Key Post Text of voluntary surrender documents from different lenders

There has been a lot of discussion on whether people should sign a letter of surrender when agreeing to sell their house at a deficit.

It would be very useful if people could post copies here of what they are asked to sign.

Surrender of possession of mortgaged premises to EBS limited

Surrender of possession of mortgaged premises to EBS limited

Prior consent of spouse to surrender of property (which is or has been a family home) pursuant to the family home protection act 1976
Name..................hereby consent for the purposes of the family home protection act 1976 to the surrender of the property below to EBS limited.
Date....................
Signed by the said in the presence of ..................................
Borrowers(s) ..................................
Mortgaged premises .............................
Date of mortgage...................
Current address of borrower 1
Current address of borrower 2 (if different)
I/we the above borrower(s) of the current address (es) above in view of my/our indebtedness of EbS limited and in view of the power of sale grated to EBS by virtue of the mortgage of the date above, hereby voluntarily surrender possession to EBS limited of the above mortgaged premises in order that EBS may exercise its power of sale
I/we hereby confirm that I/we have been made aware that surrendered possession of the premises, we will have no right to enter or regain possession to the premises and acknowledge that the premises will be sold and the proceeds used to discharge and sums due to EBS limited including the cost of sale. Any surplus thereafter will be used (as far as it required) to discharge any other debts which are secured on the mortgage premises.
Delete as appropriate
I/we hereby certify that during the term of our ownership of the mortgaged premises the said premises comprised our principal private residence.
Or
I/we herby certify that for the part of the term of our ownership of the mortgaged premises the said premises comprised our principal private residence.
Or
I/We hereby certify that during the term of our ownership of the mortgaged premises the said premises was never our principal private residence.

I/We confirm that our new address for correspondence and service of notices is ...........
I/We further acknowledge that in the event that there is a deficit on my/our account with EBS limited after the premises are sold and the proceeds applied to my/our account, I/We will continue to be liable to EBS limited for payment of this deficit under the terms of my/our mortgage. (bolded by me to highlight - Brendan Burgess)

I/We confirm that I/We have been advised by EBS limited to take independent legal advice in relation to my/our voluntary surrender of possession and I/We have
*(A) declined to do so
(B)Taken independent legal advice form.......................
Name of solicitor....................
Address of solicitor....................

I/We undertake to assist EBS limited and its solicitors in the event that any documentation is required form me/us to complete the sale of the property.

I/We acknowledge that we have removed any articles of value from the premises and that any items remaining there may be removed by EBS limited and disposed of as they see fit. I/We confirm that we will have no cause of action or claim against EBS limited in relation thereto

Signed by borrower 1:
In the presence of:
Witness signature:
Witness address:
Witness occupation:

Signed by borrower 2:
In the presence of:
Witness signature:
Witness address:
Witness occupation:

Has anyone else got similar documents? If you email them to me at Brendan at this website I will upload them.

I don't see how this document increases anyone's liability.

It shows that both borrowers agreed to the surrender - they can't come back later and claim that they never surrendered it.

It acknowledges that no deal was done on the shortfall.

It seems perfectly reasonable for the lender to ask for this and for the borrowers to sign this.

Here is an extract from the ptsb form thanks to Holland and Condon

“Please note that the bank is prepared to enter into vacant possession of the premises.The following should be noted in relation to voluntarily surrendering the property:

The Company requires full vacant possession and therefore all personal belongings must be removed from the property before handing in the keys.

• The keys of the property should be handed into the local permanent tsb branch
• A Voluntary Surrender Form (please find enclosed) must be signed all parties to the mortgage in the presence of a witness.
• A staff member of your local permanent tsb branch can witness your signature when you are handing in the keys of the property. Please call your local branch directly to make an appointment to do so. Please also bring photo ID to the branch on the day.
• The Company will then secure the property and independent valuations will be carried out before the property is placed on the open market for sale.

Please note that all parties to the mortgage will be still liable for all monies owing and interest accruing on the loan until it has been repaid in full including any costs that are due in relation to the sale of the property.
Any surplus funds remaining once all monies due and owing (including all costs) have been paid will be reimbursed to you.”


The voluntary surrender form, which was attached to the letter, also includes the following:



” We acknowledge that not withstanding our Voluntary Surrender of possession of the Mortgage Property,we are liable to Irish Life & Permanent Plc trading as Permanent tsb for all monies owing and interest accruing to the Company on my/our loan until same is repaid in full.I/we further confirm that the above property is devoid of all personal effects and that any furniture,chattels or effects remaining in the property may be disposed of by the Company as it deems fit. ”

I'll send you mine, if it ever arrives. Coming up to 9 months waiting now.

Nothing in those forms saying the house has to be in good condition. Could someone do a Richard Pryor on it and get away with it?

AIB Voluntary Sale for Loss Scheme
I have used OCR to scan this , so apologies for the loss of some text.


[FONT=&quot]Voluntary Sale for Loss Scheme[/FONT]


[FONT=&quot]Dear Mr & Mrs[/FONT]


[FONT=&quot]i refer to our recent discussions and correspondence in relation to the repayments on the above Mortgage Loan. Based on these discussions and on our assessment of your financial circumstances as disclosed in the Standard Financial Statement completed by you, we have mutually concluded that you are no longer able to make the repayments due in respect of your Mortgage Loan and that this is unlikely to change in the foreseeable future[/FONT]

[FONT=&quot]You [/FONT][FONT=&quot]have been advised of the possibility of participatinq in the Voluntary Sale for Loss[/FONT] [FONT=&quot]SCheme (the "Scheme"). whereby;[/FONT]
[FONT=&quot]• You s ell the Property at a price mutually acceptable to you and us.[/FONT]
[FONT=&quot]• Use the proceeds to reduce the loan balance[/FONT]
[FONT=&quot]• Repay the remaining balance (the "Estimated Shortfall") In accordance with an agreement which [/FONT][FONT=&quot]IS [/FONT][FONT=&quot]to be detailed.[/FONT]

[FONT=&quot]To enable us to consider the matter further an reach a decision. we require a valuation of your property. This valuation, which Will be carried out at AI Bs cost, will be completed by a member of AlB's independent panel of valuers A valuer will be in contact in due course to arrange access to your property Once the valuation IS completed, AlB will further review the feasibility of your partiCipation in the Scheme and outline the proposal for repaying the Estimated Shortfall Should you wish to proceed With the Scheme. you Will need to complete[/FONT]
[FONT=&quot]the Letter of Agreement which will be Issued and return it to AlB[/FONT]

[FONT=&quot]Any arrangements or modifications to your EXisting AlB Loan Accounts may be reported to the lrish Credit Bureau and may appear on your credit report. The impact of this may affect your[/FONT] [FONT=&quot]ability to borrow future funds[/FONT]


[FONT=&quot]The Bank strongly recommends that you seek independent legal, tax and financial advice before proceeding with this Scheme, in particular if you have any questions as to the legal,[/FONT]
[FONT=&quot]tax or financial implications of the Scheme.[/FONT]

[FONT=&quot]If you partiCipate in the Scheme, AlB will pay your reasonable legal costs specifically in relation to the sale of your current property up to a maximum amount of €1 ,500 including VAT, subject to an estimate of these costs (not to exceed the maximum amount specified) belllg prOVided to AlB prior to the costs being incurred which is satisfactory to AlB, and[/FONT][FONT=&quot] subject to a copy invoice (the invoice to be addressed to the customer) being provided to AlB[/FONT] [FONT=&quot]after the costs have been incurred[/FONT]

[FONT=&quot]Should you wish to obtain independent financial advice (which we strongly recommend), AlB will pay a total of €250 (plus VAT) for a meeting with an adviser chosen from the panel of practising accountants (full details of the panel are available at www.keepingvourhomeie). Please find enclosed, a copy of your completed Standard Financial Statement to enable the adviser assist you at this meeting and a declaration document that must be completed by you after this meeting and returned to AlB prior to AlB making the payment.[/FONT]

[FONT=&quot]In addition to the valuation AlB will atso require the following information[/FONT]

[FONT=&quot]1. [/FONT][FONT=&quot]A copy of the draft Contract for Sale, or evidence of any contract or "subject to contract" agreement made.[/FONT]

[FONT=&quot]2 Details of the identity of the proposed purchaser and confirmation that the proposed sale is at arms length[/FONT]

[FONT=&quot]3. Written confirmation that the proposed purchaser has loan approval/sufficient funds to pay the purchase price.[/FONT]

[FONT=&quot]4. Details of the proposed costs associated with the sale and confirmation of the net sales proceeds applicable Please note that AlB Bank reserves the right to appoint solicitors and/or auctioneers to carry out this work should it consider the proposed fees excessive[/FONT]

[FONT=&quot]5 Confirmation that a solicitor's undertaking will be given to remit the net proceeds of the sale to the Bank[/FONT]

[FONT=&quot]6. Your written proposals as to how you will deal with the balance of monies due on your loan[/FONT] .[FONT=&quot] Please note that we expect the residual debt to be repaid in full.[/FONT] (my emphasis - Brendan)

[FONT=&quot]We Will endeavour, once we have received the valuation (and any additional relevant information/documentation outlined above) to make a decision on this matter as quickly as possible[/FONT]

[FONT=&quot]In order for AlB to progress this matter. please confirm your agreement to participate in the[/FONT] [FONT=&quot]Scheme, either by phone or in writing within 1 month from the date of this letter[/FONT]

[FONT=&quot]Should you wish to discuss any of the above information please do not hesitate to contact the[/FONT] [FONT=&quot]Arrears Support Unit on 1890252008[/FONT]

[FONT=&quot]Yours sincerely.[/FONT]



[FONT=&quot]Arrears Support Unit[/FONT]


This is the bit which must be signed



[FONT=&quot]Horne Mortgage Account Number
Customer [/FONT][FONT=&quot]Names [/FONT]
[FONT=&quot]Property Address[/FONT]



[FONT=&quot]1 I/We [/FONT][FONT=&quot]have been instructed by our lender to seck independent financial advice [/FONT][FONT=&quot]from an [/FONT][FONT=&quot]accountant listed [/FONT][FONT=&quot]on keeping [/FONT][FONT=&quot]yourhome.ie [/FONT][FONT=&quot]website. If [/FONT][FONT=&quot]authorisation [/FONT][FONT=&quot]has [/FONT][FONT=&quot]not been obtained I/we will become liable [/FONT][FONT=&quot]lor [/FONT][FONT=&quot]the f[/FONT][FONT=&quot]ee [/FONT][FONT=&quot]associated with this[/FONT] [FONT=&quot]advice.[/FONT]

[FONT=&quot]2 'We hereby confirm [/FONT][FONT=&quot]that [/FONT][FONT=&quot]l/we [/FONT][FONT=&quot]have been in receipt of Independent Financial[/FONT] Advice from ......[FONT=&quot]. relating [/FONT][FONT=&quot]to [/FONT][FONT=&quot]my [/FONT][FONT=&quot]primary residence as per the terms of the Mortgage Advice Protocol agreed between mortgage lenders and some [/FONT][FONT=&quot]accountnncy [/FONT][FONT=&quot]bodies.[/FONT]

[FONT=&quot]3 We hereby [/FONT][FONT=&quot]confirm that l/Wc have not engaged [/FONT][FONT=&quot]any [/FONT][FONT=&quot]other [/FONT][FONT=&quot]accountant for[/FONT] [FONT=&quot]which I/We have[/FONT] [FONT=&quot]authorised[/FONT] [FONT=&quot]such accountant[/FONT] [FONT=&quot]to invoice the lender for the[/FONT] [FONT=&quot]provision of this[/FONT] [FONT=&quot]service[/FONT]

KBC apparently "don't issue surrender documents", however they will accept a short letter outlining you wish to surrender the property and you accept liability on the shortfall and you understand your position legally etc. Then it needs clearance from their legal department which takes several weeks, surprise surprise!

This is the same as the ICS one below - Brendan


To:
Bank of Ireland Mortgage Bank, having its registered office at New Century House, Mayor
Street Lower, I.F.S.C., Dublin 1.

RETURN OF KEYS MEMORANDUM,
ACKNOWLEDGEMENT, AGREEMENT AND CONSENT

Re:Mortgage Loan Account Number(s): , (the "Loan")
Borrower:
Property: ("the Property")
Dear Sirs,
I confirm, acknowledge and agree as follows:

1. I mortgaged the Property to secure all amounts owed to the Lender under mortgage
loan account number: (the "Mortgage Loan").

2. I am not in a-position to make the Cagreed repayments on 'the 'Loan' when 'they are due
and as a result the Lender has demanded, or is entitled and about to demand, full
repayment of all amounts due on the Loan.

3. I am now offering to give up possession of the Property to the Lender to allow the
Lender to recover some or all of the Loan either by selling the Property as Mortgagee
in possession or by any other method allowed under Law or under the Lender's
security documents.

4. I have delivered the keys of the Property to you, the Lender, to allow you (or any
Receiver or agent appointed by you for that purpose) to take clear vacant possession
of the Property with a view to selling the Property as Mortgagee in possession (or by
any such Receiver) or otherwise as provided by law or the Lender's security, if the
Lender so elects, at any time.

5. Until you (or any such Receiver or agent appointed by you us
physically take possession of the Property in possession and I continue to be
responsible for the maintenance and repair of the Property and liable for any
damage to it

6. Once you (or any such Receiver or agent appointed by you) use the keys to take
possession of the Property I will not approach or attempt to enter the Property without
the prior consent of the Lender (or any such Receiver) and even with your consent
I will only enter the Property by appointment and under the supervision of an agent of
the Lender (or of any Receiver appointed by you).

7. If, having taken possession of the Property, the Lender (or any Receiver appointed by you) is selling the Property in accordance with its rights and entitlements in that regard under the Law and the Lender's security documents, and all aspects of the sale(including but not limited to timing, choice of agents, method of sale and price) will beat the Lender's sole discretion and I will have no input nor will I be entitled to any details about the sale as matters proceed until after the sale has been completed. After the sale is completed, the Lender will give me written details of the sale and of how the sale proceeds were used in line with the Lender's Legal entitlements.

8. After any sale of the Property has completed and the Lender has used the purchase
monies in line with the Legal priorities:
If there is a surplus left over (after all costs and expenses of sale and of any
Receiver, and all monies due to you, the Lender, as secured by my mortgage
loan, as well as all subsequent debts registered against the Property (if any)
have been paid), that surplus will be held by the Lender as trustee for me and
shall be released to me on my written instructions (and, where there is more
than one borrower on my mortgage loan, on the written instructions of all the
borrowers) or on foot of an Order of a competent Court.
If the net sale proceeds are not enough so that, after clearing the costs
and expenses of sale ( and of any Receiver) there is not enough to clear my
Mortgage Loan, then I acknowledge that the unpaid balance of those debts
will remain due and immediately payable by me ( and where there is more
than one borrower on my mortgage loan jointly and severally by all borrowers
on the mortgage loan) to the Lender with on going interest in line with the
terms and conditions of my mortgage loan offer letter until it is all paid in full.
(highlighted by Brendan )

9. I confirm thaf-I have rem6v~edall personal "belongings, property, chattels, fittings,
furniture and effects belonging to me or anyone else from the Property. I confirm that
anything left in the Property:
- is or was mine and mine alone
- and has no value
I once and for all give up and abandon any and all claims to such (if any) items that
now remain in the Property and I also unconditionally and irrevocably appoint the
Lender (or any such Receiver) as the my agent, but at my cost and risk, to dispose of
those items in such manner as the Lender (or any such Receiver) may, at its sole
discretion, think fit. I also agree that all costs (if any) of or related to that disposal will
be included in the costs and expenses of the sale.

10. I confirm that there are no circumstances, disputes with neighbours or others,
proceedings, rights, easements, privileges or matters affecting the Property other than
those (if any) evident from the Title to the Property or those I have listed in the First
Schedule to this Memorandum.

11. I shall promptly answer all questions or enquiries (if any) concerning the Property or
the sale of it that the Lender, or your solicitors or agents, may ask me and I will give
any assistance, information, documentation or signatures that may be required by you
without delay to facilitate the sale process. To that end, I set out in the Second
Schedule below my current contact details and undertake to keep you up-dated of any
changes in these details so that you will be able to contact me at all times.

12. I acknowledge and confirm that I have been advised by the Lender to take
independent legal advice before I sign and complete this Memorandum and before I.give up possession of the Property. I confirm that I have either taken that advice and I
am now following that advice or else that I have consciously made an informed
decision not to get any such advice.

13. "I", "me", "my" include a reference to each of us where more than one of us is named
As a borrower above and these expressions include a reference to us together where
the context admits or requires that.

14. This Confirmation binds me legally and is subject to Irish law.
To be signed by all borrowers.

Borrower 1
Borrower 2
Borrower 3

^^^^Surrender docs for BOI. OCR'd also so apologies if a few words went astray!

Hi Negotiator

That is great thanks.

Again there is nothing in any of these documents which is unreasonable.

There is nothing which increases the borrower's liability over their existing liability.

I can see no reason for advising anyone not to sign these forms.

Brendan

IBRC letter attached

Voluntary Sale and Voluntary Surrender Shortfall Debt FAQ

from IBRC

ICS Surrender document which is the same as the Bank of Ireland one above


[FONT=&quot]To: ICS Building [/FONT][FONT=&quot]Society, [/FONT][FONT=&quot]having its registered office at New Century House [/FONT][FONT=&quot]Mayor' Street Lower, [/FONT][FONT=&quot]I.F.S.C., Dublin 1. '[/FONT]




[FONT=&quot]RETURN OF KEYS MEMORANDUM, ACKNOWLEDGEMENT, AGREEMENT [/FONT][FONT=&quot]AND [/FONT][FONT=&quot]CONSENT[/FONT]






[FONT=&quot]
[/FONT]

[FONT=&quot]Dear [/FONT][FONT=&quot]Sirs[/FONT]

[FONT=&quot]I [/FONT][FONT=&quot]confirm, acknowledge and [/FONT][FONT=&quot]agree as [/FONT][FONT=&quot]follows:[/FONT]
[FONT=&quot]
[/FONT]

[FONT=&quot]
[/FONT]
[FONT=&quot]1. I [/FONT][FONT=&quot]mortgaged [/FONT][FONT=&quot]the Property to [/FONT][FONT=&quot]secure [/FONT][FONT=&quot]all amounts [/FONT][FONT=&quot]owed [/FONT][FONT=&quot]to the Lender [/FONT][FONT=&quot]under[/FONT]
[FONT=&quot]mortgage [/FONT][FONT=&quot]loan account [/FONT][FONT=&quot]number: [/FONT][FONT=&quot],(the[/FONT]
[FONT=&quot]"Mortgage [/FONT][FONT=&quot]Loan"). \[/FONT]

[FONT=&quot]2. I am [/FONT][FONT=&quot]not in a position to make [/FONT][FONT=&quot]the agreed [/FONT][FONT=&quot]repayments on the Loan when they [/FONT][FONT=&quot]are [/FONT][FONT=&quot]due and as a result the [/FONT][FONT=&quot]Lender [/FONT][FONT=&quot]has demanded, or is entitled and about to [/FONT][FONT=&quot]demand, [/FONT][FONT=&quot]full repayment [/FONT][FONT=&quot]of all [/FONT][FONT=&quot]amounts due [/FONT][FONT=&quot]on [/FONT][FONT=&quot]the [/FONT][FONT=&quot]Loan.[/FONT]

[FONT=&quot]3. I am [/FONT][FONT=&quot]now offering [/FONT][FONT=&quot]to [/FONT][FONT=&quot]give up possession of [/FONT][FONT=&quot]the [/FONT][FONT=&quot]Property to the Lender to allow the Lender [/FONT][FONT=&quot]to [/FONT][FONT=&quot]recover [/FONT][FONT=&quot]some [/FONT][FONT=&quot]or all of [/FONT][FONT=&quot]the [/FONT][FONT=&quot]Loan either [/FONT][FONT=&quot]by [/FONT][FONT=&quot]selling the Property [/FONT][FONT=&quot]as Mortgagee in possession or by any other method allowed under Law or under the Lender's security documents.[/FONT]

[FONT=&quot]4. I have delivered the keys of the Property to you, the Lender, to allow you (or any Receiver or agent appointed by you [/FONT][FONT=&quot]for [/FONT][FONT=&quot]that [/FONT][FONT=&quot]purpose) [/FONT][FONT=&quot]to take clear vacant possession of the Property with ,a view to selling the Property as Mortgagee in possession (or by any such Receiver) or otherwise as provided by law the Lender's security, if the Lender [/FONT][FONT=&quot]so [/FONT][FONT=&quot]elects, at any [/FONT][FONT=&quot]time.[/FONT]

[FONT=&quot]5, Until [/FONT][FONT=&quot]you [/FONT][FONT=&quot](or any such Receiver or agent appointed by [/FONT][FONT=&quot]you) [/FONT][FONT=&quot]use the keys and physically take possession of the Property. I remain in possession and I continue to be responsible for the safety, maintenance and repalr of the Property and liable for any loss or damage to [/FONT][FONT=&quot]it.[/FONT]

[FONT=&quot]6. [/FONT][FONT=&quot]Once you (or any such Receiver or agent appointed [/FONT][FONT=&quot]by [/FONT][FONT=&quot]you) use the keys to take possession [/FONT][FONT=&quot]of [/FONT][FONT=&quot]the Property I will not [/FONT][FONT=&quot]approach [/FONT][FONT=&quot]or attempt to enter the Property without the prior consent of the Lender (or any such Receiver) and even with your consent I will only [/FONT][FONT=&quot]enter [/FONT][FONT=&quot]the Property [/FONT][FONT=&quot]by [/FONT][FONT=&quot]appointment and under the supervision of [/FONT][FONT=&quot]an [/FONT][FONT=&quot]agent of the [/FONT][FONT=&quot]Lender [/FONT][FONT=&quot](or of any Receiver appointed [/FONT][FONT=&quot]by [/FONT][FONT=&quot]you).[/FONT]

[FONT=&quot]7. If, having taken possession of the Property, the Lender (or any Receiver appointed[/FONT]
[FONT=&quot]By [/FONT][FONT=&quot]you) is selling the Property in accordance with its [/FONT][FONT=&quot]rights [/FONT][FONT=&quot]and entitlements in that[/FONT] [FONT=&quot]
[/FONT] [FONT=&quot]regard under the Law and [/FONT][FONT=&quot]the [/FONT][FONT=&quot]lender’s [/FONT][FONT=&quot]security documents, and all aspects [/FONT][FONT=&quot]of [/FONT][FONT=&quot]the sale (Including but not limited to timing, choice of agents, method of sale and price) wIll be at the Lenders sole discretion and I wilf have no input nor will I be entitled[/FONT]
[FONT=&quot]to any details [/FONT][FONT=&quot]about [/FONT][FONT=&quot]the sale as matters proceed until [/FONT][FONT=&quot]after [/FONT][FONT=&quot]the [/FONT][FONT=&quot]sale [/FONT][FONT=&quot]has been[/FONT]
[FONT=&quot]completed. After the sale is completed, the Lender [/FONT][FONT=&quot]will [/FONT][FONT=&quot]give me written details of the sale and [/FONT][FONT=&quot]how [/FONT][FONT=&quot]the sale proceeds were used in line with the Lender's Legal entitlements.[/FONT]

[FONT=&quot]8. After any sale of the Property has completed and the Lender has used the purchase monies in line with the Legal priorities:[/FONT]

[FONT=&quot]If there is a surplus left over (after all costs and expenses of sale and of any Receiver, and all monies due to you, the Lender, as secured [/FONT][FONT=&quot]by [/FONT][FONT=&quot]my mortgage loan, [/FONT][FONT=&quot]as [/FONT][FONT=&quot]well [/FONT][FONT=&quot]as [/FONT][FONT=&quot]all subsequent debts registered against the Property (if any) have been paid), that surplus [/FONT][FONT=&quot]will [/FONT][FONT=&quot]be held [/FONT][FONT=&quot]by [/FONT][FONT=&quot]the Lender as trustee for me and shall be released to me on [/FONT][FONT=&quot]my [/FONT][FONT=&quot]written instructions (and, where there is more than one borrower on my mortgage loan, on the written instructions of all the borrowers) or on foot of an Order of a competent Court.[/FONT]

[FONT=&quot]If [/FONT][FONT=&quot]the net sale proceeds are not enough so that, after clearing the costs and expenses of sale ( and of any Receiver) there is not enough to clear my Mortgage Loan, then I acknowledge that the unpaid balance of those debts will remain due and immediately payable by me ( and where there is more than one borrower on my [/FONT][FONT=&quot]mortgage [/FONT][FONT=&quot]loan jointly and severally [/FONT][FONT=&quot]by [/FONT][FONT=&quot]all borrowers on the mortgage loan) to the Lender with ongoing Interest in line with the terms and conditions of [/FONT][FONT=&quot]my [/FONT][FONT=&quot]mortgage loan offer letter until it is all paid in full.[/FONT]

[FONT=&quot]9. I confirm that I have removed all personal belongings, property, chattels, fittings, furniture and effects belonging to me or anyone else from the Property. I confirm that anything left [/FONT][FONT=&quot]in [/FONT][FONT=&quot]the Property:[/FONT]
[FONT=&quot]- Is or was mine and mine alone[/FONT]
[FONT=&quot]- and has no value[/FONT]
[FONT=&quot]I once and for all give up and abandon any and all claims to such (if any).items that now remain in the Property and I also unconditionally and irrevocably appoint the Lender (or any such Receiver) as the my agent, but at my cost and risk, to dispose of those items In such manner as the Lender (or [/FONT][FONT=&quot]any [/FONT][FONT=&quot]such Receiver) may, at its[/FONT]
[FONT=&quot]sole discretion, think fit. I also agree that all costs [/FONT][FONT=&quot](if [/FONT][FONT=&quot]any) of or related to that disposal [/FONT][FONT=&quot]will [/FONT][FONT=&quot]be included [/FONT][FONT=&quot]in [/FONT][FONT=&quot]the costs and expenses of the sale.[/FONT]

[FONT=&quot]10, I confirm that there are no circumstances, disputes with neighbours or others, proceedings, rights, easements, privileges or matters affecting the Property other than those [/FONT][FONT=&quot](if [/FONT][FONT=&quot]any) evident from the Title to the property or those I have listed in the First Schedule to this Memorandum.[/FONT]

[FONT=&quot]11; I shall promptly answer all questions or enquiries (if any) concerning the Property or the sale of it that the Lender, or your solicitors or agents, may asK me and I will give any assistance, information, documentation or signatures that may be[/FONT]
[FONT=&quot]required by you without delay to facilitate the sale process. To that end, I set out in the Second schedule below [/FONT][FONT=&quot]my [/FONT][FONT=&quot]current contact details and undertake to keep you up-dated of any changes in these details so that you [/FONT][FONT=&quot]will [/FONT][FONT=&quot]be able to contact me at[/FONT]
[FONT=&quot]all times.[/FONT]

[FONT=&quot]12. I acknowledge and confirm that I have been advised [/FONT][FONT=&quot]by [/FONT][FONT=&quot]the Lender to take independent legal advice before I sign and complete this Memorandum and before I give up possession of the Property. I confirm that I have either taken that advice and I am now following that advice or else that I have consciously made an [/FONT][FONT=&quot]informed decision not to get any [/FONT][FONT=&quot]such advice.[/FONT]

[FONT=&quot]13. "I", [/FONT][FONT=&quot]"me", limy" [/FONT][FONT=&quot]include [/FONT][FONT=&quot]a [/FONT][FONT=&quot]reference to each of us where more than one of us Is named as a borrower above and these expressions include a reference to us together where the [/FONT][FONT=&quot]context [/FONT][FONT=&quot]admits or requires that.[/FONT][FONT=&quot]

14. This [/FONT][FONT=&quot]Confirmation binds me legally and is [/FONT][FONT=&quot]subject [/FONT][FONT=&quot]to [/FONT][FONT=&quot]Irish law.[/FONT]

Interesting wording on an EBS letter

"We regard your mortgage as unsustainable...

Options:

Trading Down

Voluntary Sale
You will be liable for any outstanding balance after the sale has completed, however we will work with you to agree and appropriate arrangement in respect of your outstanding balance, if applicable, to enable you to plan for the future. This may include a full and final settlement in respect of the balance."

With regard to the highlighted part of the BOI surrender documents - I am a litte confused here. On the one hand, it says that "the unpaid balance of those debts
will remain due and immediately payable by me". To me, "immediately" means payment of the full unpaid amount on the spot.

On the other hand, "with on going interest in line with the terms and conditions of my mortgage loan offer letter until it is all paid in full" seems to say that the interest rate (e.g. tracker) stays in place and the duration of the repayment (e.g. 25 years) is also unaffected.

Am I the only one who finds the wording contradictory?

Good question. For simplicity I have reproduced it in its entirety

If the net sale proceeds are ... not enough to clear my Mortgage Loan, then I acknowledge that the unpaid balance of those debts will remain due and immediately payable by me ... to the Lender with on going interest in line with the terms and conditions of my mortgage loan offer letter until it is all paid in full.

Click to expand...

"on going interest in line with the terms and conditions of my mortgage loan offer" means that the interest will be charged as set out in the mortgage loan offer. It does not mean that the other terms and conditions continue to apply e.g. the term.

As this wording does not entitle the borrower to repay the shortfall over the remaining term of the mortgage, they should not sign it.

Anyway, it is my view that a borrower probably should not voluntarily sell a property until the lender agrees to do a deal on the shortfall. Bank of Ireland insists that it will pursue the shortfall, whether you voluntarily sell the property or not. So I don't see any advantage in voluntarily selling the property.

We voluntarily surrendered property to Bank of Ireland and cooperated fully in the sales process to achieve the best price. They are looking for us to sign a form surrendering our tracker rate on the shortfall and requiring us to pay full capital and interest on this amount. The new repayment is a BTV rate discounted (our tracker plus 1%) but the bank retain the right to move this rate up at their discretion!!! Our repayment now having sold the property is more expensive than full capital and interest repayments less rent.

Gato said:

We voluntarily surrendered property to Bank of Ireland and cooperated fully in the sales process to achieve the best price. They are looking for us to sign a form surrendering our tracker rate on the shortfall and requiring us to pay full capital and interest on this amount. The new repayment is a BTV rate discounted (our tracker plus 1%) but the bank retain the right to move this rate up at their discretion!!! Our repayment now having sold the property is more expensive than full capital and interest repayments less rent.

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This quite brilliantly highlights all the problems that exist with voluntary surrender and no deal on the shortfall. The agreements above basically mean you repay in full the debt owed to the bank. While this is morally correct it is less than ideal from a borrower perspective.

I would advise you never surrender the tracker rate. No response might be best in this case.

Unfortunately it's either accept their conditions or face judgement.