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What is Property Repossession?

When you buy your home with a mortgage or take out a secured loan, you are giving the mortgage lender the right to seize your property in case of your failure to fulfill mortgage obligations.

In the United Kingdom, missing two monthly payments will leave your lender with no recourse but to pursue legal action. To further help you understand the process of repossession, here are its basic steps.

1. Late Payment Notices:

The moment you missed your mortgage payment due date, your lender would send notices or reminders. This is an opportunity for you to inform your lender why your payment is late and make arrangements to settle your mortgage arrears.

2. Notice from Solicitor:

After 2-4 months of non-payment, your lender will have no choice but to give you a letter form their solicitor demanding full payment of your mortgage arrears. Once more, this is an opportunity for you to make payment arrangements to settle your mortgage arrears.

3. Repossession Proceedings:

When 4-6 months have passed without any successful payment arrangement to settle your mortgage arrears, your lender’s solicitors will now begin court repossession proceedings against you. A court date will be set and you will have to prepare for the case hearing if you want to stop repossession.

4. Court Hearing:

The court can decide after hearing your case whether your lender have a case against you. This again is a perfect opportunity for you to make payment arrangements to settle mortgage arrears. If the court allows it the court will grant a “Suspended Order for Possession”.

5. Eviction:

If no agreement has been reached, you will be formally asked to leave during a certain period determined in the Order of Possession. If you failed to comply with this condition, you will be given a Notice of Eviction and legally asked to leave your home at a particular time and date.

When facing repossession, you should realize that there are several options available to stop it. Unfortunately not all options would fit your current circumstances. This is where Rent Back Direct can help you. We can offer you a personal solution to answer ALL your needs.

Rent Back Direct is the leading solutions provider for homeowners facing repossession. We purchase all types of properties, even those facing repossession. Our Rent Back and Buy Back plans are guaranteed to provide short and long term solutions, at no extra cost and obligations.