Stop Home Repossession

Facing home repossession? Don’t panic. 

The strong possibility of your home being repossessed can be a scary occurence. If you find yourself in this unfortunate situation, there is no need to panic. There are numerous ways to avoid this and to move on with your lives quickly. Repossession can be a confusing process; however, it is very common amongst the property market. At Fast Sale Now, we can offer you a practical solution to repossession as well as a friendly, empathetic voice during a difficult time. Get In Touch Now!

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What is Repossession?

When taking out a mortgage on your home, the mortgage lender has an ownership over the property until the entire mortgage is paid off. Missing your mortgage payments consistently can result in your lender to rightfully reclaim the property from you in lieu of your debt. This is know as repossession.

Repossession is common and there are many different reasons why this may happen. These include financial difficulties, health problems, and general life hardships. Repossession is generally the very last resort taken by your lender, which generally happens after you have missed several monthly payments. If repossession occurs, the mortgage lender will have the right to reclaim the property to recover its outstanding costs in the mortgage, alongside any legal costs incurred during the process.

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The Repossession Process:

1. Missed payments

In The United Kingdom, repossession occurs most frequently due to missed mortgage payments. Upon missing any mortgage payment, your lender will usually notify you via letter. If this does happen you will have payment options that you will need to discuss with the lender, resulting in a potential arrangement to help you manage your finances.

If you find yourself in the predicament that your lender is not willing to come to an arrangement, and you subsequently miss a second or third mortgage payment – your lender will most likely contact you to take legal court action.

2. Solicitor’s notice

Should your lender decide to take legal action, you will be contacted via post by the lenders legal representatives. They will inform you any decision to apply for a court order related to the repossession of any said property. If you receive a such notice, then you are legally required to respond via a defence form, which gives you the opportunity to comment on the mortgage lenders notice of intention.

At any hearing, a court judge will rule whether the home is due to be repossessed or not. Judges are required to consider your comments on the provided defence form, prior to any final decision.

 

3. Repossession hearing

At any repossession hearing, a judge will gather evidence on your finances to determine whether you will be able to repay an adequate amount towards the mortgage. If a repossession is granted to the lender, you will usually get approximately 28-days to leave the property. Unfortunately, lenders may also add any court fees to your overall debt.

 

4. Eviction notice

Any evicted party will usually be granted sufficient access to their home prior to removing any final belongings. After the notice date has passed, you are legally required to leave the property. Should you refuse, then bailiffs are usually sent to remove any such property from the property. A legal written warning to follow is also very common.

 

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