How We Can Help You
Sell Your Property to Avoid Repossession
Are you in arrears with your mortgage payments? Have you had letters threatening repossession or eviction? Have you been given notification of a court hearing?
With our sell-and-rent-back scheme you can clear your debts without moving house.
If you decide our sell and buy back option is right for you, we can offer you an option to buy the property back from us within a certain period of time.
In time-sensitive situations, we can stop a repossession by paying off your arrears immediately whilst waiting for the sale to proceed.
The Repossession Process
When you take out a mortgage or secured loan on your property, you are agreeing to allow the lender to seize your property if you do not keep up your repayments. In the United Kingdom, your lender may pursue legal action if you miss two monthly payments, these are the steps that may follow:
Late Payment Notices:
You receive a reminder, giving you an opportunity to notify the lender of your reasons for the late payment and settle the outstanding amount.
Notice from Solicitor:
After a couple of months, you will receive a letter from their solicitor demanding full payment of the arrears. Again this is an opportunity for you to make payment arrangements to settle your mortgage arrears.
Repossession Proceedings:
If 4-6 months pass without any successful payment agreed, court repossession proceedings will be brought against you by your lenders solicitors. A court date will be set and you will have make arrangements to attend and prepare for the case.
Court Hearing:
The court can decide after hearing your case whether your lender has a case against you. Even at this stage you can still make a payment to the lender to stop the repossession. If not, a “Suspended Order for Possession” may be granted by the court.
Eviction:
If no payment has been made and no agreement reached, you will be formally asked to leave your property 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. Abbey Home Buyers can stop this process at any stage, just give us a call to discuss the options open to you.
