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Topic starter
28/08/2011 3:37 pm
Hi this is my first post,
At present i own a flat and due to the work needing to be carried out in the building (roof, guttering and downward pipes and water damage). The survey carried out on my flat came back at a painfully low valuation. As a result i have no equity for my trust deed.
I also have a secured loan against my property and i have been told the best way forward for me is to carry out a Volunteer Repossession of my flat making my secured loan a non secured loan which then can be part of a trust deed.
At the moment i have a 1 bedroom flat and i live here with my wife and 3 kids.
i have been told not to pay the mortgage for 2 months and save up for a deposit for a new rented property and basically hand back the keys.
We are quite excited about this because its given us an opportunity to get out of a property that we could not sell.
Has this ever happened to anyone else on here, i have searched and could not find anybody with the same situation about entering a Volunteer Repossession of their property.
thanks
Lee
28/08/2011 3:55 pm
Hi Lee
I know this must feel like aterrible dilema for you, but I would agree with your Trustee if you don't really want to stay there? This could be an opportunity for you to clear your feet once and for all. Any shortfall on the property would be included in the Trust Deed as long as your Trust Deed did not specify that your home was to be excluded.
I have had several clients who have taken this route, and feel it has been a huge relief. They are now quite happy renting a property which is better suited to them. It's sounds like you could be much better off in a property with more space.
I hope it works out for you.
Shona is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
28/08/2011 4:02 pm
Thanks Shona, That's good to hear that other people have also benefited
from doing this.
lee
