Surrending home?

Scarlett.1974

Toon_Dave wrote: »

thanks Scarlett.

i have read a few posts about the 6 months in advance.
i think this may be my only option...not sure who i would be able to ask as a guarantor - no-one i can think of other than company directors etc would pass the relevant checks regarding mortgage and finances...although my mum has savings etc which may be able to be used instead of regular income...she does have works pension monthly and no outgoings (as lives with brother).

seeing as i have only stopped paying bills this month i may have to save a bit longer for the 6 months rent, i am looking at rents of circa £500, so would need £3000 plus deposir and admind costs.

mummy!!!...lmao....may need to beg,steal and borrow from her.

Seeing as most of the debts, are unsecured and less than the mortgage and SL which is upto date the credit check my be ok.....i'm not so happy on that though!!

Did you rent privately? or is LA local authority? is that council or housing associations?

thanks
Dave.

We rent privately through an estate agent. We'd have more chance of winning the lottery than getting a council or HA house :rolleyes:

I think your choices are as follows:

1. Secure rented asap before your credit rating starts looking feeble

2. Stay where you are while you save like a lunatic for the 6 months rent. The reason I would advise this against borrowing it from your mum is this: we did that, we borrowed it from my mum and we're paying her back at the monthly rental amount. However, come July when the tenancy is up for renewal we would have had to find another 6 months to pay in advance again :eek: With paying my mum back there was no way we could save that amount. IF you were to save it yourself then for the 6 months you're living "rent free" (so to speak) you can be saving for the next 6 months payments. Am I making sense?! Luckily we were saved by my FiL who agreed to be a guarantor for us. Now, this is not as simple as you might think, being a guarantor for someone - they need to be earning 3 times the monthly rent (earnings, not pension or savings), be a homeowner, provide 3 months payslips & 3 months bank statements and also provide work and personal references. So, all in all, quite a big ask of someone really.

Scarlett xx

Scarlett.1974

debt_doctor wrote: »

Scarlett your experience and advice on this area is excellent - well done !

DD:T :T :T

Aw shucks Happy to help DD

Toon_Dave

Scarlett.1974 wrote: »

We rent privately through an estate agent. We'd have more chance of winning the lottery than getting a council or HA house :rolleyes:

I think your choices are as follows:

1. Secure rented asap before your credit rating starts looking feeble

Credit rating shot already i think as have a CCJ due to my Ex not telling me regarding any court letters and appearances i should have attend while i worked away from home for months etc. Mortgage and SL is upto date at present, but not after this month as have cancelled all DD's and SO's. Am i best to still pay for Council Tax etc or just stop everything?

2. Stay where you are while you save like a lunatic for the 6 months rent. The reason I would advise this against borrowing it from your mum is this: we did that, we borrowed it from my mum and we're paying her back at the monthly rental amount.

If my mum 'gave' me the money from her savings - she says it will be mine and family in will anyway how would that be seen on the SOA or with the OR?
Any advice on that?

However, come July when the tenancy is up for renewal we would have had to find another 6 months to pay in advance again :eek: With paying my mum back there was no way we could save that amount.

After a succesful 6 month initial period would you still have to pay in advance or would the LL not accept monthly rents then?

IF you were to save it yourself then for the 6 months you're living "rent free" (so to speak) you can be saving for the next 6 months payments. Am I making sense?! Luckily we were saved by my FiL who agreed to be a guarantor for us.

Now, this is not as simple as you might think, being a guarantor for someone - they need to be earning 3 times the monthly rent (earnings, not pension or savings), be a homeowner, provide 3 months payslips & 3 months bank statements and also provide work and personal references. So, all in all, quite a big ask of someone really.

It is far to much for me to ask of anyone to be a guarantor.

Scarlett xx

So many questions still to be answered.....:eek: :eek: :eek: :eek: ....i'll get there in the end....i hope....

thanks for info, Dave.

Toon_Dave

Debt Doctor ,

Can you give me any advice on the things should or shouldnt pay in the months leading up to BR and saving for court fees and renting? etc etc

cheers

Scarlett.1974

No, keep on paying council tax and ultilities

Ah, if your mum were to give you the first 6 months then that wouldn't be a problem I would think You could then spend those 6 months saving for the next 6 months and carry on like that. For us, I just put the monthly rent on the SOA as what it is and even though it stated very clearly on the tenancy agreement "6 months paid in advance" the OR didn't question it at all.

Unfortunately even after a successful 6 month period our LA said they were unable to allow us to go onto "normal" monthly payments without either us passing a credit check (yeah right!) or providing a guarantor Something to do with the LL's insurance If it hadn't been for FiL coming to our rescue I dread to think what we'd have done.

Keep on asking questions Dave, it's the only way to learn

I'm off to bed now, but anything else you need to know, fire away and I'll reply as best I can tomorrow

Toon_Dave

cheers Scarlett,

Night night and thanks for the help so far

Dave

dodecanese

Hi Dave
Scarlett's advice is really excellent and sorry for butting in- I very nearly went down the vol repo route myself ( decided at last minute to let OR decide, but my mort is a bit borderline so I decided to risk it)- and I did look into renting and then giving house up.
I called several estate agents- some, as soon as I mentioned the word bankruptcy, wanted 6 months upfront AND a guarantor. Some said they would ask for 1- 2 months. I also spoke to a couple of private landlords- looked in local paper- and they seemed to be far more lenient- 4 out of 5 said as long as I could prove I worked they couldnt care less about bankruptcy. A couple of letting agents also said if I went BR AFTER renting they were unlikely to find out.
However, I think theres a clause in some of the rent assurance policies that means the OR must disclose you are BR to the landlord. I also- personally- felt that doing the 6 months upfront thing was the safest option.
Anyway, youre getting excellent advice from others in this thread.
All the best, Dodecanese.

Toon_Dave

Cheers Dodecanese.

the advice throughout this site has been fantastic from all quarters and please dont apologise for butting in....all advice is gladly and gratfully received by me.

i might actually call some EA 'anonymously' and get ther official line on how much rent would be need if credit checks came back poor..i have some funds available through family if needed more quickly but as you and scarlett have said saving the 6 months is prob best option rather than 'borrowing' from family.

i can prove i work fulltime, earn a good monthly salary, £1500 + comm (not guaranteed) and no dependents etc...just the inital dread of the big 'NO'...but if i dont ask i will never know the answer.

so thanks again for butting in....always welcome here..Cheers Sweets.

Dave.

Merch_boy

Hi, I have 2 properties, both with mortgages...1 of them has a secured loan on it.
Can I just 'give them up'?
What would happen?


Cheers.

Toon_Dave

hi Merch boy. Welcome from a another north easter (geordie here)

With regards to the housing, are they joint properties or in single (your) name.

Technically you can hand the properties back however it may be better if you want to list some further details of your situation.

ie. property values, existing mortgages outstanding including Secured loan.

We may then be able to asisst more specifically with your situation.

Dave