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Selling a property in negative equity

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  • 04-06-2013 11:16pm
    #1
    Peddles
    Registered Users Posts: 1 ✭


    Hi I am a naive idiot that foolishly bought a semi d fortunately in a good area in 2007. It is now in considerable negative equity, id estimate about 150K of negative equity! It was never intended to be a "buy to let" but my circumstances changed soon after I bought it, so it has been rented out for the past 5 years. I now rent and work in another part of the country.
    I am now married with 2 children and am finally secure enough in my job to consider buying where i live and I desperately want my own home and have no interest in an investment property and cannot afford it and a family home.
    I need advice on selling my "buy to let" property , transferring the negative equity to a new property and the pit falls I need to look out for .
    Unfortunately I do not have a tracker mortgage.


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    #2
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Get legal advice and then talk to the bank. The bank will be concerned that you will do a legger after the sale and thus block the sale of the house. Basically, you need to give a binding committment to pay the NE before the bank will consent.
    Good luck.


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Providing you can show how you propose to pay off the negative equity associated with the property once its sold (aka by taking out another loan for the difference) the bank will probably let you sell. You then have the issue of a debt of 150-200k to clear before they or anyone else will lend you a mortgage for a different property.

    First step is talk to them and find out the lay of the land.


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