Welcome to The Repossession Centre
The Repossession Centre are specialists in stopping property repossessions across the United Kingdom. We offer a representation, consultancy and solution service to help homeowners keep in control of their family home and property.
Our aim is to reduce as many families being evicted from their homes as possible, to stop as many property repossessions as possible and to reduce/prevent the strain the process can have on somebody’s life.
We understand the entire process of a repossession which is why we are eager to use our experience by representing you, acting on your behalf and achieving the best outcome for you. We manage the whole process of a repossession by liaising with those involved from start to finish. We then are able to provide a solution to your circumstances with our panel of investors and lenders no matter your age, history, income or credit score. Our solutions will ensure that the repossession is stopped, the finance required is raised and help you to be free from debts that may affect the property.
What is a property repossession?
A property repossession is the legal process carried out by a lender, creditor or an organisation that holds an interest in the property by the way of a loan or a financial advance. The legal process is when the lender, creditor or an organisation obtains possession of the property and recoups the loan/balance outstanding to them.
The repossession can take place if the security is currently against the property title or if the security is placed on the property title due to another debt associated with the property or owner. A property repossession is usually because of arrears on the mortgage or a default in repaying a secured loan.
It is sometimes mistaken that some outstanding debts that may not initially be related to the property will not affect the property. This is not entirely true as some debts can be placed onto the property and may lead to a creditor taking control of any assets which the debtor owns which includes property.
The process of a property repossession
The stages of a property repossession are as follows (Some stages may vary based on the circumstances of the case):
- The lender, creditor or organisation being in touch with you to discuss how the arrears or balance due will be paid, to attempt to put a payment plan in place and try to find a solution.
- The lender, creditor or organisation being in touch with you to discuss how the arrears or balance due will be paid, to attempt to put a payment plan in place and try to find a solution.
- The lender, creditor or organisation being in touch with you to discuss how the arrears or balance due will be paid, to attempt to put a payment plan in place and try to find a solution.
- You will then be sent a defence form by the courts to complete and return back. This form can be used for you to give your reasons as to why the lender should not repossess your home/property. This will need to be completed and sent back within 14 days.
- You will receive a letter from the court informing you of the hearing for the repossession along with the date and time.
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The repossession hearing. This may be the most important stage of the process which takes place at court and is where both parties will put across their cases. The judge of the case may grant the lender, creditor or organisation permission to repossess the property. An outcome could be an ‘outright order’. This is when a date is set for the homeowners or occupiers of the property to leave the property. This could be quite soon after the hearing.
Another outcome could be is that a payment plan is agreed based on several factors for example income and expenditure. If this is an outcome then it is important to keep to this payment plan. There may be other outcomes depending on the case for example a suspended order.
It is important to know that if you do not attend the court hearing for any reason it is extremely likely that repossession of the property will be granted by the judge. - If the lender, creditor or organisation is granted permission to repossess the property then an ‘order for possession’ will be issued usually by post. On the order for possession will be the date and time when the homeowner or occupiers of the property will have to vacate the property. In some cases, occupiers may remain in the property if it is being rented. At this time the lender, creditor or organisation will also apply for an eviction warrant from the court which they will pass to their instructed bailiffs. The bailiffs will also be given instructions to attend the property on this date and time to ensure that the property is repossessed. They may even take matters in their own hands if required by changing locks etc.
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When the property has been repossessed it will be in control of the lender, creditor or organisation. They may even instruct an LPA (Law of Property Act) receiver. LPA receiver’s will be appointed to take control of the property and sell the property.
At this stage the property will proceed through a method of sale to recoup the loan outstanding or debt outstanding. Sale methods include via an auction or by open market property platforms. - After the sale of the property has been completed, the lender, creditor or organisation will keep funds to pay off the costs such as the balance/debt outstanding, cost of the sale, legal costs and any other costs associated with the repossession process of the property. Any other lenders or loans on the property will also be redeemed if there are sufficient funds.
Key Points:
- We stop repossession of property throughout the United Kingdom.
- We offer guidance through the repossession process.
- A representation, consultancy and solution service for homeowners in need.
- We can get your property out of an auction if it has been placed into an auction.
- We can get your property back after if it has been repossessed.
- We help homeowners who require assistance with interest only mortgages. Whether the interest only mortgage is expiring or has expired.
Why instruct The Repossession Centre?
- Straightforward and direct approach.
- Expert impartial advice.
- Successfully stopped property repossessions across the United Kingdom and developing lasting relationships with our clients.
- We have stopped individuals from losing their property and families being evicted from their homes.
- We have access to bespoke financial solutions and options structured to your individual needs.
- We have experience in dealing with lenders, bailiffs, solicitors and LPA receivers.
- We help you to protect your equity.