UK Property Law
Get UK Property Law Questions Answered by Experts
Thanks for your question.
If the lender takes possession of the property, sells it and there is still monies outstanding (ie. because of the negative equity and the addition of their fees for taking possession and selling) then depending on the amount owed the lender will take action here in the UK.
They would have to issue a claim here in a UK court and obtain judgement on the debt. They would then seek to enforce that judgement against your assets here. Generally it is better to have a policy of engagement on these matters and you should not just bury your head in the sand. Get in contact with the lender and ask to be kept up to date on the process with respect to the sale of the house.
If they issue here then you would receive notice of the claim, have to acknowledge the claim by stating whether the debt (or part of it) is admitted or whether you intend to defend the claim. At this point you should take legal advice from a UK litigation solicitor, you can find them in your area by using the following Law Society searches engine and selecting "civil litigation" from the area of law drop down menu:-
If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions. Kind regards,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).