I've been a spectator for a while but not posted previously. I've been stuck in a deteriorating situation for a while now with a leaseback that I was missold in 2008.
With a third (and very significant, long term) rent drop proposed by the management company, I am at the point of walking away. I have not signed the papers to agree to the latest rent reduction.
Many co-owners feel that they will do so, as any income is better than no income. As the reduced rent is already below the mortgage interest payments, and the value of the property is significantly below what it was sold to us for (which seems to be sadly a familiar story) I don't feel this is a viable option.
I have seen many people saying they handed back their keys and some discussions about whether French banks will pursue in the UK and Ireland. There does not seem to be a definitive answer to this - does that mean nobody is at that point yet? This will obviously influence my decision - I am in the UK with no assets apart from my home, which has a small amount of equity.
My other question is - does anyone know, if I do sign the form and then am forced to hand the keys back (very likely given the state of my income post-COVID as I would need to subsidise the rent) would the fact that I signed to agree to the rent reduction prejudice any case I have?
I know there is a DGCCRF investigation ongoing and have already submitted a misselling complaint via the CMA.
Sorry for appearing with a complex question!