Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: BERTIECBX550 on 02 July 2009, 22:51:27
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Any body got any advice for me as i`ve had to come to conclusion i have to sell the house as i cant bear being there any more plus i cant afford the mortage(if they`d let take it over) or the bills in running the house.......... :'(
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Have you thought about renting it out. Should have the mortgage payments covered plus extra...and you'll still own the property for the future when it would be better if you still want to sell.
Now is not a good time to sell, plus you'll have no problem finding tennants as mortgages are not that easy to get at the moment.
There are organisations out there that will handle pretty much all the issues involved with renting out a property.
Worth having a chat with someone who knows the score. :y
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Sound advice... I'd look to rent it out. May even be worth a chat to a local housing association... Won't be the most rent you could get but they normally pay the rent directly to you so the money is guaranteed!
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http://www.nethouseprices.com/index.php?con=Search-Sold-House-Prices
see if it worth selling first if not then rent
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Unfortunatley renting is not an option as there is 16k outstanding on the mortage and c+g want there pound of flesh and the house is split between me and my brother in the will plus i have an iva
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Unfortunatley renting is not an option as there is 16k outstanding on the mortage and c+g want there pound of flesh and the house is split between me and my brother in the will plus i have an iva
Check it out, but was this in you Dad's name, if so you may be able to simply 'Walk Away' you are not responsible for you Dad's debts, they are paid from the 'estate' and if not enough money then tough.
I am sure there are others who can clarify this one way or another. :-/
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C+G are talking repossesion if the current mortage payments are not made for june or july......so it looks like retaining a solicitor to sort the estate out and sell the house...Just scared about selling thats all never done it never had too and well i`m just worrying myself and getting stressed.....
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IMHO the first thing you do it make a phone call tomorrow morning to the CAB and book an appointment with a financial advisor. They know the law and the options ... with respect .. you know neither so are just guessing .. as are the rest of us (probably).
Sound, qualified advice V guesswork from friends ??
Only one way to go IMHO
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There shouldn't be a mortgage now your parents have passed away Gaz.
As far as I remember it all mortgages have to be covered by life insurance for the mortgagees which pays off the loan in the event of their death.
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C+G are talking repossesion if the current mortage payments are not made for june or july......so it looks like retaining a solicitor to sort the estate out and sell the house...Just scared about selling thats all never done it never had too and well i`m just worrying myself and getting stressed.....
Is there any collateral in the house, if there is then any money over what is owed to C&G should come your way, after they have auctioned the property.
If not collateral give them the keys and walk, solicitors don't come cheap.
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£16k is nothing when it comes to mortgages, but I suppose £16 is nothing, until you haven't got it.
I would definately speak to some one before deciding either way.
There must be equity there if it's just £16k left owing. You wouldn't get anything much for 4 times that, even with todays economic climate.
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No life insurance TSB never pushed it when they sold the C+G mortage and the house is valued at £139,000....C+G OWED 16K plus other debts such as c/cards.......
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You'll need a solicitor to sell the house mate and I'm not sure but I think you will need to put the will through probate with the value of the house so get some legal advice.
the solicitors bill will come out of the estate along with all debts etc before they give you and your brother a cheque for the balance.
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try and gather all the facts. How much is the house worth at pres on the market, look at any sales, estate agents prices. Then look at how much rental is fetching. Some people don't want to buy a house, a rental is fine for them, if you can get away with charging slightly less than it would cost to buy, but more than servicing a 16K debt, then do it.
I would recon that renegotiating a 16K mortgauge on a house at todays prices would be easy/cheap. Prices are going to rise eventually,so if you can hang on, then go for it. Remember if they reposses, all they want is 16K plus fees, they don't care if you loose the real value of the house. You need to do research, local papers, estate agents, how much could they sell it for now, things are starting to improve on the market, however if its got debt judgements against it, it will be harder to sell. Like credit history, it sticks. If you can keep it clean, free from judgments, its worth it, have you considered a short term rent, some dosh coming in while you get sorted ?.
Best of luck, email me if I can be of any help,
Cheers Ken
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If the house is subject to a Will .. then the C&G can make no claim on it until probate is granted - at least that is what the last 10 minutes of google reading has lead me to believe - and any overdue payments would come from the estate of the deceased.
I reiterate .... get PROPER advice .. my research and other folk guesses mean didly squat ... Professional advice is required .. soonest.
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I`m gonna talk to the C.A.B. 2mora and possibly a solicitor next week if need be.....
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I`m gonna talk to the C.A.B. 2mora and possibly a solicitor next week if need be.....
Sound move...... :y
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If the house is subject to a Will .. then the C&G can make no claim on it until probate is granted - at least that is what the last 10 minutes of google reading has lead me to believe - and any overdue payments would come from the estate of the deceased.
I reiterate .... get PROPER advice .. my research and other folk guesses mean didly squat ... Professional advice is required .. soonest.
Yes, balanced with a true value of the assets in question. Don't just believe one person. Get an idea of how much its worth on the market and as rental. When my Uncle died, the solicitor was there to clean things up, that's all, he even had a possible buyer. I got a better price based on current market rates. Getting best price, value for money, the best plan is not top of his agenda. He wants to finish things off as quick as poss so he gets his dosh, looking at the gradual market recovery, it may be in your best interests to hang on for a while.
Rental on £100,000 property is bound to exceed a £16k mortgauge. Say 10% interest/mortgauge is £1600 per year, rent out at £50 per week is £2500 per year, which is a cheap rent, and you are not forgetting most of the income is offset against against interest so naff all tax. If you could renegotiate the the mortgauge plus loans at some of the 6% rates about, then things look a lot better, and you will have something left over to invest for the future.
Make the best of what you were left, don't let the incompetant clowns in building societies take it all. The government bailed them out, you don't have to as well.
Ken
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AFAIK buy to let mortgages are dictated by rental income, not personal circumstances, so you need to seek professional advice! You could easily raise the money to pay off the current mortgage and any outstanding debts on a buy to let!
I can give you contact details for a couple of good, independent mortgage/financial advisors if you want them.
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AFAIK buy to let mortgages are dictated by rental income, not personal circumstances, so you need to seek professional advice! You could easily raise the money to pay off the current mortgage and any outstanding debts on a buy to let!
I can give you contact details for a couple of good, independent mortgage/financial advisors if you want them.
Sound advice, but I think he has an IVA which may make it difficult to raise funds :-/
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Go for it, but get at least 2 independent views and choose the one you feel you can trust the best. There are a lot of rich crooks out there, driving new cars etc........
Ken
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Its a bitch when the system screws everyone, and all his Dads work and saving goes for nothing. That happens...........
Ken
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C.A.B. are most likely to advise you to seek further professional advice from the appropriate solicitor e.g., specialising in probate etc.,........the solicitor as previously mentioned will then deal with C&G on your behalf, if the solicitor also deals with property sales then a bonus, subsequently contact an estate agent and get the house on the market.................the only issue I can see is whether they will take additional cost's for things like the HIP out of the sale price, as normally that is payable up front anything up to £300.00...info., here on HIPs:
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Homeinformationpacks/DG_171685
However, renting is a good option and you will likely cover the cost of the mortgage and get some extra cash back. But that depends on what the rental market is like up where you are. Also if you go to housing associations, or the local Council etc., they will have minimum requirements, e.g., gas servicing tickets, electrical test and check certificate, also smoke alarams in hallways stair landings, kitchens etc, also fire check doors to kitchens.
Anyway that's just my advice, good luck whichever way you go, in anycase I don't see you or your brother losing out even if you do decide to sell :y
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I queued up and saw a C.A.B. advisor on friday afternoon and basically advised to seek a solicitors advice and given a list of decent solicitors in wolvo i was also advised to apply for working tax credits so i went across the road into temple st job centre and given a leaflet and access to a free telephone and was pleasantly surprised i am eligiable for em!!! go figure...I also rang a solicitor and got an appointment in the afternoon and told em everything and the lady said no probs we deal with everything even down to selling or rentng the house for you and your brother as they have an inhouse estate agent....Sooo i`m more upbeat tonight and i`m going back next week with my brother and everything they`ve asked for regarding dads estate...... :)
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I queued up and saw a C.A.B. advisor on friday afternoon and basically advised to seek a solicitors advice and given a list of decent solicitors in wolvo i was also advised to apply for working tax credits so i went across the road into temple st job centre and given a leaflet and access to a free telephone and was pleasantly surprised i am eligiable for em!!! go figure...I also rang a solicitor and got an appointment in the afternoon and told em everything and the lady said no probs we deal with everything even down to selling or rentng the house for you and your brother as they have an inhouse estate agent....Sooo i`m more upbeat tonight and i`m going back next week with my brother and everything they`ve asked for regarding dads estate...... :)
Good move, I hope they can sort it all out for you, good luck..... :y
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I queued up and saw a C.A.B. advisor on friday afternoon and basically advised to seek a solicitors advice and given a list of decent solicitors in wolvo i was also advised to apply for working tax credits so i went across the road into temple st job centre and given a leaflet and access to a free telephone and was pleasantly surprised i am eligiable for em!!! go figure...I also rang a solicitor and got an appointment in the afternoon and told em everything and the lady said no probs we deal with everything even down to selling or rentng the house for you and your brother as they have an inhouse estate agent....Sooo i`m more upbeat tonight and i`m going back next week with my brother and everything they`ve asked for regarding dads estate...... :)
Solicitor will cost a bit ( will be taken from estate eventually) but, TBH, it will be worth it for the peace of mind. It's unfortunate that families get lumbered with all this red tape when they least need it!!!