If you have a mortgage and you fall behind with your mortgage payments, your lender may decide to repossess the property.
Mortgage lenders – the bank or building society – are able to repossess mortgaged homes because once a mortgage is agreed and the monies are forwarded, the lender takes a charge on the property. This means that they have a right over the property and will hold the deeds until the mortgage is paid off.
A mortgage lender can issue a claim for possession of the property if you are unable to pay the mortgage arrears and continue your payments. Mortgage lenders should only take court action as a last resort option and should endeavour to resolve the issue by other means before repossessing the property. Lenders must also follow several procedures before they can repossess a home, these include;
- Telling you exactly how much you owe
- Consider a request from you to change your payment method
- Respond to any payments offers you make – if they refuse payment they must give reasons why within 10 days
- Give you reasonable time to make decisions regarding any proposals made
- Give you 15 days written warning if they plan to start court action
- Give you the date and time of a repossession hearing
- Inform your council within 5 days of getting the court hearing date, in case you need to apply to the council as homeless
You may be able to come to an agreement with your lender even after court proceedings have started, in which case you will still be required to attend court but can inform the judge of the agreement when you are there.
If you cannot come to an agreement then you should contact a member of our Housing team as soon as possible.
LAWTEC Solicitors is an independent law firm, who’s aim is to provide their clients with the highest standards of legal expertise together with exceptional customer service. We are a modern and progressive firm supporting our clients with direct lawyer contact, no hidden costs, specialist advice and free initial assessment.
Our main objective has always been to provide quality and efficient legal services together with expert advice and representation to our clients all over the world.
Interpreting the law can be a minefield, more so when it concerns a very new, or niche or particularly complicated matter. To help our clients navigate the law and achieve the best possible outcome, our legal team includes solicitors who specialise in many different areas of law and business sectors.
Each lawyer’s chosen specialism reflects their experience, in-depth knowledge and passion.
At LAWTEC Solicitors, we have specialist experience in all areas of Motoring Law/Immigration Law and Commercial leases and can provide our assistance in these matters with a free initial assessment to help you along the way.
|Free Assessment||National, Friendly Solicitors|
|Highly recommended Solicitors||Agreed Fees – No Hidden Costs|