House has been repossessed

jocol

Hope I'm posting in the appropriate section and I am not breaking board rules asking for advice. I'm a separated mother of 3 who ended up surrendering my house last year (not going to bore you with a big sob story) I had a stay in the house until July this year with the children and eventually in the last few weeks wheels have been in motion and and it has been taken into possession by the bank. There is equity in the house but how much I'm unsure. Back 13 months ago the redemption figure was 206k and now it's on the market for 280k which they're pretty sure will easily be achieved. I've heard a repossession can cost anything between 4-14k plus the 13 months unpaid mortgage + interest. Has anyone any experience of costs involved? To be honest I would be happy just to not be in red but if there were some profit there it would be so helpful. Also I have no solicitor due to financial constraint and I'm nervous flac would take too long to get an apt with but Im worried about all the charges involved in this whole process and feel a pair of legal eyes will be necessary. Can anyone point me in the right direction. Any advice appreciated

Pat Mustard

Sales by banks/receivers are often at a lesser price than an ordinary open market sale by a willing seller. If your own solicitor was to act in the sale of the property and take his/her conveyancing fee out of such a sale, it might be cheaper and quicker.

If you explain to a solicitor that you can't pay now, but that if the appropriate arrangements are made with the bank, it may be possible for a transaction to proceed with fees to be taken from proceeds of sale, you might save money in the end.

jocol

The Mustard wrote: »

Sales by banks/receivers are often at a lesser price than an ordinary open market sale by a willing seller. If your own solicitor was to act in the sale of the property and take his/her conveyancing fee out of such a sale, it might be cheaper and quicker.

If you explain to a solicitor that you can't pay now, but that if the appropriate arrangements are made with the bank, it may be possible for a transaction to proceed with fees to be taken from proceeds of sale, you might save money in the end.

Many thanks but it is actually on the open market presently. I think speaking to a solicitor initially who hopefully won't charge me too much for the chat is my first step thanks

Pat Mustard

Ring them and tell them that you have no money to pay them but that you do have a property that may be sold, regarding payment of fees. If you are up front about that at the outset, you are less likely to be surprised by somebody with their hand out looking for money.

jocol

The Mustard wrote: »

Ring them and tell them that you have no money to pay them but that you do have a property that may be sold, regarding payment of fees. If you are up front about that at the outset, you are less likely to be surprised by somebody with their hand out looking for money.

Thanks for your advice