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What is House Repossession?
House repossession is a legal process where a mortgage lender or secured loan provider takes ownership of a property. Bailiffs are assigned to carry out a repossession order and provide an eviction date for the homeowner to vacate the property for they can then come and take ownership.
House Repossession Process
Step 1: Your Lender Contacts You
- Your lender contacts you about missed mortgage payments and then attempts to find a solution with you to resolve your arrears and get you back on track.
- You do not have to wait for them to contact you, if you’re feeling worried you can contact them and find a solution
- Most banks and building societies have signed the government’s mortgage charter.
- They have agreed not to force people to leave their home within a year of their first missed payment unless there are exceptional circumstances.
- You have time to get advice and take steps to deal with missed mortgage payments.
Step 2: Your lender Starts Court Action
- Your lender may start court action to repossess your home if you cannot agree to a repayment plan.
- This should be a last resort. They must provide you with a list of all missed payments, the total level of arrears and the outstanding mortgage debt before they apply to court.
- There are other rules the lender must follow before starting court action. Get legal advice if your lender starts court action.
Step 3: The Court Sends You Paperwork
- You will get several letters and forms from the court. Keep them together in a file.
- You should check the documents carefully and complete and return the defence form
Step 4: You Attend the Possession Hearing
- It’s very important to attend the hearing. If you do not turn up, the court will probably make an outright possession order and you could lose your home.
- You should tell the court as soon as possible if you have a very good reason not to go. For example, sudden and serious illness.
Step 5: The Court makes a Decision at the Hearing
There are 2 types of possession order:
- Suspended Order A suspended order allows you to stay in your home on the terms set by the court. You have to pay a set amount on top of your normal monthly mortgage payment.
- Outright Order: This is very serious. It sets a date for you to leave your home. This could be as soon as 4 weeks after the hearing.
Step 6: When Bailiffs can be Asked to Evict You
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- A suspended order and you break the terms of the order.
- An outright order and the date for possession has passed.
- Your lender must apply for an eviction warrant from the court.
- They must send a notice to your home to say they’ve done this.
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What are your Rights when facing House Repossession?
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Repossession rules mortgage lenders must follow:
All mortgage lenders are regulated by the Financial Conduct Authority (FCA).
The FCA has rules about how lenders deal with their customers, these are called the Mortgage Conduct of Business (MCOB) rules.
Most banks and building societies have also signed the FCA’s mortgage charter. They have agreed not to force people to leave their home within a year of their first missed payment unless there are exceptional circumstances.
Your lender must treat you fairly. They must consider any suggestions you make to deal with payment problems and arrears.
Alternatives to repossession the Lender must try.
With your agreement the lender should consider whether to:
- Delay interest payments
- Extend your mortgage term.
- Change the type of mortgage you have.
- Add the arrears onto your total mortgage debt.
They should allow you time to sell your home if you cannot come to a repayment arrangement. They must keep records of their contact with you including phone calls where arrears or charges are discussed.
UK Repossession Statistics
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All Mortgage possession case types have been steadily increasing since Q2 2021 (apart from a small dip in Q4 2021 and Q4 2022).Claims, warrants and repossessions volumes are now at 34%, 45% and 45% below their pre-covid baseline.
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This is a significant increase when compared to the same quarters 2020 to 2022. However, it is still short of the pre-covid 2019 baseline.
Mortgage possession claims fell from a peak of 26,419 in April to June 2009 (in the aftermath of the 2008 financial crash) before stabilising from April to June 2015.
In the most recent quarter, January to March 2023, there were 4,035 claims for possession, up 40% from the same quarter in 2022.
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Frequently Asked Questions
How can I stop repossession?
Fast Cash Houses can put an immediate stop to your repossession and assure the bailiffs and bank do not take possession of your home.
Can I stop a repossession after the court has given an order?
Yes, contact Fast Cash Houses urgently, we can stop the repossession any time before the eviction date, we can stop the bank taking possession of your home.
I have reached the end of my mortgage term but cannot afford the lump sum?
Try to liase with the lender to either get a re-mortgage or mortgage extension. If these options do not work, contact Fast Cash Houses to assist with alternative options.
I have a repossession order but want to stay in my house?
This is a possibility in some circumstances, please contact Fast Cash Houses to discuss this and put an immediate stop to the repossession order.
Can I stop bailiffs coming into my home?
Can I stop bailiffs coming into my home?
I am severely ill, but the court has ordered my house to be taken, what rights do I have?
In this situation, it would be best to contact your lender to discuss your situation, alternatively, upon attending the court, mention your health condition and the court may allow extra time for you to find alternative accommodation.
Can a Repossession Order be Stopped?
Yes, only if the lender is satisfied the mortgage is going to be redeemed within a short period of time, they will temporarily delay bailiffs and an eviction