Facing a repossession order can be one of the most daunting experiences for any homeowner, but the good news is that it’s not always a foregone conclusion.
With repossession claims in England and Wales surging by 56% in 2024 compared to the previous year, and over 6,500 claims recorded in just one quarter, it’s clear that many households are grappling with financial pressures. Yet, even at the eleventh hour, there are steps you can take to stop repossession and regain control of your home and finances.
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What Is a Repossession Order?
A repossession order is a legal ruling granted by the court that allows your lender to take possession of your home if you fail to meet mortgage repayment obligations.
It’s often the last step in a process that begins with missed payments and escalates through warnings and court action. There are two main types of orders:
- Outright Possession Order: Requires you to leave your home by a specified date, often within 28 days.
- Suspended Possession Order: Allows you to stay in your home as long as you adhere to strict repayment conditions set by the court.
Can a Repossession Order Be Stopped?
Yes, a repossession order can be stopped, even after it has been issued, but you must act quickly. If your lender has obtained a repossession order, you can still negotiate with them to arrange a repayment plan or request additional time from the court to sell your property yourself.
Courts often allow homeowners to apply for a stay of execution, which temporarily halts the repossession process if you can demonstrate a realistic plan to clear your arrears or sell the property. Acting promptly and seeking legal advice is essential to improving your chances of stopping the repossession and staying in your home.
How to Stop a Repossession Order?
Taking swift action and exploring all available options can significantly improve your chances of stopping a repossession order, even at advanced stages of the process:
1. Communicate with Your Lender
- Contact your lender as soon as financial difficulties arise. Lenders are legally required to explore alternatives before pursuing repossession.
- Options include extending mortgage terms, offering payment holidays, or restructuring repayments.
2. Seek Legal and Financial Advice
- Organisations like Citizens Advice, Shelter, and StepChange provide free guidance tailored to your situation.
- A solicitor can help you apply for legal remedies like a Time Order, which adjusts repayment terms temporarily.
3. Attend Court Hearings
- Ignoring court summons can accelerate repossession. Attend all hearings and present evidence of your ability to repay arrears or alternative plans.
- Judges often prefer solutions that avoid eviction if reasonable repayment proposals are made.
4. Explore Government Schemes
- Apply for Support for Mortgage Interest (SMI), which helps cover interest payments on mortgages for eligible homeowners.
- Local councils may also provide emergency housing assistance or financial support.
Consider Selling Your Home
Selling your property voluntarily can help clear debts and avoid repossession. Property Saviour can help you pay off your arrears and agree to buy your property.
| Outcome | Description | Impact on Homeowner |
|---|---|---|
| Outright Possession Order | Requires vacating property by a set date; lender sells home | Loss of home; potential financial shortfall if sale doesn’t cover debt |
| Suspended Possession Order | Allows staying in home under strict repayment conditions | Retains homeownership but requires adherence to payment plan |
| Voluntary Sale | Homeowner sells property before repossession | Clears debts but may involve moving out sooner |
| Time Order | Court temporarily adjusts mortgage terms | Provides breathing room but requires eventual repayment |
Practical Tips for Homeowners Facing Repossession
Here at Property Saviour, our team regularly deal with repossession related sales so these are our insights on best practical steps you can take:
- Act Quickly: The earlier you address arrears, the more options you’ll have.
- Document Everything: Keep records of communication with your lender and court documents.
- Budget Wisely: Use tools like MoneyHelper’s budget planner to assess your finances.
- Stay Informed: Familiarise yourself with repossession laws and seek professional advice.
What Happens After Repossession?
Once repossessed, your lender will sell the property—often at auction—to recover debts. Any surplus funds after covering debts and legal fees will be returned to you. However, if the sale doesn’t cover the outstanding balance, you remain liable for the shortfall.
Can I Stop Repossession After Court Action?
Yes. Even after a court grants a possession order, you can negotiate with your lender or apply for a suspension of the order if your circumstances change. Courts may reconsider decisions if new evidence is presented.
Stop the Banks from Taking Your Home – Act Now to Stop Repossession!
Are you on the brink of losing your home? Don’t panic – there’s still time to fight back and take control. But you need to act fast because the clock is ticking, and the banks won’t wait.
With repossessions skyrocketing by a staggering 54% in just three months, thousands of families are under pressure. But here’s the good news: you can stop repossession in its tracks and take charge of your future.
Property Saviour offers a lifeline to struggling homeowners. Forget waiting endlessly for estate agents or dealing with the stress of property auctions. We are the cash buyers who can purchase your home in as little as 10 days – faster than you can say “eviction notice”!
No more sleepless nights worrying about buyer chains collapsing or banks dragging their heels. Say goodbye to endless house viewings and hello to a quick, hassle-free solution that gives you breathing space to sort out your finances.
Time is running out, but it’s not too late. You can still protect your home and avoid financial ruin. Don’t let the banks decide your fate – request a callback today and take the first step towards saving your future!
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
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We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
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