Don’t go yet!
If you’re not ready for a cash offer, let us know your name and email and we’ll keep you informed with our latest offers and guidance on how best to sell.
In 2013 nearly 7,000 mortgage repossession claims were issued in London alone, and 1.75 per cent of all mortgages in the UK were in arrears. If you fall behind on your mortgage payments, there is a risk that your home could be used as collateral to be sold by your mortgage lender, or a third-party seller to recoup the outstanding money. This can be a very stressful process and one that can easily spiral out of control. However, this does not have to be the case, the process is open to reasonable negotiation and a number of preventative measures can be taken to halt the repossession of your home.
It is also worthwhile remembering that a court must consider both the interests of the financial institution in terms of operating a profitable business and the homeowner’s need for shelter. The whole process is tailored to avoid a ‘breach of peace’, so it is important to get your ducks in a row with regards to documentation and plans going forward.
This step-by-step guide to the legal process of repossession should help you to consider what actions to take at each step, and how to avoid the loss of your property. After all, everyone should be able to have the option of when and how to sell their home.
REMEMBER: There are plenty of services and options available today to streamline the process of renting or selling your home. Finding a lodger may be particularly suitable if you require income stability for only the next 6 months to a year, i.e. if you are on maternity leave, in between jobs or recovering from an illness. If it seems that you will not be able to come up with the necessary funds after a year has elapsed then perhaps it is worth considering selling your home, especially if the alternatives are merely stop-gap measures. In time sensitive situations such as this, this may be a wise route and saves you the potential distress and work involved in going to court.
REMEMBER: The mortgage lender must keep all communications with you clear and easy to understand. If at any point you become confused it is important that you seek clarification and take every opportunity to understand their argument and requests so that you can best form your defence position.