Sell Your House to Stop Repossession

The threat of having your home repossessed can be a very stressful situation for any homeowner. This can happen due to a change in financial situation which means that you can no longer afford your mortgage repayments and an arrangement cannot be made with the lender. For many clients this may be due to the loss of a job or business, or other debts, such as credit cards or loan balances which have become persistent and now mean you cannot make every regular payment needed.

In the first instance, you should speak to your mortgage lender to try and arrange an affordable repayment plan which allows you more time to pay your outstanding balance whilst retaining your home, but if this cannot be agreed a home repossession may be likely. If you are at the point where a home repossession is expected, you may wish to explore selling your home yourself, allowing you to retain control over the sale amount and preventing the need to go through court hearings and eviction.

How does home repossession work?

If you start to miss your mortgage repayments, your lender will get in contact with you to discuss how you can pay any arrears. If it is discovered that you have no way to make the repayments alongside your other essential outgoings the lender may decide to repossess the property, which will be sold to clear any outstanding debts.

Court action will then begin and after hearing both sides, a judge will make a decision as to whether you will be subject to an outright order or a suspended order. An outright order is the more serious of the two where the judge will set a date by which you need to leave your home, and this can be as quick as within four weeks. A suspended order allows you to stay in the home as long as you can make agreed payments on top of your normal mortgage payment amount, to clear the arrears.

If you have received an outright order or you have broken the terms of a suspended order, a notice of eviction will be delivered, setting the date by which you need to leave your home. Once you have left your house the lender will sell the property, usually via an estate agent. The lender has the responsibility to achieve the best price they can reasonably get, but as this is out of your control sometimes the amount received is not enough to cover the outstanding mortgage amount, leaving you to make up the shortfall. The lender may also put the home up for auction to achieve a quicker sale, again eliminating your control over the sale of your house.

How can Starr Property Management help?

We can help to avoid the stress and potential financial loss as a result of home repossession by offering a guaranteed sale on any UK property. Our expert team can offer a free and fair valuation of your home within 24 hours of your request, taking into consideration its size, location, and condition. You have no obligation to accept our offer and if the amount is not what you are seeking, you are free to look for an alternative solution.

Our quick buy home service allows you to retain control over the sale of your property, ensuring you are happy with the amount you receive. We will work with you to arrange a completion date, allowing you the time needed to find new accommodation and move your belongings. We can complete as quickly or as slowly as you need and the full cash sum for your property will be paid within seven days of completion, allowing the mortgage lender to claim any outstanding amount, and providing you with any remaining funds quickly.

Our expert property team are non-judgemental and professional, guiding you through the process of your fast buy home service and allowing you to avoid repossession of your property. We buy any property in the UK regardless of its condition, speeding up the selling process and avoiding the need to spend any time or money on redecorating or refurbishing the home. Not only can you avoid going through the lengthy legal processes associated to house repossession, you will be able to plan for your immediate future, knowing the amount you will receive for your home and allowing you to move on quickly and with as little stress as possible.

About Our UK Quick Sell Property Service

Starr Property Management offers an exceptional service which allows you to sell any property in the UK fast. With over 70 years of combined experience in the property market, we thoroughly understand the sector, allowing us to swiftly value your house and offer a quick completion date, with the sale paid by cash in full. Not only can this be beneficial if you need a quick sale or are having trouble selling your property through an estate agent, but we also pride ourselves on offering excellent service, allowing you to feel confident and relaxed throughout the process.