Your Repossession Rights
Finding yourself in a repossession situation can be both worrying and scary. But understanding your rights will help you make clearer, more informed decisions. We can help Stop your repossession for as little as £199.
The first stage involves your mortgage lender writing to you asking you to pay your arrears, or to arrange to repay them over a fixed period of time.
If you don’t respond, or are unable to offer an acceptable proposal, they will write again with their intention to take you to court (a Notice of Intended Prosecution) and can then apply to your local court for a possession order.
It is essential that you don’t ignore these letters. This is the time when you are most likely to come to an agreement with your lender to:
- Spread the cost of your arrears
- Agree extra time in which to sell your house
Remember, selling your house yourself will give you the best chance of getting the best price for your home.
Once your lender has contacted the court, the court will send you a summons. This will have a reply form and it’s essential you complete and return it. If you have already begun the process of selling your home, you must advise the court as they may be able to delay the repossession hearing.
The court repossession hearing is where you and your lender put your cases forwards. The judge listens to the evidence from both sides before making a decision:
- Strike-it-out – where there is no case to answer, for example, if you have sold your home and cleared your arrears, or you can prove you have an agreed sale that will clear the outstanding debt and arrears
- Adjourn – this will delay the case for about 4 weeks, so if you have committed to selling your house, it gives you an opportunity to do so
- Suspend possession order – this is issued if you have agreed a repayment programme with your mortgage company. However, if you don’t keep to the agreed schedule the lender can obtain a bailiffs warrant and evict you without a further court hearing
- Possession order – the date for repossession is set (usually 28 or 56 days). If you have not left the property by this date, your lender can apply for a bailiffs warrant
Once evicted, your mortgage lender will sell your property, usually by auction, which means it’s unlike to fetch a reasonable price. Plus, if you owe more than your house sells for, you will still be liable for the sum outstanding.
That’s why it is so important to get the best possible price for your home.
Our promise to you
The threat of repossession is not only worrying and very stressful it can also affect your future.
Once your home is repossessed, you will have a County Court Judgement (CCJ) registered against your name, which will make it impossible for you to get finance or a mortgage in the future.
Therefore it is essential you take steps to prevent it from happening.
If you are facing repossession and have no way of paying your arrears, it’s a good idea to consider selling your home quickly.
The team at Sell or Yell will buy your property from you at a discounted price, helping you act quickly to stop your repossession.
Call us today on Freephone 0800 141 2275 or apply online and take action to get your life back on track.