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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am 50% owner of an apartment but I am wanting advice

Resolved Question:

Hello I am 50% owner of an apartment but I am wanting advice on how to surrender it to both my mortgage lender and the housing association (landlord) of the other 50% as my situation has changed drastically since I bought the property and I no longer want to have anything to do with it, I feel I have utilised and exhausted all other options.
When I bought it I was married and had 2 incomes since then Ive separated move out of the property because I couldn't afford it on my own and the council would not help me in a mortgaged property so I moved to private rent where I got help and then let out my flat, while it has been up for sale for 3 years and 4 months now with little interest because of the shared ownership situation but it is in negative equity anyway so I wouldn't make anything. My tenants are never there for long so it is costing me money to keep re-letting it and is a general financial burden, I want to get the process moving with surrendering it, or letting it re-posses but nor sure where to start, can you please advice or ask any more info you need to know. Also I do have an IVA to control some debt and I would even let them use it to clear my debt and take the property out of my hands at the same time?? Thank-you
Desperate person!
Mrs Wadsworth
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is,ales and I will help you.
Have you asked the advocation about surrender please?
Customer: replied 1 year ago.
hello i dont know what advocation means and no this is my first port of call
Expert:  Ash replied 1 year ago.
Sorry - have you asked the housing association about surrender?
Customer: replied 1 year ago.
Hi, no I haven't asked anybody as yet, the housing association know that I have been trying to sell for over 3 years to no avail and have had tenants in there for past year, they do not have any interest in helping me sell or anything. Ime not sure if its even an option to surrender? but is there a law I use to support my request at all? Its because of the 50% ownership problem I don't know if its allowed for me to surrender to any of them (the mortgage company or the housing association)? shall I ask the housing association and see what the response is?
Thanks
Expert:  Ash replied 1 year ago.
What do your terms say about surrender please?
Customer: replied 1 year ago.
Hello, it does not say anything about surrender in the tenancy agreement so I need to know if I haven't any rights n law to be able to support me in requesting a surrender in a shared ownership property. I don't think my mortgage company would have a problem but I don't know where I stand with landlords, do you have any experience or advice with how I could move forward with this and be support by law? thank-you.
Expert:  Ash replied 1 year ago.
In law you can surrender by handing back the keys. If you don't pay then the mortgage company will take the property back from you with a court order. You should write and ask the association about surrender.
If they refuse then you can take it to the Ombudman who offers a free, independent service to examine complaints at
http://www.housing-ombudsman.org.uk
Or you can judicially review the decision if they refuse to accept surrender. This is where a high court judge examines their decision to refuse and sees whether it's legal and reasonable. A judge can agree with their decision or remit it back for further consideration. But I would hope it wouldn't get that far.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
That's very helpful Thank-you!
Expert:  Ash replied 1 year ago.
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