Very Quick House Sale

We hope the answers below help you understand more about repossession and how you can act to stay in your home.

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.

Do I need a lawyer to attend court?

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

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

Yes. You can sell your home quickly before repossession, or find a flexible solution which pays your arrears, prevents repossession and allows you to stay in your home. A Quick Sale can help you find a solution which meets these aims.

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 the sale and the cost of the sale itself. This will include locksmith costs, solicitor’s fees, surveyor’s fees, estate agency fees and utility bills. 

Will my credit rating be affected?

Yes. 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.