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Commonly Asked Questions On House Repossession

If the lender takes me to court for repossession, who has to pay the court costs?
In the majority of cases the court costs would have to be paid by the homeowner. Costs that you would have to pay would include your own fees and those of the lender, As the lender will usually have a solicitor to state their case then this will work out very costly so you should seek the best possible advice when it comes to paying costs.
What happens if the lender states that I owe more than I do?
It is in your best interests to put together all the documentation and proof of the repayments you have made in regards to the mortgage before you attend the hearing. This includes statements and any letters the lender has sent out asking you for money. If there is a discrepancy at the time of the court hearing the judge could declare an adjournment which will give both parties more time to get the necessary information together to prove how much is owed. If the judge declares an adjournment then a new court date will be set and you will have to continue making repayments in order to reduce what is owed on your mortgage.
What happens if I find I am able to pay off the amount I owe on my arrears before it goes to court?
If you should find that you are able to repay the full amount of arrears owed to date then usually the court case will be dismissed. However you will still incur fees associated with court costs, fees can include your costs and the lenders costs which can work out to be very expensive.
What happens when the lender sells the property and the proceeds are not enough to clear what I owe?
The lender has a legal obligation to sell your property for a fair price; however in some cases the proceeds of the sale are not enough to cover the total amount of your debt. If this is the case then it is down to you to make up what is outstanding on your debt. However if you took out indemnity insurance alongside your mortgage then your lender would be able to claim on this for the amount that is left outstanding. However, your indemnity issuer can and most probably will pursue you for the amount they have paid out. Again if you are in doubt then contact your local Citizens Advice who can point you in the right direction when it comes to advice.

Risk Warning: If you enter into a sale and rent back agreement you are unlikely to get the market value of your home and, as a tenant, may only be able to remain there for a limited period. There may be other options available. Please ask for a Key Terms Statement.

We do NOT offer the sale and rent back arrangements anymore. These arrangements are no longer authorised by the Financial Services Authority. No company can legally offer you a sale with a rent back. However, if you’re interested in selling without renting back, please get in touch with us today as we will be able to make you an offer.

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