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Testimonials
“We are extremely satisfied with the level of service and professionalism combined with a friendly attitude of all the staff we spoke to, and would like to thank everyone at Harrington Brooks very much.”
Mr and Mrs B, Liverpool
“We were really pleased with the efficient way that Harrington Brooks handled our enquiry and by the speed in which our mortgage was finalised.”
Mr and Mrs S, Birmingham
“I found the staff at Harrington Brooks were all very polite, helpful and understanding. I couldn’t fault the level of service we received from start to finish.”
Mr J, Warrington
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How the repossession process works
There are four stages to the repossession process. It is important that you are aware of this - you will know how much time you have to stop or delay the process.
The first step is receiving a letter from the mortgage lender asking you to pay the mortgage arrears. The lender may ask you to repay it over a certain period. By not responding to this letter, the lender might send you a Notice of Intended Prosecution. This will ask you to appear in court. The lender might also apply to your local court for a possession order.
Try not to ignore these letters - they could have serious consequences. You might still be able to negotiate with your lenders at this stage: they could agree to lengthen the payment period or they might give you enough time to sell the property. If the lender is willing to negotiate, you should think carefully which of the two is better. If you spread the cost of the arrears over a longer period, you keep the property; however, if you sell the property yourself you might get a better price for it. Devise a plan of action. If you want to sell the property, you need a buyer. This will help avoid the repossession process. Any equity in the property that is left over after the sale could be used as you please.
The second stage: Court Summons
If the lender has proceeded to the second stage of the repossession, it means an application for possession has been made to the court. You will receive basic details of the claim the lender has made as well as a date when the case will be heard in court. These documents should have a reply form, which you should complete and return to the court. Should you try selling your house to repay the mortgage, you should let the courts know about it. If they see you are being helpful, they might be able to delay the repossession court hearing.
When the repossession hearing approaches you will receive an 'affidavit' that contains all the details of the claim, the outstanding balance, payment details, interest rates and any other terms and conditions. This is a legal document.
The third stage: The Court Hearing
Repossession hearings aren't very social - you're unlikely to find anyone else besides the judge and solicitors of the lenders. The hearing consists of a judge who listens to evidence produced by the solicitor and anything else you may add. He or she then makes a decision based on what was said. You could get a chance to repay the arrears, suggest an alternative way to repay the mortgage or to be evicted. But repossession is often the judge's last option. This works in your favour - you have a chance to explore all the options open to you.
The judge has to choose one of four settlements: strike-it-out; adjourn; a suspended possession order; a possession order.
Strike-it-out: The case gets thrown out if the lender does not have a case against you. You should have repaid the outstanding arrears for this to happen. If, however, you can prove an agreed sale for the property that can repay the mortgage, it might also cause the court to stop action against you.
Adjourn: This decision delays the case until a later date. The average delay is about four weeks. The judge offers you time to sell the property yourself - if you are can prove you are able to do so. This helps your case because it shows the judge you are willing to make it easier for everyone involved.
A suspended possession order: You and the mortgage lender reach an agreement on how to repay the arrears. The normal agreement is to repay the arrears in instalments. This is still a variation on a possession order. The lender could get a bailiff's warrant to evict you - no court hearing needed - if you do not keep to the agreed payment plan.
A possession order: This is the judge's last option and sets a date for eviction. This repossesses your house and gives you either 28 days or 56 days to leave the property. Should you fail to leave the property, the lender may apply for a bailiff's warrant. If your repossession is looming and you do not know how to pay the arrears, speak to someone knowledgeable first. It might also be a good idea to sell the property yourself. By starting this process before the case gets to the court, the judge might allow you to continue with the sale. His or her conditions may include a quick sale, however.
The fourth stage: The Repossession
This is the last step in the repossession cycle. This means your mortgage lender will repossess the property and you will receive a date by which you should leave the property. Should you not leave by then, a bailiff's warrant will be sought and you will be evicted. Once you are out of the property, it will be prepared for auction. Properties sold on auction do not fetch reasonable prices. This is why it is a good idea to find a buyer for the property yourself.
| Stop Repossession with our help. Fill out the Repossession Enquiry form to see how we can help you to avoid repossession. Alternatively, if you prefer you can call one of advisors on 0800 0481 764 who will be happy to assist with your enquiry. |
