Response to voluntary repossession - what's the legal position?

The information given on the website should give you a pretty clear indication of what is likely to happen. But basically, the lender will sell your house. They are supposed to sell it for the best possible price, however, that isn't always the case. When they do find you, they will chase you for the shortfall. You'll see from the information posted by others that the amounts claimed by lenders are somewhat dubious and you'll need to push them to show that they sold the house for the best price and the amount they want from you is justified. When this happens you may be able to negotiate paying a small amount in full and final settlement.

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