Surrender documents due to arrive, do I still have to pay building insurance?

I received a call last Friday that my Voluntary Surrender documents are in the post and are due to arrive this week. This is regarding a buy to let property.

My question is, do I still have to pay the home insurance while the bank are trying to sell the property ? The policy is due to expire on the 19th June. Or do they take on this side of things once it's signed over to them?

Interesting question, you still own it so it's in your interest to have it insured, that is unless you're going bankrupt and don't care about anything financial.

The thing is once once I've handed it to them isn't it their property then? With all the taxes and insurances that go with it eg. Property tax , nppr and building insurance.

Once the papers arrive I'll give them a call. They were sent last Friday but no sign of them yet.

Regards going bankrupt I'm not sure what the future holds as yet. Our home is in about €100, 000 negative equity with the buy to let owing €170, 000. I can see a judgement mortgage coming first.

Did you ever receive the voluntary surrender forms? i was advised verbally that they want a volunatary sale some 4 months ago, documents never arrived

Yes, they arrived last week. I signed them today even though our solicitor advised against it. She said we were giving to much to the bank,as in power, for nothing in return.

mark71 said:

Yes, they arrived last week. I signed them today even though our solicitor advised against it. She said we were giving to much to the bank,as in power, for nothing in return.

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What did she think you should get in return?

Some sort of write off. It would have had to been huge to make any impact on the amount owed. The bank refused any notion of it anyhow.