In the complex and often daunting world of property repossession, understanding your rights and options is crucial. This comprehensive guide delves into property repossessions in the Brentford County Court. This article offers valuable guidance for those facing the threat of losing their home.
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What Is Property Repossession?
Your property serves as collateral for your mortgage. So, non-payment can lead to the lender taking over your home. In this situation, a local court such as Brentford County Court may order eviction if payments are missed. Thereafter, law enforcement will carry out the court’s eviction order.
One of the most common reasons why repossession happens is because of negligence or loss of income. Sometimes, the lender might try to negotiate and extend the mortgage term. But if they are unable to come into an agreement, the lender may seek legal recourse.
Note that repossession can severely affect your credit rating. So, it will become harder to secure another mortgage. This is why it’s crucial that you do whatever it takes to avoid arrears.
How Long Does Repossession Take?
The duration can vary, making it a critical aspect to understand, especially if you’re under threat of repossession.
Factors Influencing Repossession Time:
- Negotiation Impact: Settling with the lender can significantly speed up the process.
- Court Involvement: If it goes to court, expect delays as the court schedules a hearing.
- Pre-Court Actions: Lenders have several steps to complete before heading to court.
Overall, it can take around 9 months for an individual to be evicted from their home after a repossession. But it will usually take less time than this. So, it is crucial that you take action fast as possible if you’re unable to pay the mortgage.
What Does the Process Involve?
Navigating the property repossession process can be daunting, especially when Brentford County Court is involved. Understanding each step is key to managing this challenging situation. Let’s break it down:
Note that you lender does not have the right to repossess your home immediately. Communicating the amount owed and giving sufficient time to respond is mandatory. The lender is also supposed to inform that they will take legal action if there is no response.
This is why it’s crucial that you don’t ignore the lender. If you communicate with them and corporate, it might help you to avoid a possible repossession and court action.
If there is no response from the homeowner, the lender will begin legal proceedings. In this situation, getting a solicitor is important. The solicitor will be able to advise on what steps to take.
The court will send the copy of the claim made by the lender along with the date of the hearing. Thereafter, you should fill out a N11R form (defence form) and send it to them.
During the court hearing, presenting the reasons for failing to make the payments should take place. The judge will also look at any evidence presented. Apart from this, the judge will also listen to the arguments of the lender and decide whether it’s fair to repossess your house.
You will receive an order to evacuate if the judge agrees on the repossession of the house. The lender will then take ownership of the property.
The standard time given to leave the property after a hearing is 28 days. But under certain circumstances this may be upped to 56 days. After repossessing the house, the lender will re-sell it at a better price to recover the lost money.
But if the proceeds from the sale of the house is not sufficient to cover for the amount owed, you will be in debt to them. In this situation you might have to pay interest on this debt.
What Can I Do to Stop My Property Being Repossessed?
Facing the risk of property repossession can be stressful. However, there are actionable steps to prevent this from happening. Let’s explore the options:
If you want to stop a repossession make sure to avoid the mortgage from going into arrears. In a situation where you’re unable to afford the mortgage payments, seeking a loan or budgeting is a good option. This will help you avoid the mortgage from falling into arrears while looking for a more long-term solution.
If you’re struggling to pay the mortgage, contact the lender without delay. Communicating the situation to them is crucial. It is more likely for a lender to be more patient with you if they receive advanced warnings. This allows them to negotiate a deal with the client sooner which helps to avoid repossession.
Your top priority should be to ensure that you’re able to make payment in the future. Putting together a proposal for the lender on how you’re planning on making future payments will be helpful. After receiving the proposal, the lenders gets 10 days to respond.
Selling your house might not be an option if the house has negative equity (the amount you owe is higher than the worth of the house). Note that selling your home before you enter rent arrears indicates that you will still lose the house. But you can use the money to pay back the mortgage and this will help to prevent any effects to your credit score.
If My House is Repossessed, Can I Get Another Mortgage?
If your home gets repossessed after going to Brentford County Court, you still have the chance to get a mortgage. But this depends on various factors such as:
- How recent the repossession was
- The reason and the size of the repossession
- The state of your credit history since the repossession
Note that not every lender will be willing to provide you a mortgage if you’ve had a home repossession in the past. Also, unless you have a sizeable deposit, it’s unlikely that you will receive a mortgage if the repossession took place just three years ago or less.
Lenders understand that there are different reasons why a person’s home may have been repossessed. Proving that it happened because of a situation that was out of your control, might increase your chances of getting a mortgage.
One of the main reasons to avoid repossessions is that the impact it has on the credit report can make it more difficult to receive financing in the future. Lenders go through the details of:
- The repossession
- Your credit since the repossession took place
- Your current financial situation
They might also consider when your home was repossessed. For example, the odds of getting a mortgage is high if your house was repossessed five or six years ago. But if it’s recent, there is very low chance of it getting approved.
Even lenders that specialise in providing loans to individuals with bad credit might be reluctant to approve you.
The amount of the repossession is also important. For example, if you defaulted on millions instead of multiple mortgages, lenders will see you as high risk. But if you owed only just a few thousand pounds, then they will be more lenient.
The lender will also look at factors such as if you still owe money and what your current financial status is like. If you have managed to rebuild your credit or if you’re earning well and saving now, the chances of approval are higher. So yes, getting a mortgage after repossession is possible, but it is not easy.
Additional Advice and Guidance
Having to go to Brentford County Court due to property repossession can be intimidating. This is can be very stressful especially for individuals who are unfamiliar with the legal system. But this experience does not have to be daunting. For instance, if you prepare the necessary documents beforehand, it will help to avoid added pressure.
Reaching out to a solicitor that is experienced can also be very helpful. Solicitors can provide valuable support and guidance throughout the legal process. Also, on the day of your court appearance, dressing in a respectful manner will also make a great difference on your confidence.
By following the above steps, it will help you to reduce some anxiety and stress that often accompany a court appearance such as Brentford county court. Also, keep in mind that you’re taking an important step, with the necessary preparation, you can handle it without any hassle.
If you’re struggling with debt and want additional advice, feel free to reach out to a debt charity such as:
- StepChange
- National Debtline
- Citizens Advice
Alternatively, feel free to fill out our online form, and our MoneyAdvisor team will guide you.
Key Points
- Your property serves as collateral for your mortgage. So, non-payment can lead to the lender taking over your home.
- A local court such as Brentford County Court may order eviction if payments are missed.
- Repossession can severely affect your credit rating. So it will become harder to secure another mortgage.
- It can take around 9 months for an individual to be evicted from their home after a repossession. But it will usually take lesser time than this.
- The process of repossession involves initial communication, legal proceedings, court hearing, and post-hearing repossession.
- If you want to stop your property from being repossessed, it crucial to reorganise your finances, communicate with your lender, plan for future payments, and consider selling your home.
- If your home gets repossessed after going to Brentford county court, you still have the chance to get a mortgage. But this depends on various factors.
- Unless you have a sizable deposit, it’s unlikely that you will receive a mortgage if the repossession took place just three years ago or less.
- If you defaulted on millions instead of multiple mortgages, lenders will see you as high risk.
- Reaching out to a solicitor that is experienced can be very helpful. Solicitors can provide valuable support and guidance throughout the legal process.
- If you’re struggling with debt and want additional advice, feel free to reach out to a debt charity.
