property repossession

[balearic]

If I can no longer pay my mortgage, how long is it before the building society repossesses? Once they`ve cleared all monies due to thereselves, by law do they have to give the remaider to me. Can it be sold if there is a restriction lodged with the land registry by an ex partner who is trying to claim from me. Her name is not on the deeds nor on the mortgage

[Loosehead]

Sell it yourself now! take control if you let them reposess they'll knock it out as quick as they can and you'll lose thousands, they only care about their money not yours.

[balearic]

cant sell it myself because of the Land Registry restriction

[Loosehead]

err what? land registry restriction?

[Ethel]

Loosehead - it means the house cannot be sold without the ex-partner getting his/her share of the profits FIRST - or at least a legal guarantee that the monies will be paid over on completion.

[dannydingbat]

Why not ask your lender? Its not a war! They lend money to you with the house as security and they are entitled to get it back because the money belongs to their investors. If you don't get in touch and tell them the story, they will definately go for repossession as a last resort if there is no other way. To sit around and wait for it to happen will ruin any credit rating you may have. They will have answers to all your questions and are not out to get you, the house or anyone else. They want to do things as cheaply as possible so, retain control of the situation as already suggested.