Repossessions

Being threatened with repossession can be a very scary prospect and it is important that you know what to expect and how to proceed.

The Repossession process

When you first start failing to meet your mortgage repayments you will receive a letter from your lender informing you that you have outstanding payments to make. Failure to respond to this could result in a Notice of Intended Prosecution asking you to appear in court. It is therefore incredibly important that you reply to this.

The second stage of the repossession is where an application for possession of your property is made to the court. Again, make sure that you return any correspondence in a prompt manner. If at any point you wish to sell your property then inform the courts immediately. If you do choose to opt for selling your property then finding a cash buyer will give you the quickest route.
 
Before the repossession hearing you will be sent details of the claim, money owed and the terms and conditions, this is known as an affidavit.

The court hearing will give you the opportunity to repay the arrears, propose another way to meet the repayments or be evicted. At this point the judge will decide on settlement, this could be either strike-it-out; adjourn; a suspended possession order or a possession order.

If you are to be evicted then your property will be repossessed by your lender. It is worth noting that repossessions stay on your credit file for about six years.

Making sure your Repossession is fair

You house cannot be repossessed without approval from a judge. Repossession can only take place once the court has followed the correct procedures. If at any point you feel that this is not the case then you should contact a professional for advice.

Stopping Repossession

It is usually always possible to stop the repossession of your property. If you have been threatened with eviction then contact a professional for help immediately.

Can I delay Repossession?

This can be possible if you can get a quick sale, pay the missed payments in full or sell the house to then rent it back.

What is a Voluntary Repossession?

This is whereby you offer to leave the property before any bailiffs appear on the property.