UK Housing Repossession

HOUSE REPOSSESSION KNOW YOUR RIGHTS UNDER REPO IT'S NOT THE END OF THE WORLD. THERE'S STILL A WAY OUT. SOLUTIONS 2. SELL YOUR HOUSE BANK AND USE THE EQUITY LEFT NEGOTIATE TO PAY OFF THE LENDER You can still reach This will leave you the difference too. So, if you fail to reach an agreement with your lender you can still sell your house. SOLD! agreement with your mortgage lender even if your Being able to sell your house before repossession depends on how far down the process you've gone, the faster you act the more chance of selling. lender starts a court action. BEFORE YOUR MORTGAGE LENDER CAN REPOSSESS YOUR HOME, THEY MUST COMPLY WITH THE FOLLOWING RULES: £100, 000 CONSIDER A REQUEST FROM YOU TO CHANGE THE WAY YOU PAY YOUR MORTGAGE TELL YOU HOW MUCH YOU OWE RESPOND TO ANY OFFER OF PAYMENT YOU MAKE M GIVE YOU REASONS FOR TURNING DOWN YOUR OFFER OF PAYMENT WITHIN 10 DAYS GIVE YOU A REASONABLE AMOUNT OF TIME TO CONSIDER ANY PROPOSAL THEY MAKE PROPOSAL GIVE YOU 15 DAYS' WRITTEN WARNING IF THEY PLAN TO START COURT ACTION LET YOUR COUNCIL KNOW WITHIN 5 DAYS OF GETTING NOTIFICATION OF THE DATE OF THE COURT HEARING. IN CASE YOU NEED TO APPLY TO THE COUNCIL AS HOMELESS TELL YOU THE DATE AND TIME OF A JANUARY REPOSSESSION HEARING YOU DON'T OWN YOUR PROPERTY AND YOUR LANDLORD CAN'T MEET THE MORTGAGE REPAYMENTS. If you rent your home from a private landlord, you could find yourself facing eviction if your landlord falls behind with their mortgage payments. If your landlord does fall behind with their mortgage payments, their mortgage lender could take them to court to get possession of the property. The landlord's lender agreed to the tenancy. EVICTION You were living in the property when your landlord's mortgage was granted. The landlord's lender has recognised your tenancy in some way, for example, by asking you to pay them rent. The court will usually give the lender permission to evict anyone in the property. If the court issues the lender a possession order, you'll have no right to stay in the house. If you qualify as having a binding tenancy you should obtain immediate advice, you will be able to delay the repossession. But, if your tenancy is binding on the landlord's mortgage you may have some rights. If the following applies to you, you'll have a binding tenancy - If you have no binding rights, you can still delay the possession by up to two months. This should give you enough time to find a new place to live. l FACTOID BITS 195,000 MORTGAGES THAT WERE MORE THAN 3 MONTHS IN ARREARS! THE END OF SEPTEMBER 2014 SAW MORTGAGE ARREARS - YEARLY REPOSSESSIONS - UK – YEARLY MORTGAGES OUTSTANDING PROPERTIES TAKEN INTO REPOSSESSION MORTGAGES IN ARREARS % OF ALL LOANS I MORTGAGES IN ARREARS % 2.44% 2.18% 2.06% 1.93% 1.75% 1.42% 166 6K 280.9K 250.2K 235.3K 218.4K 195.9K 1991 1992 1993 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 SEP 08 SEP 09 SEP 10 SEP 11 SEP 12 SEP 13 A BIG DROP SINCE THE EARLY NINETIES BUT STILL A HIGH NUMBER OF REPOSSESSIONS OCCURRING. COMMISSIONED BY WE BUY ANY HOUSE WWW.WEBUYANYHOUSE.CO.UK REFERENCES HTTPS://WWW.GOV.UK/GOVERNMENT/STATISTICAL-DATA-SETS 25,9000.30% 40,0000.33% 48,9000.34% 38,5000.43% 37,300 0.34% 33,9000.22% 21,5000.18% 14,5000.12% 8,200 0O 8,500 a 58,600 0.58% 68,600 0.69% 75,500 0.77% 11,208,000 11,331,000 11,413,000 11,480,000 11,525,000 11,718,000