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How to stop your house repossession in London

Do you need to stop your house repossession in London? Whatever stage of the repossession process you face we will help you. We have over 10 years experience providing solutions to property owners who are having difficulties with their mortgage companies.

The most important factor if faced with this situation is to act quickly and decisively. Communicate with your mortgage lender and keep them informed about the steps you are taking to settle your mortgage arrears. Your options to negotiate and reach compromise agreements with your lender will reduce the longer your arrears are outstanding.

Eviction Notice

If you have been served an eviction warrant or if you have an eviction date you should contact us immediately. We will help you obtain a county court hearing by completing form N244. Judges are keen to avoid repossessions wherever possible. We will help you complete the form by providing valid reasons with plausible timeframes to settle your arrears. Even if you have previously served an N244 form this will not prevent you from serving the form again. However, you will need a convincing argument to persuade the judge to suspend the eviction a second time. We can help you to formulate that argument.

Stop your House Repossession

Wherever you are at in the repossession process, we can help you to stop your house repossession. The closer you are to your eviction date the more important it becomes to contact us quickly and discuss your exact circumstances.

We can stop an eviction from taking place at any time providing we have all the correct information. Naturally, the more time we have the greater the chances of avoiding eviction from your home and the more options are available.

To find out how we can help please simply click here or call the above number.  You may also find it useful to read some of the below articles on the subject of property repossessions and finally, the government website provides a comprehensive overview of the repossession process.



Property repossessions – the facts revealed

Property Repossessions: house towed away in a cart

As a property owner, you’re unlikely to want to dwell on the issue of property repossessions. But in a world where finances and circumstances can change and tumble beyond our control, it’s best not to bury your head in the sand – especially if things aren’t going to plan financially. In fact, by being aware of the facts about property repossessions, you could even help save your home from being repossessed.

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Reposession and Court Form N244: The Basics and What You Need to Know

Reposession - Court Form N244

According to the latest figures released by the housing charity Shelter.org, the city of London has the highest number of property repossessions in the entire United Kingdom. The declining market for buyers, plus the possible negative effects of Brexit means this should come as no great surprise. If you are unfortunate enough to find yourself a victim of this process, you may be confused and frustrated. However, it’s crucial you appreciate some basic facts. Reading this article will help you understand why a document known as Court Form N244 can come in handy. If you complete it correctly and at the right time it could help you to stop (or postpone) a government-sanctioned repossession.

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A Coming Plague: Can we Stop Repossessions?

Boarded up Repossessed Property

Although it may be true that the United Kingdom is emerging from a protracted recession, the London housing market is still taking hits.   Indeed, recent articles have shown that tenant evictions and repossessions are at a six-year high.  While it is naturally impossible to stop repossessions completely, we are forced to wonder what factors may influence this trend and perhaps more pertinent, what might the remainder of 2016 have in store?  Let’s take a closer look and see if we can find any answers to these important questions.

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Beating the New Year’s Rush: Selling a London Home Quickly in January 2016

Selling a London Home quickly in January 2016

It seems that the holiday season is once again upon us. While many will be thinking about spending time with friends and family over the break, there are others that will require a fast London house sale. Whether this arises from the need to avoid a repossession, the inability to pay for recent renovations or the prospect of a job abroad that requires immediate relocation, the fact of the matter is that January can be an extremely challenging time for those searching for an efficient property sale. This is particularly the case when we see that many analysts have observed housing prices continuining to soar throughout London and other portions of the country. What are some of the best methods to adopt if you are set on selling a London home quickly?

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Facing repossession? Don’t stick your head in the sand.

With interest rates static at 5%, living costs and fuel prices rocketing increasing numbers of people are struggling to keep pace with mortgage payments, and other debts secured on property.

The Ministry of Justice said 28,658 house repossession orders were made by the courts in England and Wales in the second quarter of 2008. This was up 24% on the same period in 2007 and 4% higher than the first quarter of 2008. Records show that 1.5 million people have current mortgage deals which are about to expire.

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Homeowners face greater risk of repossession in 2008

With higher interest rates and the effects of the credit crunch, homeowners face a greater risk of repossession than they behave been since the 1990s.

According to the Royal Institution of Chartered Surveyors (RICS), around 45,000 homes will be repossessed in the coming year – this equates to 123 repossessions every day.

This represents a 50% increase on the repossession rate in 2007.

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House repossessions rise again

House repossessions rose in the first half of the year, by 30% on the same period in 2006, indicating that some homeowners are struggling with the five recent interest rate rises.

The figures are from the Council of Mortgage Lenders, the industry body, which laid the blame on two factors:

An increase in sub-prime mortgage lending, where the higher risks from lending to people with poor credit histories means those arrears more often lead to repossessions.

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Tips on dealing with debt

How you deal with your debt problems depends a lot on both the size of the debt, and the extent to which the problem has been allowed to build up. For smaller debts, making a few cutbacks may be enough, but more serious debt problems require more drastic action.

Do the maths

To start to deal with the problem, you will first need to sit down and work out exactly how much you owe. Not facing up to the problem means that you will start getting County Court Judgements and worse. As a rule of thumb, if your debt repayments take up more than a fifth of your budget, then you are in the danger zone.

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Quick house sales hide the true extent of repossessions

Repossession figures do not give a true picture of the extent of the national debt problems, as many homeowners with debt problems are opting for fast house sales in order to avoid repossession.

This is the verdict of litigation specialists Moore Blatch. They say that, while the numbers of homes that are repossessed often hits the news, this fails to account for the hidden majority that are sold before the repossession process reaches its conclusion.

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Rate rises put pressure on homeowners

Homeowners face the highest mortgage rates for six years after the Bank of England decided to increase interest rates to 5.75% this week.

This has prompted concern from debt counsellors and property experts that the rise will push struggling homeowners over the edge, forcing them further into debt, and raising the prospect of increased mortgage arrears and repossessions.

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Why are debt conscious homeowners facing repossession?

With the UK increasingly faced with a mountain of debt, last month the Bank of England announced that the country’s consumer debt had reached a massive £1trillion many are inclined to blame people not managing their money properly, or being shopaholics.

In addition, some point the finger at householders who have overstretched themselves to get a mortgage the Council of Mortgage Lenders said banks will lend an extraordinary £360billion in mortgages before the end of 2007.

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Homeowners face increased mortgage payments

Many UK homeowners could experience rises of up to 30% in their monthly mortgage repayments over the next year, as they reach the end of discounted mortgage deals.

Up to a million households are nearing the end of two- and three-year fixed-rate mortgages taken out in 2005, and these policies will shift to more expensive rates. Many fixed rate deals were around in 2005 after an interest rate cut in that year.

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Legal aid changes could increase risk of repossessions

Proposed changes to the legal aid system may mean that solicitors will be reluctant to take on cases for clients who are threatened by repossession.

Greenwich Housing Rights, a charity which provides free legal advice for people with housing problems, has expressed concern that new government legislation will mean that solicitors will be reluctant to take on such cases in future.

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Is sell and rent back the right option for you?

If you find yourself in severe financial troubles, the only solution to the problems may well be to sell your assets. For most people, the main asset of any significant value will be a house or flat.

When this property is your family home, this can be a very difficult decision to have to make. The thought of having to give up your biggest asset is bad enough, but when that asset is your home as well this makes the decision even more difficult.

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Further rate rises may lead to repossessions

According to analysis from Experian, further interest rate rises, combined with a March’s rise in consumer price inflation to 3.1%, could lead to an increase in bad debt and repossessions.

According to Experian’s MD of economic forecasting, DR Neil Blake:

Not only will interest rate increases have a dampening impact on economic growth and inflation but there will also be a likely knock on impact on bad debt.

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Stop your house being repossessed

A recent Times column by Stephen Gerlis, a District Judge at Barnet County Court, looks at the risks people in debt face, and the powers that creditors and courts have to take steps to recover that debt.

With 10,000 people going insolvent every month, a 65% rise in mortgage repossessions, and the UK’s population in a combined £1,300bn of personal debt, the county courts are kept busy.

Interest rate rises mean higher monthly mortgage repayments and, with these increased expenses not being offset by similar rises in incomes, people face an increased risk of losing their homes.

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Repossessions rise in 2006

According to figures from the Council of Mortgage Lenders (CML), the number of properties repossessed by lenders rose by 9% in the second half of 2006.

In total, 17,000 homes were repossessed in 2006, the highest number for six years. In the second half of the year, 8,860 were taken back by lenders, up from 8,140 in the six months to the end of June.

This equates to roughly 1 in 690, or around 0.15% of current home loans.

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Auctioning repossessed homes

The BBC carried a story recently on a Torquay woman who lost out on £22,000 after her flat was repossessed and then auctioned by receivers.

The flat was sold by receivers at an auction in London for just £60,000, but just six weeks later it was sold on at another auction for £82,000, meaning that Mrs Smith lost out on £22,000.

This practice, which is standard for borrowers who are unable to stop the repossession of their homes, reveals how some borrowers fail to get the best price for homes when the worst happens, and they are unable to meet mortgage payments.

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