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I have a three bedrooms apartments in Larnaca. I can no longer

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I have a three bedrooms apartments in Larnaca. I can no longer afford to pay the mortgage. Can I leave the property to the bank and walk away and owe nothing?. I brought this about 5 years ago for retirement.
Submitted: 1 year ago.
Category: Law
Expert:  JustAnswerKM replied 1 year ago.
Good evening
Expert:  JustAnswerKM replied 1 year ago.
Thank you for your message, I will do my best to help.Mortgage lenders in the UK and Cyprus (Larnaca) should have identical terms and conditions in respect of mortgages.Once the mortgage account goes into arrears, this will alert the mortgage lender to take action. If they are unable to obtain payment from you, they can start a claim in Court for possession on the grounds that there are mortgage arrears. The time it takes them to place the matter in Court, depends on the Country's Court system. If the lender is in the UK it can typically take 2 months. The lender will work as fast as they can only because their main concern is for the mortgage to be paid. Once they obtain possession, they will make arrangements for the property to be sold on the open market. Once the property is sold, any surplus of funds will be paid to you after the mortgage and associated expenses have been paid. However, if there is a shortfall, the lender will turn to you for payment either through debt action or bankruptcy.Do try and avoid any Court action taken against you only because you may face difficulty obtaining anything financial related (open a bank account or take out a loan etc) should you need to in the future.So, the answer in short as to whether you can leave the property with the bank and walk away owing nothing depends on whether selling the property will cover the mortgage.Do consider speaking to an independent financial adviser or mortgage broker (not just the bank you have the mortgage with) and make sure they have access to plenty of mortgage packages. They may be able to find an affordable package that works for you. I hope that helpsBest of luck,Kind regards Krystel*Please rate my answer so I can be credited for it.
JustAnswerKM, Solicitor
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Experience: Court of Protection, civil litigation, divorce and inheritance
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Expert:  JustAnswerKM replied 1 year ago.
Thank you so much for your rating

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