Stop Repossession of Your Home
Stop Your Property Being Repossessed
If you have lost your job, incurred unexpected costs or have otherwise found yourself in financial difficulty, you may fall behind on your mortgage repayments.
Having your home repossessed can be a traumatic experience with long-term consequences, but there is an alternative. If you want to avoid the repossession of your home, contact us at Quick Move Now. We specialize in the quick sale of repossessed houses to help those who are struggling financially get their heads back above water.
How to avoid repossession of your home
Sell Your House Fast to Quick Move Now & Complete within 7 Days to stop house repossession in its tracks.
If your home is repossessed, this can impact your credit rating and make it extremely difficult to buy another home.
Furthermore, it can cause a great deal of emotional stress and upset to you and your family. If you’re under threat of having your home repossessed, you may not have the time or money to risk trying to sell on the open market. By selling your home to a cash buyer, you can sell your home in as little as seven days and use the money to pay off your creditors.
At Quick Move Now, we have helped many homeowners who are facing repossession of their property, as we buy houses quickly and with cash.
Some people come to us as soon as they start to struggle with their mortgage payments, while others may be facing imminent repossession.Because we are genuine cash buyers, we can buy your home in as little as seven days – sometimes even sooner – allowing you to stop court proceedings.
Particularly in cases involving a potentially repossessed property, time is of the essence. That’s why we offer you an instant decision over the phone, and can arrange for a fast valuation of your property carried out by an independent, local estate agent. When selling on the open market, you may encounter delays owing to anything from market conditions to the décor and period of your property, the location, the marketing process and more. When selling a home to Quick Move Now, you can avoid all of this,as our process has been designed to be as simple and stress-free as possible. We’ll even pay expenses such as your solicitors’ fees to help with a quick, hassle-free transaction.
The top five reasons for repossession
Rates of home repossession are down across the UK, with the Council of Mortgage Lenders reporting that less than one in 1,000 mortgages ended in repossession in 2015.
While rates may be down, the fundamental reasons that lead to home repossession remain unchanged. Mortgage arrears are the leading cause of repossessions, although there are a number of other things that can prompt lenders to take action.
We take a look at some of the leading causes of repossession and how they can be avoided:
If you fail to keep up with your mortgage payments, this is known as falling into arrears, and is grounds for the lender to repossess your home. After one missed payment, the lender will send warnings in written correspondence, and if the sum is not rectified they are able to start proceedings. This involves obtaining a warrant of ejection from the court, and once the property is back in their possession, they are able to sell it to recoup their losses.
The Council of Mortgage Lenders reports that fewer than 1 in 100 mortgages ended in any sort of arrears in 2015; at 0.92 per cent, the annual arrears rate is at it’s lowest for over a decade.
Mortgage arrears is attributing to financial difficulties that can arise from a number of different scenarios, such as redundancy or termination, divorce, pregnancy and children, accidents and injuries, and more. Ignoring written correspondence can only make things worse, so should any of these or other situations arise, it’s important to make contact with your lender as soon as possible to explain your situation and discuss options.
If you fall into financial difficulty and accrue a number of debts, you may not be able to pay everything off. If this is the case, declaring bankruptcy may be the only way forward. If you are declared bankrupt, you can use your assets to pay back money to your creditors over a set period, after which point your debts will be written off. As your home is often your largest asset, the money from your home can be used to pay down a substantial amount.
While bankruptcy may provide some financial relief in the short term, it’s important to note that it will have a big impact over the long term, permanently marking your credit history and making it difficult for you to obtain any credit (a credit card, loan, mortgage or consumer financing) in the future.
There are two types of loan, secured and unsecured. When you take out a secure loan, you’ll have to “secure” it against an asset that will act as a guarantee you’ll pay back the loan. If you fail to keep up with your loan repayments, the lender can then repossess your home to cover the repayments.
If you are struggling to keep up with your repayments, it’s worth speaking to your lender sooner than later to discuss options and prevent any legal action taking place. You have rights if the loan is covered under the Consumer Credit Act, so you should check to ensure your loan falls under this when applying.
Compulsory purchase order
While less common, a compulsory purchase order (CPO) can also result in home repossession.
This is when a local council or governing makes a bid to buy your home, as it is on land that is required for another project. For example, if your home is on a piece of land on which they want to build a motorway or new development, a CPO may be issued. These can be fought in court, and in the event your home is repossessed, you will be compensated financially. A CPO can be challenged in court, during which time the body in question will have to demonstrate that there is a “compelling case in the public interest” of reclaiming the land.
Breaching terms of lease
Properties in the UK are either freehold or leasehold. When you purchase a freehold property, you own both the building and land itself. If you buy a leasehold, you are purchasing the rights to live in the property for the duration of the lease. The lease will have terms and conditions, especially pertaining to the payment of things like ground rent and service fees if applicable. If you fail to pay these charges, the owner could bring the lease to an end, and consequently repossess their property.
What you can do
If you are struggling with repayments or have encountered any kind of financial difficulty, notifying your lender as soon as possible is important. You may be able to rearrange payments or receive some reprieve while you get your affairs in order to avoid repossession at all costs.
Avoid a repossessed property and sell to us today
At Quick Move Now, we buy any home in a mortgageable condition, regardless of location or décor.
What’s more, we buy houses discreetly and quickly to save you any discomfort or embarrassment. If you are unable to keep up with your mortgage payments and are worried about the repossession of your home, selling your home quickly and directly to us is the easy way to avoid this process.
Simply call us today on 0800 068 3366, and speak to a representative to find out whether we can buy your home.