How to Stop Repossession

 

It is not a pleasant experience when faced with the threat of repossession and eviction, so below we have listed some points that may help to prevent the enforcement of a repossession order. .

1. Do not ignore letters regarding outstanding payments or repossession

The very first point to note is then when you receive letters from your lender or their solicitor regarding payment arrears or more seriously warnings of legal action DO NOT IGNORE THEM. You should understand that the process of repossessing a property can be very costly for the lender, and whilst they may be able to recover some or all of the costs from your property, they would much prefer to reach an agreement with you to pay off the mortgage arrears.


2. Speak with your lender.

If you are not yet at the point where court action has been instigated, e.g. you are behind with payments and the lender is threatening legal action, then request a face to face meeting. Discuss your situation with the lender, it may be that a temporary solution can be sought whilst you are finding employment or other sources of income or finance. Factors that they will consider include the type and amount of mortgage you have, how far in arrears with payments you are, and the circumstances or reasons for getting into arrears. Remember, the lender’s preferred solution is that you pay off your arrears, not to repossess your home.


3. If you cannot reach agreement with the lender, seek professional advice.

If you are in receipt of a letter from the lender’s solicitor with a final demand then look for a solution that will prevent the next step, court action. If you can offer a proposal that is acceptable you should be able to prevent repossession of your home. To help with this there are many organisations that can offer advice, one such organisation is the Citizens Advice Bureau (CAB) – however it is much more effective to get them involved before the lender instructs a solicitor. The CAB will be able to review your situation taking account of everything from your personal financial situation through to your accommodation needs. With their advice you may be able to prevent court action for repossession.


4. Dealing with a court order

If you have reached this stage the court will have written to you with a summons instructing you to attend a hearing at a given date, time and location. If you are in receipt of a court summons you should immediately seek advice from an organisation such as the Citizens Advice Bureau (CAB). You should also reply to the court’s letter, failure to do so may harm your case. The CAB should be able to help you construct a reply that may help in the hearing. At this late stage it may still be possible to negotiate a solution – so do not ignore the letters!

5. During the court hearing

The court will hear the case from the lender and yourself. Based on the information provided at the hearing they can make one of several decisions;

-- Adjourn the case for more information to be obtained;

-- Strike out the case;

-- Decide that you should be given time to resolve your financial situation and repay the outstanding debt;

-- Allow you time to find a buyer for your property (selling the property is usually less costly than being repossessed);

-- Reach a decision that you should be evicted from your home. If the decision is to evict you will be given a date to leave, if you do not vacate by this date then bailiffs may be instructed to evict you by force.

6. At anytime up to the repossession of your property you can also request an urgent hearing with the Court, this can be achieved by submitting the N244 form (<< click here). You will find guidance notes along with the N244 form. One of the key points to note is that you will have to provide a reason for requesting an urgent hearing, for example if you have agreed to the sale of yuor property and need time for contracts to be exchanged.

If you are faced with repossession call RepayMortgage now on 0800 8600 285

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Other related pages

 

UK Government repossession statistics

For more information on property buyers to help sell London property fast or how to sell your house quick across UK.