Stop Repossession2023-09-07T09:44:48+00:00

Stop Repossession

Every year in the UK, approximately 100,000 UK householders face the threat of losing their home because of arrears in paying their mortgage. Unfortunately, after a few months of missed loan payments, lenders can trigger legal proceedings through the courts to attempt to gain possession of the mortgaged property.

Stop Repossession

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How to Stop Repossession

It is essential to understand how repossession works. An awareness of timescales and levels of arrears is essential, as well as where to get assistance. Also, a clear understanding of your rights and responsibilities is useful because it will help to formulate a plan to stop mortgage repossession.

Usually, lenders prefer to reach an agreement that works for the owner-occupier concerned as well as the financial organisation. Conversely, failing to respond to lenders’ letters (or responding inadequately) may result in a summons for you to attend a court hearing.

Do not panic; stay calm and contact our advice service at the earliest opportunity. Proceedings take weeks; the law obliges lenders to follow a detailed process before initiating any court action. A minimum notice period of fifteen days applies to any notices served, such as court summons or orders.

Review your non-essential household expenditure and prepare a budget to see if you can make savings. If your circumstances have changed due to health or employment reasons, you might be entitled to state benefits. Eligibility depends on income, savings and any children in the family. There is also a Support for Mortgage Interest (SMI) scheme.

City Homes

Talk to Your Lender

Talk to your lender and make a genuine attempt to reduce the outstanding debt during the typical three or six months’ leeway. After this time, lenders are more likely to apply for repossession. During discussions, therefore, ask about extending the mortgage term to reduce monthly payments to a more manageable level. That way, you might be able to reduce or even clear the debt.

If the current mortgage terms allow it, consider a payment holiday where you have a pause or reduction in payments for an agreed fixed period. Alternatively, try to arrange special terms or investigate remortgaging to a new deal that has lower monthly instalments. You might want to check the possibility of changing lenders to a more favourable agreement.

Prepare a feasible and realistic plan that the lender should accept. Making credible suggestions increases the possibility of the lender seeing things your way — and the court, if necessary. It is crucial, therefore, to gather all the relevant detail and facts. In this sense, expert advice can help to secure a positive outcome and prevent repossession.

Even if the case goes to court, continue efforts to agree on terms beforehand. Nonetheless, do be ready to turn up at court for a hearing if scheduled, so that you can participate in your defence and stop repossession.

In some cases, selling the property online or through estate agents may be a solution, especially if there is equity after settling the mortgage.

How to Stop Repossession

Facing Repossession is a very difficult time, if you do not seek the right advice that will help you stop your repossession then you could lose your home unnecessarily. We are here to provide a full assessment of your legally supported options, that your mortgage lender should have provided. More importantly, we can force a legally supported defence through the court so that you have a court order to follow and do not have to jump through the hoops your lender in no doubt trying to make you jump through now.

What Happens if Repossession is Threatened?

When faced with a court hearing, it is best to seek prompt assistance. In any case, the judge will listen to both sides of the argument; the fact that a lender has applied for a repossession order does not mean that the court will automatically grant one. Professional representation is not always essential, though it may often be advisable or beneficial.

If you are unfortunate enough to be one of them then we can help.

Repossession Support & Guidance

If you are a homeowner and need support, we will guide you through your options to prevent repossession of your property with a free consultation. Our friendly, highly focused, team of experts will listen to your unique story and identify solutions for your specific circumstance. For over 10 years we have created a fantastic team that specialise in giving the best advice and help they can in order to stop repossession and to save homeowners from losing their property.

Stop Eviction: N244 Application Notices

Importantly, if your mortgage lender or landlord has served a repossession notice against you, you should act quickly to stop the eviction. We use N244 forms to apply for emergency court hearings so that we can state your case professionally. Only when correctly presented will the N244 form delay or stop repossession.

Completing N244 applications is not straightforward; there are essential steps to follow. Above all, it is vital to present the N244 form correctly and within sufficient time. Naturally, there must be an adequate defence; merely stating that the occupier has nowhere to go is seldom enough.

Subsequently, we attend court with you to explain the background and inform the court of all the necessary facts. If the mortgage lender suggests that you are unable to clear the outstanding arrears, robust representation is of particular importance. Subsequently, the judge decides whether or not to suspend the process and stop the eviction. The court usually delivers its verdict after twenty-eight days.

Repossession Statistics

UK Finance’s latest Mortgage Arrears and Possessions Update for the first quarter of 2018 reveals that:

There were 78,800 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2018, 8 per cent fewer than in the same quarter of the previous year and the lowest level since records began in 199

Within the total, there were 24,100 homeowner mortgages with more significant arrears (representing 10 per cent or more of the outstanding balance). This was 3 per cent fewer than in the same quarter of the previous year.

There were 4,500 buy-to-let mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2018, 6 per cent fewer than in the same quarter of the previous year.

Within the total, there were 1,100 buy-to-let mortgages with more significant arrears (representing 10 per cent or more of the outstanding balance).

How to Stop Repossession

Make sure you talk to your lender

1. Don’t take emergency finance

Other companies may have misled you into believing that a bridging loan or short-term finance is your best or even only choice. That’s not true. The temporary relief will be short-lived when you are facing repossession for a much higher sum.

Try not panic and stay calm

2. Don’t accept a quick sale

In desperate situations, you may be tempted to accept a below-market-value “instant cash” offer on your home. Avoid quick sale companies at all costs—they profit from your misfortune. We can provide better options.

 Review household expenditure

3. Get us to help

We can help you navigate through your options. We will force your lender to give you time to make a decision that suits you. Our first step is to assess affordability for you to keep the property long-term. If this is not an option, then we will ensure you speak to regulated finance professionals or have time to sell your property on the open market.

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