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Repossession FAQs
Repossession FAQs will answer many of the key questions surrounding the repossession of your home.
What is an eviction warrant?
An eviction warrant is given to a bailiff at end of the repossession process, permitting them to enter the property and change locks.More…
The judge issues an eviction warrant only after all alternative avenues have been exhausted
Can lenders/landlords apply for repossession at any time?
Lender and landlords can apply at any point the account goes into default. Courts, however, prefer a minimum of three months of arrears. Monthly arrears do not have to be consecutive but can fall anywhere over a period of, say, two to three years.
Does repossession cost money?
Yes, lenders charges will be added to the mortgage account.
What happens to my home once repossessed?
Your home is passed to third party company administered by the lender whose sole mandate is to prepare the property for resale. Once the property is ready for resale, it will be a matter for estate agents to find a new buyer. It may take as little as two months depending on market value and the state of property.
I received a repossession order, now what?
Seek advice from charity organisations. Also seek advice on how to speak to a judge and try to get a repossession order suspended. We have a list of professional debt counsellors who offer a free service, click here for details.
Do creditors get to keep my personal goods?
No, all items within your home remain your property.
Can council houses be repossessed?
If you bought your council home under the right to buy system, your lender can apply for a repossession order if you lapse on payments. Similarly, if renting a council house, the authority can obtain an eviction warrant should you miss rent payments.
How long does the repossession process take?
Typically, the process lasts a minimum of 6 months to two years. The latter is often a result of someone being granted more than one suspended order due to continual lapses.
Can I get legal aid to help with court costs?
Unfortunately, not. Legal aid will not cover court costs because you breached the terms of your mortgage agreement.
What is the difference between a repossession hearing and a possession hearing?
The lender’s solicitor and judge will refer to a possession hearing, whereas the lendee will refer to a repossession hearing. The lender is taking possession of the property, whereas the lendee is having the property repossessed.
What are my rights if given a repossession order?
As joint owner of the property, your rights remain unchaned since the time you took out the mortgage. Similarly, as joint owner of your home, lenders’ rights remain unaltered by a repossession order.
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