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What Is A Voluntary or A Volunteer Repossession?

Question: Dear Sirs, I am in a very bad situation financially, one which I can’t see a way to put right. I have exhausted all my options, and frankly I just want the whole ordeal over with. We have a 4 year old boy, who is my main concern and I am convinced he is picking up on our stress.

My mortgage lender has suggested a voluntary repossession, stating that it will being an end to the constant stream of final demands for the mortgage arrears and that it means we would be out before the bailiffs come to remove us. Obviously I can not bare to think this might happen. Anyway, whilst looking to see what it involved I noticed your website had a different angle. I didn’t actually realise we would still be liable for paying the mortgage after the volunteer repossession. How ridiculous. I assume this is just added to the final sum we owe them and not actually expected each month? I am having doubts as to whether this is our best option and if in fact it would make more financial sense in the long run if I attempted to sell the house again.

Could you please advise if I could still try to sell my house even if I have agreed over the phone to leave the property and send the keys back at the end of next week? – Mrs Walters, Eastbourne.

Our Answer…

Dear Mrs Walters, Thank you for your email. Firstly can I suggest you read our page on voluntary (volunteer) repossession page if you have not already? This will provide a clear explanation of the process.

A voluntary repossession is really no different than a normal house repossession, the only step of any consequence it misses out is the court hearing. Unfortunately the bailiffs still have to come to your property to ensure it is secure and that the water, gas and electricity are all off, and to change the locks. By volunteering for repossession, you in effect volunteer to leave the house before the bailiffs are called to the property.

You are correct in thinking charges associated with the mortgage / property will continue to incur even after you leave, right up until the date the property is sold. This is why I tend to recommend homeowners that selling your house is usually the best option. Even it is means dropping the price to generate more interest, or offering discount incentives for a cash sale. Please get back to me if you would like us to make you a cash offer for you house or you have any other questions. Answers And Advice

The answers above are provided in good faith, to the best of our knowledge. Whilst we always try to be accurate, we can not guarantee there legal accuracy. For that reason we recommend that in addition you carry out your own research and / or seek professional legal advice.

We advise all of our visitors and clients to watch out for the scams and to carefully review your options before proceeding to agree to sell your house.

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