How to disown a property?

[Eatcabbage]

Due to ongoing problems with a neighbour that are making things unbearable, in order to be free of this and move on with my life, I need to disown my house.
Please could I have some advice on how to do this.
There is a mortgage on the property still, of about 1/4 of its value.
The neighbour has made it impossible for the house to be sold.
I do not want to pass on the house and the associated problems to anyone I know, it would not be fair on them.
Due to the mortgage, which I cannot afford to pay off, I don’t believe that I can gift the house to anyone, for example a charity, or a family in need.
If I default on the mortgage, I believe that the house may be repossessed by the provider, but I assume there would be other consequences.
I would be grateful for any advice.

What have you tried to improve things with the neighbour?

Can’t you sell it for enough to clear the mortgage? Or would you have to declare issues with the neighbour?

Lender sells the house and sues you for any shortfall I believe.

Part exchange on a new build?
Webuyanyhouse.com?

Part exchange
Give the keys back to the mortgage lender but only if you don’t need a future mortgage
They sell and reclaim their share you get the rest
Sell it to developers - they won’t care about neighbors
Auction it - ask local auction house to value the property - builders love a bargain

With the auction you can set a min sale price so you can still make a profit

I'd go down the auction route tbh and just get rid.

If the bank default on it you will, screw your credit history for at least 6 years.

What about selling it to one of those house companies- we buy any house type thing?

Auction.

Blimey the neighbour must be hell on earth to warrant you resorting to such drastic action, so sorry OP.

What’s stopping you selling the property and ‘declaring’ the difficult neighbour? Or have you tried this? Hope you’re not being pushed into this...

No one can be this altruistic they would give away so much money

Sell it to we buy any house, send it to auction, rent it out.

Can you articulate thr issues you have faced?

Why can't you sell it? If you stop paying the mortgage the bank will repossess it and repay the mortgage and you will receive any surplus monies left over. If you really can't sell it then the bank will and as they are obliged to get the best price for the property then you will receive the extra funds if the mortgage is only a quarter of the house value.

I would post this on Money Saving Expert. There will be someone there who will advise you.

If the mortgage company sell the house for the amount of the mortgage owing- or more- my understanding is that they have nothing to pursue you for. You need to find out how much the house would fetch at auction.

Sell the house at auction with a very low reserve price, fully disclosing the neighbour problems in the legal pack.

@Movinghouseatlast

I would post this on Money Saving Expert. There will be someone there who will advise you.

If the mortgage company sell the house for the amount of the mortgage owing- or more- my understanding is that they have nothing to pursue you for. You need to find out how much the house would fetch at auction.

She doesn’t need to go to money saving expert. She can sell her house immediately if she chooses to do so, either from a we buy any house company or at auction. Thr mortgage is only a quarter of its value.

I'm intrigued to know what the neighbours have done to make you consider just giving your house away.

Def try we buy any house or an auction, we buy likely to be fair bit less than its value but should be enough to pay off the remainder of mortgage and be free of it.
How bad is the neighbour that it’s pushed you to this?

Wtf are the neighbours doing?!

Sell it for the outstanding mortgage amount. If you give it back to the bank there’s a risk that they’ll sell it for less than you owe and pursue you for the shortfall.

I part exchanged on a new build when our neighbours stopped us selling out house.

The house we were selling was also a new build that we hadn't lived in that long. It had interesting consequences as the builder then sold it on for thirty thousand less than we had bought it for months earlier. Being the first house sold on the street it set the bar for the prices and when the neighbours sold after their inevitable divorce they had to sell for much less than they paid for it.

Placemarking because I'm nosey.

What kind of neighbour are you dealing with??

Sell it for cheap, there will be someone out there who will buy it for cheap - landlords or developers for instance.

Yes I agree I'd sell it for below market value explaining why. (Why?!)

It must be bad for you to be thinking this, but you don't need to go down the traditional sale route to move away.

Contact your local authority. If it's an area with a lack of social housing and lots of families waiting for social housing the council may be interested in buying it from you (below market value, probably).

I know where I lived in London the local authority would purchase cheap family housing, if they could get their hands on it.