Help. Advice Please.

[chrissa1]

As some of you lovely people know I recently lost my husband. We were just getting back on our feet financially when he died and were in arrears on our mortgages.
The mortgagee has agreed to give me 6 months to find another place to live before they repossess the house. I've found a little cottage which seems fine to rent.
I have another property which we used to Holiday Let but I am arrears on this one too and can't afford to keep it. I know that I am not going to make any profit on this property so I was thinking about just letting the mortgagee take that one too and save
Estate Agents fees and up front advertising costs which I cannot afford.

Any thoughts??

[237SJ]

Could you sell it privately on one of the internet sites (thus avoiding estate agents)?

[chrissa1]

<in arrears>

[chrissa1]

Oh, never thought of that.

[TonyV]

there does not have to be any up front fees with estate agents - if it's priced right for the market it will sell

[chrissa1]

Yes, but you have to pay for advertising which can escalate.

[237SJ]

I saw a Sold sign up outside a house here a while ago. It proudly said "Sold without estate agents". You don`t have to have estate agents. They are only advertisers/go-betweens anyway. Google private house sales and find a reputable site. It would look much better on your credit record if you haven`t been repossessed.

[chrissa1]

True true 237 but I'm a bit long in the tooth to bother about my credit rating these days.

[TonyV]

Chrissa1 - who told you have to pay to advertise ( if we are talking about estate agent route)

[237SJ]

OK credit rating aside, if you have the time it`s worth looking at private sales. If you do go down the estate agent route get several quotes regarding commission and play them off against each other. If estate agent A quotes 2%, tell them estate agent B has quoted 1.5% and so on. They`re desperate for business at the moment. Good luck.

[welshlibranr]

Chrissa, I'm sure that when we sold our house, we didn't pay the Estate Agent for advertising, they took their agreed percentage of the sale, but that was it..........

[bednobs]

you will end up owing a lot more if you let them repossess. Even if you sold it for under market value, you will be better off i reckon. If you are going to let it be repossessed, get the rental agreement in place first - you will find it hard to rent otherwise

[vivandorron]

Engage an Estate Agent on the basis of...'No Sale No Fee' with your reserving the right to sell privately. If you then sell, before the Agent, there cannot be any fee incurred. However you need to have such an arrangement in writing from the Estate Agent and have a Solicitor, of your own on 'stand-by', ready to finalise matters with a purchaser.

Ron.

[ladybirder]

If you need a quick sale use an estate agent. They will have a list of clients waiting for certain properties. No need to pay anything up front - I never have. If you price it right it will sell whatever the market. The bank/building society won't care what they get for it if they repossess - they will just come after you for any shortfall. Good luck.

[chrissa1]

All good points guys. I hadn't thought about "no sale, no fee". I'll have a look at those sites.

[chrissa1]

I Could declare bankruptcy.

[vivandorron]

chrissa......Firstly, let me make it clear that I am not a Solicitor and my knowledge of the law is limited. However, you could discuss your problem with a registered Solicitor and it is my understanding that a half hour discussion is not chargeable.

In my opinion, you are not really in a position to be declared bankrupt because at present, as you have assets and, until the value of those assets are established, it is not known if you are able to pay-off your creditors.

My heart is with you and I say, " Try and avoid the Bankruptcy Court because you could find that this time next year matters have not been finalised as a result of issues involving Court proceedings moving very slowly".

If you do engage a reliable Estate Agent there will not be any need for you to 'put-up-front' any money. Another thought is that you could seek free advice from your local Citizens Advice Bureau.

Ron.

[samclemens]

Can I edit this once I add it?

[vivandorron]

I think samclemens may have posted in the wrong thread.

However, whatever course of action you decide upon, I feel sure you will need to engage a Solicitor. So it might be worth having a read of the following clickable link:-

http://www.lawsociety...g/usingsolicitor.page

Ron.

[anneasquith]

chrissa, am no help to you sorry, i hope you get things sorted. best wishes ..

[chrissa1]

Thank you Ron. I don't want to go down the bankruptcy road and even if I did end up still owing money to the mortgagee, you can't get blood out of a stone and it's not as though they are going to come and break my legs, are they?