Surrendered BTL property but has not yet been sold by bank

Peony123 said:
if the tenancy at the time of the surrender was registered and then a new tenancy/tenancies came into place after the surrender, would there be multiple results showing?

The search is actually returning two results but one of them has a slight typo in the property address IE one says Green Hills Road whereas the other says Green Hill Road (fictional address for the sake of the example)

My co-borrower managed the tenancy / letting side of things so I’ll need to ask them if they can remember if they registered the tenancy.
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Sorry but this just screams to me that your "co-borrower" has been pocketing the rent for the last decade! Why only mention a co-borrower now?
 
Is the co-borrower not part of the we on post 1? I would think it straightforward to ask for statements for the last 10 years and you will see straight away if the rent is reducing the mortgage.

Maybe it is the way you are saying this but do you owe €310K capital plus €150K arrears? €460K total. So if you sell the house for €310K you are going to negotiate on the arrears?

I think now that you are engaging with the agent it should be straightforward to ask permission to sell and do it yourself. But I would not ask that permission until you are fully clear on what the full liability is, if the rent is not being used currently to pay the mortgage, get that sorted first. The only downside in engaging now is if you have say €200K in asserts and you get zero write down of the arrears. You probably have a figure in mind that you would like to pay?
 
Co-borrower is absolutely not pocketing the rent and yes they form part of the “we” in the original post. They are not my spouse which is why I have referred to them as a co-borrower.

The total value of the original mortgage loan was circa €310k of which we have missed approx €150k’s worth of repayments, so the €150k represents the arrears figure.

Correct me if I’m wrong but you don’t add the amount of arrears to the total value of the original loan, otherwise you’re double counting a portion of the original loan. Your arrears simply refer to scheduled payments that you have missed and don’t change the overall amount due in respect of the original loan (apart from the addition of the interest being charged on the arrears). So in this scenario we have missed payments to the value of approx €150k.
 
Hi Peony

Your understanding of arrears is correct.

If your mortgage balance was €200k and the interest rate was 5% and you paid nothing for 10 years, then you owe €325k today.

If they tell you that your arrears are €150k, this is simply a memorandum figure. If you pay them €150k, you will reduce the balance to €175k , which is the balance it would have been had you made all your payments on time.

If you clear your arrears and the property is in positive equity, you are free to do what you want with the property. Keep it or sell it.

Brendan
 
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