# uk assets



## geordie12 (May 5, 2012)

hello
im new to the forum and would like your advise
we bought an apartment a few years ago and our mortgage repayment is about to treble! we can no longer afford to keep the property and its now in negative equity so cannot be sold in this current climate. We have been advised by an accountant to walk away which i would be glad to do as my partner is in ill health and has to take early retirement.Our other option is to negotiate with the lender which we dont want to do as it is only prolonging the inevitable
my question is, if we were to "walk away" wouuld the Portuguese lender have any claim to our uk assets? our accountant says no
please share your thoughts, ill be taking advice (legal) at a later stage
thankyou


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## silvers (Sep 22, 2008)

Where is the apartment located?


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## canoeman (Mar 3, 2011)

It's impossible to answer without knowing T&C's of your mortgage and to what and who mortgage was loaned against.

I'd take good legal advice from the outset, independent from any original solicitor/lawyer or anyone involved in mortgage. 

I'd also want to know why the mortgage is set to triple.


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## geordie12 (May 5, 2012)

interest only mortgage and now on to repayment after 5 years,Will be taking legal advice but would like a few thoughts by yourselves


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## wink (Aug 23, 2011)

Last week in The Algarve Daily News, was a report that the court in Portalegre decided that the return of a property to the bank, is sufficent payment to cover the entire loan. The fact that the bank, having repossesed the property, then pursued the owner for the balance of the loan was regarded as "unjust enrichment". No doubt the banks will appeal the decision but there does seem to be some light at the end of the tunnel for people in your predicament.


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