Case study Investment Property - Voluntary Surrender

Allison1707 said:

You have mentioned that your home is not fit to live in esp. with small children and the winter coming

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You are mixing her up with someone else thats started posting in the middle(SMILE)

Wooopsi sorry about that... brain needs choclate....

Not personally ,I have close friends who have gone through it, and some who are going through it. Sometimes you can't see the wood for the trees. some wished they didn't waste the last 4 years trying to save something really not worth saving
I suppose it really comes down to a judgment call,
If you think you can keep going and want to try keep going by all means do, its your life .
IMO there are to many variables , job security,future higher taxes ,vacant properties, illness, economy, Euro,
Your insurance advisor is a vested interest , he looses out if all insurance policies and life policies are cancelled on these properties
If you worry about what you will leave your kids you could take out a good life policy to give them a lump sum on either Death .

Allison1707 said:

Wooopsi sorry about that... brain needs choclate....

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You can edit your post if you want

looking2011 said:

I work for a large insurance company and all policies stop abruptly age 70, regardess of what the policy is for. This is why one can't get a mortgage that exceeds this age, as life insurance ends at 70...if you haven't died before that age, then tough, you get nothing paid out by the insurance.

emma90, please ensure you read again the fine print on these insurance policies, I have never heard of life insurance exceeding age 70.

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Are you sure..?? I didn't read but was advised by the broker that no matter how long we end up living g..we are fully covered. I will check again with him. Thanks

Like I said before.. I would gladly give up the 3 properties if banks took them...but with all 3 in huge negative equity..I do not see this happening.

We are not professional landlords and it was never our intention to be so..long term...only 2-3 years and then to sell and live happily ever after with our kids ). We definitely lived in a different world !,

Alison..that is what I am trying to do. Get some reasonable way of paying back for the property that is causing us the most hassle.

Insurance policy is of course the last resort....that is what its there for. This was in response to people say I g to me...if I am planning to leave my debts to be paid back byy kids.

I know the situation is desperate...

looking2011 said:

I work for a large insurance company and all policies stop abruptly age 70, regardess of what the policy is for. This is why one can't get a mortgage that exceeds this age, as life insurance ends at 70...if you haven't died before that age, then tough, you get nothing paid out by the insurance.

emma90, please ensure you read again the fine print on these insurance policies, I have never heard of life insurance exceeding age 70.

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You work for an insurance company and you've never heard of a Whole of Life policy? Have a quick google - plenty available in Ireland.

That said, it doesn't seem like a great product for Emma - really expensive and with premiums generally renewable (increasing) over time. They are, I think, quite lucrative products for brokers.

can you take career break

Yes...but how would that help?

I think smurf means can you take a Career break so you can go to the UK.