Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
The basics are that i own a 2 bed flat (with fiancée and 2 little ones) but have to move(various reasons).
Have approx £125,000 left on mortgage and redemption fees will come to just under £4,000.
Estate agents have given me a valuation but would expect me to actually sell for in region of £120,000.
We can nowhere near afford to buy anywhere (one reason for moving is need somewhere bigger) so will be renting.
I phoned A&L earlier but the lady I spoke to wasn't too helpful. She just kept telling me that if I buy again within 3 months of selling I can claim back my redemption fee - obviously that is no good to me as I wont be buying. She also said if I did sell I woud still be liable to pay the mortgage but couldnt explain how (whether it would be one lump sum which obviously i coucn't afford or at its current rate which I still couldnt afford on top of monthly rent for a property).
I was assuming that in the first place they would need to give me permission to sell in this situation but I was also expecting them to be more helpful as Im sure they want to get money back and was hoping that they would might agree to some arrangement. Anyway, Im gong to phone back later and see if I can get someone more helpful.
Oh yeah - I did go in to my local branch first as I always use to talk to someonoe in there but they don't provide that service anymore and it has to be done over the phone!
Anyway, has anyone been in a similar situation and managed to have any success?
A&L Mortgage - Negative Equity
and redemption fees will come to just under £4,000.
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