Facing Repossession

Few things are more stressful than facing the possibility of losing your home. The financial and emotional effects can be overwhelming. We can buy your property and help keep you in your home.

More and more people face losing their homes as interest rates rise and mortgages become higher multiples of your annual income. Thousands of people each month suffer a change of circumstance that dramatically affects their ability to cover the bills.

If you’re struggling to pay the mortgage, are already in arrears or have been threatened with repossession, we can help. Keephold can help you release tied up equity quickly and resolve your debt problems, giving you a fresh start.

We can ease your financial worries with one of our Sell and Rent Back options. You can sell to us and remain in your home as a tenant for as long as you want. This saves uprooting the family, changing schools and having to find somewhere else to live.

It is completely confidential and discretion is assured. There will be no ‘for sale’ boards outside and no embarrassing visit from the bailiffs.

Once you’ve been repossessed your credit rating is badly affected. Taking out a mobile phone contract, getting a mortgage, arranging a loan or even renting a property can be very difficult. We have saved hundreds of people homes and helped them successfully move on in life.

Sales through estates agents are uncertain. The open market takes on average 5½ months to sell your property, by which time it is often too late. We act fast, and can exchange within days to help prevent you sliding further into debt.

You can opt for a Sell and Rent Back scheme that includes a buy back clause, so you will be able to buy your home back once you’re situation has improved.

Repossession is often a complicated process and can be very confusing. We will guide you through all the paperwork and cover all fees including independent legal representation for you.

We will instruct an independent RICS chartered surveyor to carry out a valuation of your property. This makes sure you get a fair price for your home. We are committed to providing an ethical, stress-free solution to your problems.

We can help quickly, sometimes even up to a few hours before repossession. The sooner we can begin to halt proceedings the better, so contact us as soon as you can. We won’t charge you any fees and you are under no obligation.

Give us a call and let’s see if we can help.

“I can’t speak highly enough of Keephold. I was having worse money problems than I’ve ever had and it got so bad I was actually afraid to answer the door for fear it would be debt related. I was almost waiting to lose my home and Keephold offered me a way out. Now I’m back on track and enjoying life again.”

Miss D

“Very professional, very open. No complaints at all. I would’ve liked to have known about you a bit sooner than I did.”

Mrs W

The Repossession Process Explained

Missing one repayment is usually no big deal and is more often than due to one-off circumstances. The lender will send out a letter highlighting the missed payment and remind you of your obligation. 90% of the time people can get back on track and the missed repayment is simply glossed over. Miss a few payments however and the lender will pursue you. This can be after as little as two missed repayments (the legal minimum)

The lender will send out a letter outlining their right to be paid and the ‘unacceptable delay’ in receiving their money. In most cases it is only after a few missed payments that court proceedings will actually be instructed. It is important to note that different lenders approaches vary substantially here. Some are far more aggressive than others in the rate at which they will escalate the severity of their pursuit. Most lenders will send out more than one such letter before actually starting court proceedings.

Court Proceedings

Once the matter has went to court the lender will seek a possession order. A date will be set for a hearing by the judge which you will be expected to attend. It is in your favour to attend to make yourself fully aware of what is being claimed against you.

At the hearing the court will lean heavily towards giving you a chance to find an amiable solution to the matter. You will be asked to show how you intend to pay the missed mortgage repayments and over what period. The new repayment schedule will be agreed in principle - regardless of its validity as in most cases the judge will at least allow you time to get back on your feet by adjourning the hearing and setting a new date. Remember, repossession is seen as the last resort by all parties.

The outlined repayment schedule will be monitored by the lender. If no repayments are missed by the second hearing then the judge will likely issue a suspension order – which basically puts the whole process on hold. Another important point to note at this stage is that if the new repayment schedule is also broken, the lender can legally seek an eviction order WITHOUT another court hearing. Even if there is another court hearing, the judge will only suspend proceedings on solid proof of a material change in circumstances (e.g. new job, windfall of cash, confirmed buyer for the house) that will allow the owed money to be repaid within a matter of weeks.

Eviction

If you cannot adequately display to the court that you not only can afford to repay the missed payments but can also afford to service the mortgage on an ongoing basis the judge will have no other option than to grant repossession. A date will be set by which time you will be required to vacate the premises.

At the date of eviction the bailiffs will turn up and will be legally required to ensure the house is empty. This grants them the right to physically break into the house if need be but also to ensure no unauthorised person (i.e. yourself) can gain unsupervised access to the house afterwards. The bailiffs will usually be accompanied by an estate agent who will erect a sign and put the house on the market. If some of your possessions are still within the property you will be entitled to a supervised visit two weeks afterwards where you will be allowed to take personal belongings but depending on the level of your debt may be restricted from taking anything of significant monetary value.

Aftermath

The house will usually be sold within a short period on the open market or at the soonest reasonable time to adequately auction the house. There is no obligation on the lender to achieve a given price for the property so it will often be sold below market value. All in all it is an often stressful and embarrassing process for those unfortunate enough to experience it. If there are not enough proceeds from the sale of the property the lender can pursue you further. This can mean being blacklisted and pursued for years to come.

“I am truly grateful for your sympathetic assistance throughout this process. I had already had court proceedings started against me and I needed a way out. You understood my situation entirely and worked to a timescale that allowed me to avoid the repossession of my home. Thank you so much”

Miss R, Barnsley

“Your service was very empathetic and professional. What I appreciated more than anything else was the discreet way the whole process was handled. I was able to come out of a difficult situation with my dignity still intact. For that I will always be thankful.”

Mr F, Castleford

Give us a call today on 0191 256 0052 or contact us online and see if we can help.

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