The threat of repossession and eviction is unimaginable to any homeowner. All the hard work and sacrifices taken to buy a home with an uncertainty of losing it all due to unfortunate circumstances.
We are empathetic to all homeowners facing repossession or eviction. Whatever the factors are for your situation we have provided information below for you to find the best outcome for your situation.
Our experts have helped hundreds of homeowners from losing their homes since the financial crash in 2008. Ranging from information on the initial first steps to dealing with court summons to arranging to sell their property and using the equity for a new home, we always work hard for the best outcome and to stop bankruptcy.
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CONTACT YOUR LENDER
Problems with paying your mortgage can come from many avenues. Whether you have lost your job, going through a separation/divorce, mortgage rate rises or something else, YOUR FIRST STEP should be to speak with your lender.
Most mortgage lenders will try to work with you to create a solution. This may include a mortgage holiday or temporarily moving from a repayment to an interest only mortgage, a call to your lender is YOUR FIRST STEP.
CONTACT THE COURT
A court hearing is the first stage of the repossession process. At this point, and throughout this process, complete honesty and excellent communication is crucial to keeping your home, ensuring the lender stops any further action and your case is dismissed at the earliest opportunity.
Your options fall into 3 categories. Firstly, you could bury your head in the sand, ignore the court hearing date and hope that this goes away. If you decide that this is your best action plan, the court will suspend the hearing for 28 days. The lender will then apply for an eviction order to take possession of your home. THIS IS NOT A GOOD OPTION.
With option 2, you can apply for a suspended possession order where you can ask to clear your arrears. This is your second chance and will stop any repossession as long as you stick with the payment plan issued by the Judge. It is very important to maintain these payments otherwise, if defaulted, the lender can apply for an eviction order without any notice.
Option 3 is to sell your home. While we can help you with this, we understand that 95% of homeowners in this position want to stay in their home. However, if you decide that you want a fresh start, we can help you with the negotiation process with the lender to ensure you are protected and assist you with the property sale. Time is vital with this and moving swiftly is essential.
EVICTIONS
An Eviction Notice is the legal process to remove a homeowner from their home. If this happens when arrears have built up, a court hearing has taken place and the lender wishes to take possession of the property you need to act FAST or you will lose your home.
Eviction from your home can only take place once a possession order has been granted by the court. If you have received a possession order, please fill in the online form TODAY so we can assist in preventing you being evicted from your home.
SELL YOUR HOME
If talking to your lender didn’t work and the court has issued eviction proceedings or you would like to avoid that all together, you can sell your home to us. Our simple and transparent process to buy your home can be completed in as little as 14 days.
Our offer to buy ASAP may be lower than what you will receive through an estate agent but when time is a factor, we can move FAST. We also offer a method where we can agree to pay you the ‘today’ market value of your property utilising our unique method. Press ‘CLICK HERE’ to see if you qualify for this offer.
FREQUENTLY ASKED QUESTIONS.
I have mortgage arrears. What can I do?
The first thing you need to do is open communication with your lender. Burying your head in the sand will not make this stressful problem go away. A structured payment plan needs to be put into place and adhered to for you to avoid repossession proceedings. Fill in our form TODAY so we can help you at the earliest opportunity.
What is a Court Hearing?
A court hearing is the first step in the process for the claimant (your mortgage lender) to take control of your property. To stop this from happening, you will need to put a solid case together for the judge to assess. It can be a confusing, stressful and daunting time, so please fill in our form TODAY to give yourself a better chance to stop a repossession.
What is a possession order?
A possession order is a court order awarding the possession of your property to a claimant, for example a mortgage lender. While the lender does not have possession of your property at this point, they no longer need to go to court to gain permission to take control of it. The claimant’s next step is to make an application to the court for an eviction notice and instruct a court bailiff to execute the notice. A time and date of the eviction shall be made aware to you on the eviction notice.
What is an eviction notice?
If you don’t take action to stop an eviction when you have received an eviction notice, the lender will take control of your home. When this happens, the locks to the property will be changed and the occupiers will be made homeless, regardless of age, any children living at the property or any disabilities.
My mortgage is ending. What can I do?
If your mortgage term is coming to an end and you don’t have the finances to clear the outstanding debt, the first thing you need to do is contact the lender. Without open communication, this cannot be resolved. You can apply for an extension to your mortgage; however, the lender is not obligated to extend the loan and could reject your application if you do not meet their criteria.
My Buy to Let property is being repossessed. What can I do?
Buy to let mortgages and commercial loans differ to residential lending as they are not regulated by the Financial Conduct Authority (FCA). As there isn’t a regulatory body to complain to you can only open communication with the lender. If you cannot resolve the matter directly with the lender then you have 1 of 2 courses of action. You must build a strong case for the court so they can suspend any action against. This will prevent the lender instructing a receiver to take over the decision making of the property and collect the rents from the tenants. Your second course of action is to sell the property ASAP.
How do ANYHOO calculate an offer?
The offer we put forward to you is bespoke to you and your property. Our research determines and accurate market value using valuation software, which is also used by most surveyors, lenders and High Street banks. Our offer typically ranges from 75-85% of current market value following our extensive research. However, please be mindful that our offer is subject to a physical survey, which is independent from us.
How can ANYHOO exchange in 48 hours?
In urgent circumstances, we can act quickly to avoid repossession, even exchanging contracts within 48 hours. We can ensure an urgent situation is dealt with swiftly. If your position is urgent, please let us know.
How long will the sale take?
With a number of potential unforeseeable hurdles, it is not possible to give an exact timescale for the sale of your property. Solicitors have legal requirements that they need to adhere to, and this can make the time to complete uncertain. However, lodging a deposit with the solicitors will bring you comfort and peace of mind of our commitment. We always try to push your case to complete a transaction at the earliest opportunity possible.
Can ANYHOO raise the offer?
Each offer has been accurately calculated and each case is different. If the offer we have put forward is not what you want, you are not obligated to accept it. However, we may be able to offer you the full market value of your property using an alternative method. Using this approach, we would, under a legal agreement, take over your property and assume all payments that are due (mortgage, maintenance, ground rent etc). At an agreed time in the near future, we would then proceed to purchase your property from you, giving you the maximum amount of money that you require.
If I change my mind, can I sell to someone else?
If you accept the offer we have proposed and solicitors are instructed following receipt of your signed acceptance, our solicitor will issue the contract for sale immediately. We will then protect our agreement and register it on Land Registry, which will allow time for the solicitors to do their legal checks and research, prior to exchange of contracts. If, for whatever reason, the sale does not proceed, we shall remove the entry at Land Registry at the earliest opportunity.
Do ANYHOO buy Commercial Property?
Yes. We can offer on any type of commercial property and land. The same processes will apply as residential (legal requirements, due diligence etc) and our expert team are well versed in commercial property and land.
Do ANYHOO buy from Landlords?
Yes. We can offer on any residential properties, whether they are homeowners or buy to let. If your property has tenants in situ, we will do our upmost to retain their place in the property to avoid any unnecessary evictions. We are experienced in the buy to let market and understand the challenges that sometimes arise within this sector.
