How Long Does the House Repossession Process Take?

How Long Does the House Repossession Process Take?

Although house repossession isn’t uncommon in the UK, most people are unaware of what the repossession process involves or how long it takes for a mortgage lender to repossess your home.

However, anyone can experience unexpected financial difficulties, which could lead to mortgage arrears and the threat of repossession. Due to this, it’s important to understand how the house repossession process works, the amount of time it takes and, most importantly, what you can do to stop it!

How Long Does It Take to Repossess a House UK?

The repossession process usually takes around nine months from start to finish, so you don’t need to worry that you’re going to be evicted from your home within days of missing a mortgage repayment. In fact, your mortgage lender will need to wait until you’ve missed at least three repayments before they can even start court action.

What’s more – there are plenty of opportunities to stop house repossession, no matter how far along in the process you are.

What Does the House Repossession Process Involve?

Your mortgage lender needs to apply to the county court for a repossession hearing if they want to repossess your property. At the hearing, they’ll ask the judge to issue a repossession order. However, there are different types of possession orders:

Outright Possession Order

An outright possession order takes effect immediately and the mortgage lender may also request that the court issues an eviction order so that you’re required to leave your home by a specific date.

Suspended Possession Order

A suspended possession order allows you to stay in your home, providing you stick to the repayment schedule set out by the court. If you can prove to the court that you’re able to make reasonable repayments to clear your mortgage arrears, for example, you’re likely to be given a suspended possession order, rather than an outright possession order.

What Happens After Repossession?

If your property is repossessed, the mortgage lender will want to sell your property so that they can get the funds they are owed. When the lender sells your home, they will either use an estate agent and put the property on the market or put it up for auction to obtain a quick sale.

Any costs that are incurred during the sale process will be added to your outstanding debt, so the amount you owe may increase following the repossession.

Depending on how much your property sells for, you might receive some funds following the sale or you may still owe the lender. It’s possible, therefore, to have your home repossessed and still be in debt to your mortgage lender.

Can You Clear Your Arrears and Stop House Repossession?

Paying off your mortgage arrears can be the quickest way to stop a house repossession. If the lender has not yet started the repossession process, you can avoid court action by agreeing on a repayment plan with them. Providing you make the agreed payments to your lender, this will prevent you from losing your home.

If negotiating with your lender hasn’t worked, there is still time to stop house repossession. At the repossession court hearing, you (or your legal representative) can ask the court for a suspended possession order, which will include setting out a repayment schedule that enables you to clear your arrears and keep your home.

How Quickly Can You Stop Home Repossession?

Although the repossession process can take many months, it can be stopped relatively quickly. In fact, the HomeKeep Solutions team may be able to stop your house being repossessed within a matter of Days.

As soon as your mortgage lender agrees to a repayment plan, it stops the repossession process, so negotiating with them and coming to an agreement can be all it takes to avoid repossession.

Of course, it’s important to ensure that you’ll be able to stick to the repayment plan, so be realistic when you consider how much you can afford to pay. The mortgage lender will want to see proof that you’ll be able to adhere to any repayment arrangement, so providing payslips and bank statements can help you to show that you’re able to clear your mortgage arrears within a timely manner.

Stop House Repossession Now with HomeKeep Solutions

The threat of house repossession can be stressful and upsetting but taking action swiftly gives you the best chance of avoiding repossession. To find out how you can keep your home despite being in mortgage arrears, contact the HomeKeep Solutions team, who are available 24/7.