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CAN ANYONE PLEASE HELP ME

CAN ANYONE PLEASE HELP ME

Old Jan 31st 2008, 5:09 pm
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Default CAN ANYONE PLEASE HELP ME

HELLO ALL FIRST MAY I SAY THAT ITS A PLEASURE TO CHAT TO YOU ALL IN HERE AND I KNOW THAT THERE ARE ALOT OF DESURVING QUESTIONS BUT PLEASE CAN SOMEONE ANSWER THIS QUESTION FOR ME THANK YOU.

THE QUESTION IS THIS;

I HAVE BEEN OFFERED A JOB IN NZ WITH A HOSPITAL IN THEATRES, DUE TO A NATIONAL SHORTAGE IN NZ. THE PROBLEM THAT I AM FACING IS THAT FOR 8 MONTHS MY HOUSE IN THE UK HAS BEEN UP FOR SALE, DISPITE REDUCING IT BY 15000 I AM STILL UNABLE TO SELL THIS.

THE ESTATE AGENTS HAVE SAID THAT THIS IS DUE TO THE CURRENT MARKET CHANGESIN THE UK.

I HAVE LOOKED INTO RENTING THIS IN THE DESPERATION TO TAKE UP POST IN NZ, BUT I WILL NOT GET ENOUGH RENT TO COVER THE MORTGAGE.

SO WHAT I NEED HELP ON IS THIS NZ ARE GETTING INPATIENT AND I WANT TO TAKE UP THE POSTION SO BADLY. I HAVE BEEN OFFERES A WORK PERMIT AND THAT I AM ABLE TO APLIY FOR PERM RESIDENCEY ONCE I AM OUT THERE. HOWEVER IF I HAD MY HOME BACK TO THE BANK THAT WILL MEAN THAT I WILL HAVE A NEGATIVE EQITY TO PAY WILL DEBIT EFFECT MY CHANCES OF GETTING PERMENENT RESIDENCY IN NZ ?

OR WORSE STILL SHOULD I INCCUR BANKRUPCY WILL THAT ALSO EFFECT PERM RESIDENCY?

THANK YOU SO MUCH AND SORRY THIS IS LONG WINDED I AM DESPERATE AS TO WHAT TO DO.
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Old Jan 31st 2008, 6:34 pm
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Smile Re: CAN ANYONE PLEASE HELP ME

Hi welcome to the forum, have you talked to the bank maybe see if they will let you take a payment holiday for 6 months to give the house chance to sell?

I didnt no you could hand the house back to the bank as such, but if you are left owing them money i imagine as long as you attempt to make repayments it wouldnt affect your chance at permanent residency.

Another option could be to switch to interest only mortgage while the house is up for sale it could reduce your payments so that letting it out could be an option.

Dont leave the country without trying to sort something out first as it could cause huge problems later on im sure the bank would try to trace you in NZ. The only plus is your credit record in the UK doesnt count in NZ you start a fresh.

Good luck, hope it works out for you.
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Old Jan 31st 2008, 7:08 pm
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Default Re: CAN ANYONE PLEASE HELP ME

THANK YOU FOR THAT THE HOUSE IS ALLREADY ON INTEREST ONLY BUT I STILL CANT GET RID OF IT ITS A SHAME AS I HAVE A 175 YEAR OLD COTTAGE THATS UP FOR SELL.

THATS GOOD NEWS ABOUT NZ AND FRESH START AND ALL ITS JUST THAT I INTEND TO PAY THEM BACK BUT THE NZ CURRENCY IS SO WEAK COMPARED TO THE UK MY STARTING SAIN NZ IS 37 THOUSAND THEN 61 THOUSAND AFTER 6 MONTHS IS THAT A GOOD INCOME IN NZ

REGARDS

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Old Jan 31st 2008, 7:35 pm
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Default Re: CAN ANYONE PLEASE HELP ME

It can't just be because of the changing market in the UK. It sounds to me a little bit like the Estate Agent not working for you. There might be cosmetic reasons why people don't want to buy your house, there could be all sort's of reasons. Firstly I would get your estate agents back in and ask them directly, what it's going to take to shift your house. If they can't come up with anything better than it's the state of the market then ditch them and Get someone else in.
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Old Jan 31st 2008, 7:39 pm
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Default Re: CAN ANYONE PLEASE HELP ME

THANKS BUT I HAVE HAD TWO ESTATE AGENTS ITS JUST THAT THE HOUSE MARKET IS QUITE BAD IN THE UK AT THE MO AND THAT MY COTTAGE IS NEAR A MAIN ROAD.

I HAVE HAD IT ON THE MARKET WITH TWO ESTATE AGENTS NO VIEWS YET.

ITS CLEAN MODERN AND WELL LOOKED AFTER BUT PEOPLE IN THE KENT AREA ARE JUST NOT BUYING WHAT CAN I DO AS I AM GETTING VERY DESPERATE TO BE IN NZ
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Old Jan 31st 2008, 7:41 pm
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Default Re: CAN ANYONE PLEASE HELP ME

$37 000 not a great salary especially if paying debt in the uk, $60 000 plus is probally above average but it depends on where you will be living, if you have a familly to support and the kind of lifestyle you lead. Rents are between $300-400 per week for 2/3 bedroom but again depends on where you are living.

We have a property we wanted to sell but because we are tied in to a fixed rate the penalty is 4% of the mortgage which means we would owe the bank lots of money as the value of the property hasnt increased since we bought it. So we will struggle initially but renting it out helps reduce the mortgage by half, and we will sell it in 18 months fingers crossed!!

If you dont mind me asking why is the salary so low to start with?
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Old Jan 31st 2008, 7:47 pm
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Default Re: CAN ANYONE PLEASE HELP ME

MY SALARY IS LOW AS THE NZ STATE REGISTRATION WONT LET ME REGISTER WITH THEM TILL SEPTEMBER AS THEY NEED TWO YEARS POST REG AND I GRADUATED IN NOV 2006 SO THE HOSPITAL HAVE SAID THAT THEY WILL PAT THE 37 UNTILL I GET STATE REGISTERED IN SEPT I KNOW ITS SUCS BUT WHAT CAN I DO.

IF YOU ARE WONDERING WHY I AM SO DESPERATE WELL LET ME TELL YOU MY FIANCEE IS AMERICAN AND SHE WORKS AS A NURSE I CAN WORK IN THE US AS THEY DONT REGOGNISE THE UK QUALIFICATIONS EVEN THOUGH ITS FROM UNIVERSITY. SO THE ONLY OPTION THAT WE CAN BE A FAMILY IS NZ AS I HAVE A DOUGHTER WITH HER AND SHE IS 7.

I LIVE IN THE UK SHE LIVES IN USA SO I HOPE YOU CAN SEE WHY I AM SO DESPERATE TO BE IN NZ ITS TEARING ME APART HERE BEING AWAY FROM MY FAMILY
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Old Jan 31st 2008, 7:49 pm
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Smile Re: CAN ANYONE PLEASE HELP ME

Originally Posted by PRACTITIONER31 View Post
HELLO ALL FIRST MAY I SAY THAT ITS A PLEASURE TO CHAT TO YOU ALL IN HERE AND I KNOW THAT THERE ARE ALOT OF DESURVING QUESTIONS BUT PLEASE CAN SOMEONE ANSWER THIS QUESTION FOR ME THANK YOU.

THE QUESTION IS THIS;

I HAVE BEEN OFFERED A JOB IN NZ WITH A HOSPITAL IN THEATRES, DUE TO A NATIONAL SHORTAGE IN NZ. THE PROBLEM THAT I AM FACING IS THAT FOR 8 MONTHS MY HOUSE IN THE UK HAS BEEN UP FOR SALE, DISPITE REDUCING IT BY 15000 I AM STILL UNABLE TO SELL THIS.

THE ESTATE AGENTS HAVE SAID THAT THIS IS DUE TO THE CURRENT MARKET CHANGESIN THE UK.

I HAVE LOOKED INTO RENTING THIS IN THE DESPERATION TO TAKE UP POST IN NZ, BUT I WILL NOT GET ENOUGH RENT TO COVER THE MORTGAGE.

SO WHAT I NEED HELP ON IS THIS NZ ARE GETTING INPATIENT AND I WANT TO TAKE UP THE POSTION SO BADLY. I HAVE BEEN OFFERES A WORK PERMIT AND THAT I AM ABLE TO APLIY FOR PERM RESIDENCEY ONCE I AM OUT THERE. HOWEVER IF I HAD MY HOME BACK TO THE BANK THAT WILL MEAN THAT I WILL HAVE A NEGATIVE EQITY TO PAY WILL DEBIT EFFECT MY CHANCES OF GETTING PERMENENT RESIDENCY IN NZ ?

OR WORSE STILL SHOULD I INCCUR BANKRUPCY WILL THAT ALSO EFFECT PERM RESIDENCY?

THANK YOU SO MUCH AND SORRY THIS IS LONG WINDED I AM DESPERATE AS TO WHAT TO DO.
If you do find that you can manage by renting it out give someone Power of Attorney before you leave so that there are no problems when you do sell. I had P O A for my daughter and her husbands sister was his. It cost about £100 to do this.

p.s. I hope you don't mind me saying but when you write in upper case it means you are shouting (are you)

Last edited by Margaret Parkinson; Jan 31st 2008 at 7:51 pm.
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Old Jan 31st 2008, 7:51 pm
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Default Re: CAN ANYONE PLEASE HELP ME

GOOD IDEA MARG BUT I WONT BE ABLE TO AFFORD THE EXCESS OR MORTGAGE IN NZ UNLESS I GET RID OF THE HOUSE. EVEN IF I AM ONLY TO PAY 200 POUNDS A MONTH THATS NEARLY $700 IS NZ DOLLERS
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Old Jan 31st 2008, 8:04 pm
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Default Re: CAN ANYONE PLEASE HELP ME

It sounds like a difficult situation, will your fiance work? maybe with both salaries you could manage your mortgage repayments. Ultimately if you tell the bank you are leaving and selling the house they will want to get their money back they might let you make smaller payments until it sells as its better than getting nothing from you.

Where are you looking at living in NZ?
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Old Jan 31st 2008, 8:09 pm
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Default Re: CAN ANYONE PLEASE HELP ME

Is it likely you now have negative equity in your house?
You owe more to the bank than the house is worth?

Not sure what will happen with housing in the UK, but a report I read yesterday said up to one million houses in the UK could to be forfeited by owners.

The situation in the US is that people are "just walking away" giving the banks "jingle mail" i.e. keys!

http://globaleconomicanalysis.blogsp...king-away.html

I would negotiate a deal with the bank, say you can't sell and you are leaving the country.

See what the bank say to that. Suggest to them auctioning the house while you are still living there.
Better that than an empty house and vandalism.

I think your financial situation can only get worse as the property market declines.

Just another perspective

Kip
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Old Jan 31st 2008, 8:23 pm
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Default Re: CAN ANYONE PLEASE HELP ME

Originally Posted by PRACTITIONER31 View Post
GOOD IDEA MARG BUT I WONT BE ABLE TO AFFORD THE EXCESS OR MORTGAGE IN NZ UNLESS I GET RID OF THE HOUSE. EVEN IF I AM ONLY TO PAY 200 POUNDS A MONTH THATS NEARLY $700 IS NZ DOLLERS
200 pounds is more like $500.
I hope you get something sorted out, why cant your partner and daughter live in UK with you?
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Old Jan 31st 2008, 8:24 pm
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Default Re: CAN ANYONE PLEASE HELP ME

Originally Posted by Kippers View Post
Is it likely you now have negative equity in your house?
You owe more to the bank than the house is worth?

Not sure what will happen with housing in the UK, but a report I read yesterday said up to one million houses in the UK could to be forfeited by owners.

The situation in the US is that people are "just walking away" giving the banks "jingle mail" i.e. keys!

http://globaleconomicanalysis.blogsp...king-away.html

I would negotiate a deal with the bank, say you can't sell and you are leaving the country.

See what the bank say to that. Suggest to them auctioning the house while you are still living there.
Better that than an empty house and vandalism.

I think your financial situation can only get worse as the property market declines.

Just another perspective

Kip
Is it possible to just hand the house back? It would certainly help me out!!!
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Old Jan 31st 2008, 8:47 pm
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Default Re: CAN ANYONE PLEASE HELP ME

WE CAN JUST HAD THE HOUSE BACK TO THE BANK THEY WILL SELL IT AT THE AUCTION AND ANY MONEY LEFT OVER THEY WILL WANT TO BE PAID.

I HAVE NEGATIVE EQUITY DUE TO THE HOUSE SLUMP AND I AM CONCERNED THAT IF I OPT TO HAND IT BACK I WILL BE LEFT TO PAY 25 THOUSAND POUNDS NEGATIVE EQUITY SO I AM CONCERNED THAT THAT WILL EFFECT MY PERM RESIDENCE APPLICATION WHEN I AM OVER THERE WILL IT?
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Old Jan 31st 2008, 8:51 pm
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Default Re: CAN ANYONE PLEASE HELP ME

IN RELATION TO MY PARTNER LIVING WITH ME IN THE UK THATS A PROBLEM AS UK BELIEVE IT OR NOT WONT LET HER BE A NURSE WITHOUT A LOT OF EXPENSE ON OUR PART AND THE IMMIGRATION FOR HER IS A NIGHT MERE I GUESS SHE IS THE WRONG NATIONALITY FOR THE UK
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