with reposssesion of the property. Whether it's now or in a few years time. 

The proceeds are technically his in accordance with the DOT. Though as the property is legally yours. There may well be Capital Gains Tax to pay on the gain for the period the property wasn't your home. 

It's a buy to let mortgages and it's never been my home..if my choice would prefer repossession sooner rather than later but it's out of my control 
Thanks for replying 

You could voluntarily hand the property back to the lender. 

Unfortunately because ex lived there since 2012  that's not an option 

caprikid1

Do you know if you EX is still alive ? Still at the property ?

Can someone go an visit the property ?

Ultimately this feels more like his problem than yours, you won't lose your home but potentially you will get a chunk of cash ?

luvchocolate

silvercar said:

You have nothing to lose by sending the keys back to the lender ie a voluntary repossession. They will then deal with your ex. As there is sufficient equity in the property, you won’t lose out by doing so as any costs incurred in repossession will come out of the equity. It will affect your credit rating, but as you live elsewhere you won’t be looking for a new mortgage. It also means you can have a break from your ex.

I have no keys as he demanded they returned to my trustees in bankruptcy..the lender are not interested in a repossession at the moment as payments have been up to date until November last year 

He's making a payment then missing one, as we speak there are 2 missing payments 
He knows the system,  this is the last of 3 properties  he will hang on.i think we're in this for the long haul
Any shortfall would become coved by my bankruptcy in 2012 ...loan taken out 2006.
The DOT has also made things worse otherwise my trustee could have included it in BR

I do appreciate your reply 

silvercar

I think handing the keys back is just an expression. You could write to the lender and say you are walking away from the situation. Your ex must have some status, a tenant or an excluded occupier with the addition of a deed of trust? Let the lender deal with it. You have nothing to gain.

With 70k current equity, there is unlikely to be a shortfall. I can’t see the lender allowing you to walk away without acknowledging that it is your mortgage, so I doubt it can fall into a 2006 bankruptcy.

luvchocolate

Isilvercar said:

I think handing the keys back is just an expression. You could write to the lender and say you are walking away from the situation. Your ex must have some status, a tenant or an excluded occupier with the addition of a deed of trust? Let the lender deal with it. You have nothing to gain.

With 70k current equity, there is unlikely to be a shortfall. I can’t see the lender allowing you to walk away without acknowledging that it is your mortgage, so I doubt it can fall into a 2006 bankruptcy.

Looked good until the last paragraph 
An example of a previous propert purchased for £325k... upon eviction he had removed every saleable fixture..baths..sinks..sold after repossession for £190k...I cannot risk being liable for any shortfall if it doesn't go into the bankruptcy. 
I have nothing left. 
Thank for your knowledge it's very much appreciated. 
Looks like I'll have to see it through 

The property we are discussing was bought in 2006
The bankruptcy was 2011 following 2 properties being repossessed with masive shortfall 

ian1246

If the deed of trust specifies he makes payments towards the mortgage & he hasn't done so, what does that mean for the existing "status" of the Trust? Think I'd be tempted to seek legal advice as to whether it potentially opens a legal hole which you can exploit to get rid of it and get him out. I.e. does him breaking the conditions render the Trusr null & void?

If he's deliberately messing around with payments, putting YOU into financial debt then that's controlling & coercive behaviour (financial abuse), which whilst it wouldn't have been a criminal offence back in 2008 is absolutely an offence now. Marshall your documents / evidence & report him.

luvchocolate

Thank you for your reply..it's obvious to me it's the legal side I need to look into. 
Obviously a solicitor is out of my reach. 
I'll try citizens advice 

caprikid1

"I'll try citizens advice " unlikely to be able to give any real advice on trusts etc.

Home insurance legal cover ?

luvchocolate

caprikid1 said:

"I'll try citizens advice " unlikely to be able to give any real advice on trusts etc.

Home insurance legal cover ?

Thank you for replying unfortunately just basic content insurance due to funds