Hippy, Check out lodging rather than tenancies if you want to stay in the house, lodging leaves you with slightly more control compared to tenancies in which you are effectively giving the tenant freedom to live peacefully and quietly without you disturbing them, I'm not talking about cranking the tunes up, but the legal side to co-occupancy. If you have lodgers; no change to insurance status, no need to inform bank for consent to let, just set up a simple agreement and collect Lodgings (up to a certain amount) tax free. In your situation where you just want a bit of income; hoover the carpet, get a new Duvet for the guest room and go for it; the other year I had a guy looking at my house for lodgings, he worked mon-fri in NHS management and just wanted place during the week, would have been perfect really.... but other things happened (like fatherhood etc) Get a bit of cash in without worrying about this tenancy-****!! http://www.spareroom.co.uk/ http://www.telegraph.co.uk/property/rentingproperty/8559745/Why-it-pays-to-take-in-a-lodger.html (i in no way advocate buying the Telegraph, Viz is much better)

I've had an agent over that offers a 'one off' 200 quid payment to find, credit check, they even get a mortgaged guarantor signed up for the tenant, and secure a month's up front, beyond that I would have to get the CP12, got an Energy certificate from the dusty HIP pack, i believe electrics need only be visually ok I have done nothing that requires building regs work, would not rent any appliances that needed safety testing etc. I would factor in a good amount from the loan to service periods of rental loss and any other jobs that turn up I suppose the hardest thing is as an owner knowing exactly which bit is damp dodgy and in need of paint (but essentially ok) but what can be 'acceptable' for renting purposes, i could do with a cheap joiner to fix the warped doors, an upstairs carpet and I hope that's it. Please.. what else is missed?

Wow! Honestly, thanks for that. Sorry beneath the bravado am totally Done-in myself. Thanks for your consideration, I have always worried about this rental options since the sums have never added up, but the realisation that I could gamble now I am in my last year before renewal on lending more to pay the difference is a recent shift. I had cancelled DD, am sitting here with 20 boxes of books before I even get to the kitchen, with a skint partner who is just about managing not to run off and a very cute baby who doesn't care really about finance but does like the swings!! So yes I will definitely take up your offer for further advice. Very gracious Donein, thanks

it is just an additional premium of tax this inform the mortgage co' business, i presume you have Landlord Insurance and other stuff sorted... will these companies ever check with original lender? not sure, lots of threads online about potential to check land registry etc, but really drops in the ocean or what!! Not sure how to re-direct post after 12 months, but like you said, do you think we will make 12months if we don't do something... mental!

it is just an additional premium of tax this inform the mortgage co' business, i presume you have Landlord Insurance and other stuff sorted... will these companies ever check with original lender? not sure, lots of threads online about potential to check land registry etc, but really drops in the ocean or what!! Not sure how to re-direct post after 12 months, but like you said, do you think we will make 12months if we don't do something... mental!

broke-mate, thanks that about sums me sums up, thank you very much, I have chatted to a few more savvy pals and one even has a sister who has 5 approved (non-buy to let mortgages) on the go without the bank so much as giving a .. as it were, so yep its a risk, I will refrain at this point from checking out the 'nightmare landlord' story boards as this will no doubt drive us all to soviet Russia in fear, so yep think I may join you. just sourced a loan to cover next 12 months should rent option go tits up, got a decent agent in hand and as I move out this weekend hopefully someone else will move in at some point. what a mess, but i suppose you need to pay to protect investments. that 40 grand of ours may take a while to improve, but could it get any less, they are GIVINg away property in my area it is a buy-to-let dream

HH; well done, that can not surely meet FSA guidance, i.e to pass you to a premium rate number, what nobheads, that must be easy to contest and hold as evidence of obstruction. to be honest can't really get me head round your situation, not sure if you are happy staying but struggling or happy struggling but staying, what are your short to medium term goals? it's probably just getting on as usual hey?!! me too! whey aye keep up the hard work

sorry, didn't want to be rude about DSS, and really I am totally against all class-based snobbery as my own grandfather Arch-Duke Rambottom used to sell fish he poached down the boozer for a laff, so yes i totally see your point and i stand well corrected, besides I myself eat the floor boards, have done since i was a boy cheers Mrs B, I remain cracked, but not crack-headed

ok new variable to fry my half baked brains (that post-war culinary classic); magical gumtree (host to all psychopaths and sex-slaves) has turned up a prospective tenant; so new options and pleeez entire forum users this is a genuine call to arms; Plan: don't tell the bank re: intention to let, let the property (I will still be having to pay something into house until next september to cover the 2007 mortgage rate), hope the DSS tenant will not eat the floor boards, magic my way through to next september (and mortgage renewal), at which point I will reveal tenant and apply for consent to let, and happily crawl through to a slightly less bloody sunset?!!!! Although arcane and stupid, this must surely be better than simple default (i know i know, and don't call me Shirely.....) what do you all fine wise people reckon? help:whoo:

off to the park to play on the swings, see you soon

my new rental will leave no saving in monthly payments, thus I am kind of preparing for any Official receiver to console poor Northern Rock that the piggy bank remains permanently out-funked, as they say in the Bronx (i think)

got a first time buyer round on sunday, not sure if the pile of boxes and packed away kitchen might be a bit confusing ( I will simply say my lucky lottery winnings means I'm off shark hunting in bermuda), but am prepared to try and sell the house other wise they can auction my ass as it were

Cheer'sMrsB, What's your latest House Price predictions? I find the internet usefully predicts that they may rise, or fall? Wonderful help!

sorry, they 'don't accept it' because I refuse to accept responsibility for shortfall, this is economically daft of them since they will likely get nowt anyway

hmmm... so they don't accept Voluntary repossession, even with my offer of Country Wine selection thrown in, damn well its back to convention repossession then, I am instructing more estate agents as last ditch attempt to prove I can be bothered selling it, if only renting was an option, but the sums don't add up and I have no time to be a landlord really. any thoughts? any thoughts?

and again, oops

sorry just boosting my posts

Hi guys, sorry not been back for a while, I've been surfing in Australia and playing football with David Beckham, yes he really is a bastard if you ever wondered!!! (not really off course, although maybe right about David).. anyway, I think (and this is C.A.B, National Debt Line and some old lady in the Market who reads palms for a quid... this is all bonfide) that there is little difference legally between a voluntary and conventional repossession, the only difference is that by volunteering you circumvent the Bank having to apply to the courts to oust you (not 'out you' that was Oscar Wilde), so really I'm viewing the Voluntary route as a way to speed up the process so I can benefit from the 6 months free concil tax before the 50% charge kicks in after 6 months.... how I scramble for the pennies!! I haven't got the interest in the property to sell, I've had evil investor landlords round and most of them are chopped up out the back, otherewise I can't sell and can't afford to sell.... Hippy, the rented and shared living route sounds nice, get a foriegn student in through University schemes, these usually offer good 'lodging routes' so you may have someone live term time who will not 'max out' your living space, or do a nice interview process... get some cool cats in to drink beer and plot the downfall of capitalism... I don't have this option as rental market in my area is pretty ding and so is the spare bedroom to be honest! So gulp, slurp and here I go, I'm off to ring the Bank and say ... 'sorry, but it's yours' catch you all soon and don't stop til you get enough xx

Guys!! you are stars, Happy Hippy thanks (fellow Medic, yeh man big shout out) and BrokeButnotB, many thanks, me keyboard had got dusty and I was about to rent it out to another posting!!! he he he cheers for your responses Yep, can't rent it as don't meet the 120% financing of it, or the headache of chasing people as I work full time supporting to feed the bairns bananas. So that option is exhausted and not an option. So really I think handing the keys back to that poor charity case NRAM (theatrical sighs pleez) will be the swiftest way to deal with it. I posted originally, and this is my main concern, about pending shortfall... the maths are owed 107,000 pund, likely auction price 40-50,000. Thus when they come head hunting I was interested in peoples experience with a) asking the banks to write it off b) challenging irresponsible lending in the first place.. and allowing a naive fool like me to go straight into negative equity c) outcome of Bankrupcy to write the shortfall off. guys we live and breathe and are a long time dead so here's a beer coming your way

Hi Mrs B Thanks for the reply! My thread is started, but is languishing somewhat! Check it out. I wonder if you have equity in your property? (I haven't...har har!) This may make the 'handing back' easier? I presume any equity will simply cover the costs of letting the bank do the selling for you?

Hi There! Great to see all you guys planning and working together. Mrs B, sorry to jump onto your thread but I am in a similar (but not the same of course) situation. I have arrived at considering handing the keys back from a position of sale not being a feasible option, with similar needs to put family and own head space first, and mainly, from emphathising reading about your stress and suffering Mrs B... a desire to end this worry and horrible never-ending cycle. Can anyone advise about the time scale and final outcome of handing keys back? do the lenders ever stop chasing with assertive letters or do lengthy court appearances become necessary? and stupid question.. but is any financial salvage possible from voluntary repossession? sorry tonnes of questions, and excuse me from placing them here, I wonder if some practical stages and steps to this process could be explained so the jump to do it may feel easier!! Keep on fighting guys, keep up the hard work

Hi, anymore thoughts and ideas for people to share about negotiating short-sales? any good tactics advised? cheers

Thanks Lea, It is on the market, I have had no viewings in the last 6 months, with the only offer coming from an Investor (presume is a land lord who knows and owns other property in the area), a price of 60,000 has been offered. My Mortgage as it stands is around 107,000. I would obviously prefer to hold out for a better sale from another party, I havee drop from 80,000- down to 75,000. The 60,000 offer from the investor was questioned by NRAM, and it was at this point that they started talking about only allowing sale if the short-sale would be accounted for..... also the other additional costs for vending and selling would not be provided out of the sale costs... they are asking for the other fees up front, I can not do this and provide a rental deposit at the same time. so... in this respect I do not hold out much hope for selling under my own steam within the time frame I require it's a rushed mess I know, but needs must!

what does the admin team recommend around negotiating shortsale when you have no assets to bargain with anyway? ta

Thanks Lea, that's great.. I don't have the time facility or money to risk auctioning, when I discussed short sale last with NRAM they basically stated they will only agree short sale if i assure the balance can be paid by loans plus other monthly payments (i.e before sale is agreed)... this is not tenable with rebuilding a life! Thus handing the keys back seems to me the only way to get the shortfall addressed. I was interested in anyones experience with going though this, I understand that individual case will vary and that outcomes must be very different as each side bargains, and i would not expect a predicted outcome in terms of costs and agreements that may be made just wondering what peoples experiences are with chucking the house rather than achieving a private sale... seems at the moment I could put a diamonte ceiling in with plasma screens on every surface possible and no one would tek a lookin!! cheers