Should I sign the Return of Keys Memorandum

S

steve119

Registered User
Messages
23
Hello,

We are moving abroad permanently in 4 weeks time and were unsuccessful in our attempts to work out an arrangement to sell our house (see my post history for any details.)

We have now received a "Return of Keys Memorandum" that outlines all the conditions of surrendering the house. It has the legal conditions section and then a Second Schedule that requires our address abroad.

I am not comfortable with giving the address, should we just sign the memorandum and not the schedule or nothing at all?

I have seen many posts on here (including my own) that advise to just send the keys in but none say to actually sign legal documents surrendering.

For those who don't read my previous posts, basically we tried very hard to do things the right way and the bank blanked us and forced us into this option.

Thanks,
Steve
 
Hi Steve

Why would you sign anything at all?

You have done your very best as you outlined in your Key Post You have acted responsibly at all times? Although you were going abroad, you had agreed to pay off the shortfall over a number of years and they wanted it paid over ten years.

Unless they are offering you something in exchange for signing the memorandum you should just ignore it.

Lenders may have to go to court to repossess a house even if it's abandoned, so if you are in a good mood, you might send them sort of letter to tell them that you have abandoned the house. But that letter should set out all the attempts you have made to sell the house and all the barriers they put in your way.

Or you can ask them to rewrite the memorandum to contain an acknowledgment of what they have done and an apology.

Or sign the memorandum and send it to them by Registered Post

Brendan
 
Hi Steve

Do not sign anything ,give no address ,leave the keys in to them.
It seems unreasonable for young couples to continue to pay a 450k mortgage for a property now worth maybe 180k and with interest rate increases from time to time, and which may take a year to sell.
The bank ,the central bank,and the government are really scared people will do this in large numbers, because there is really nothing they can do. Eamo
 

Hi Steve, I read through your other thread, unbelievable really. Just a quick question.

Did the bank actually say:

"it was against policy" to do any deal whatsoever.

Because if they did I would not sign any forms but rather draw up my own letter stating exactly that.

Dear Blah,

As you are aware I had a buyer for the property and had offered to repay the balance outstanding on the mortgage.

You refused to allow the sale to go ahead and refused my offer of repayment, I therefore have no alternative but to return the keys to you.

Regards

Steve!!
 
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