Repossession

Repossession - I've got a court hearing but I can't attend. What should I do ?

Wherever possible, make every effort to attend. If you have a joint mortgage, only one party need attend. Your home is at risk - so making yourself available is paramount - If you absolutely cannot attend, set out your position in writing, and confirm to the court what you would like to do.

Repossession - Do I need a lawyer to attend Court ?

No. You can get one, but they are expensive - typically £130-175 per hour + VAT. This money is often better spent in an offer to repay the arrears. Some courts have Debt Councillors available at repossession hearings (some Citizen's Advice Bureaus provide this service) who can help. Ask the court usher upon arrival.

Repossession - The Court has made an order for possession / eviction. Is there anything I can do ?

Yes. You can contact OK Homebuyers to see if we can structure a solution.

Repossession - How quickly can Repossession be Stopped ?

Depending upon the circumstances, we can stop repossession right up to the date of eviction. However we strongly recommend that you contact us as soon as possible so that we can examine your situation and try to put together a solution to save your home.

Repossession - If I hand back the keys - Is that the end of the matter ?

No. The lender will sell the house. If there is a shortfall, the lender can recover this from you for up to 12 years (5 years in Scotland). Also, you will be responsible for ongoing mortgage interest payments until sale and all sale costs. This will include locksmiths costs, solicitors fees on repossession and re-sale, surveyors fees, estate agents fees and utility bills.

Repossession - Will my credit rating be affected ?

Yes. If you are repossessed a County Court Judgment will be registered against you which will remain on the Register of County Court Judgments for 6 years. The lender will also register the repossession on the Council of Mortgage Lenders register which will make obtaining a future mortgage very difficult.

Repossession - Do OK Homebuyers make any charges for their service ?

No. Not ever, guaranteed. If put forward a solution to save your home. The costs such as survey and legal fees are covered by ourselves.

If you feel you require further information or having any queries then please contact us where we will be able to assist you further.