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Preventing House Repossession

If you have found yourself in financial difficulty leading to missed mortgage payments, you might need to understand how to stop house repossession.

Defaulting on your mortgage can trigger the risk of it being repossessed, which can be an incredibly stressful time for you and your family.

Although it can feel like there’s no way out, here at We Buy Any House we make it our mission to help people just like you who are struggling with their payments, and want to sell their house fast before their house gets repossessed.

If you’ve missed mortgage payments, and are worried about your house being repossessed you might be wondering, how do I sell my house fast? Simply speak to one of our friendly property experts in order to discuss your options and find a solution to alleviate your current situation.

We’re the UK’s go-to choice for fast house sales. We can give you an offer in as little as 15 minutes and completion can be arranged in just 3 days, or timescales that suit you and your family’s needs. Just get in touch for your own offer.

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Frequently asked questions on preventing house repossession

Facing your house being repossessed can be difficult and a hard prospect to face. Our property specialists speak to thousands of people each month in similar situations, and they’ve answered some vital questions to help you make the right next step for you.

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What triggers house repossession?

If you have not been paying your monthly mortgage payments you will fall into arrears on your property loan. The lender will usually make multiple attempts to get in contact with you to prompt you to pay back the arrears. If you default on this secured loan, they have the right to apply to repossess the property in order to pay your loan off entirely.

The process involves the house being repossessed and sold. The amount they recoup on the property is then used to pay:

  • Your existing mortgage debts
  • Legal fees
  • Repossession costs
  • Miscellaneous administration costs
  • Court fees

Only after all of these costs have been paid will you receive the remainder. You also have no choice over who the lender sells your property to, or at what sale price. The process can drag on indefinitely, all the while leaving your credit rating shattered.

Don’t panic though, in this guide we’ll take you through some methods for how to avoid house repossession or stop it if the process has begun.

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The longer you wait, the higher the risk of house repossession

By this, we mean risk of repossession as well as risk to your credit rating. Missed payments are one of the top factors that bring your credit score down. This means that every month you miss mortgage payments, you’re also racking up bad debt. If you cannot find a way to pay back the arrears on your mortgage, unfortunately, the clock is ticking on repossession.

Minimise the damage from the whole unfortunate situation by getting out of it quickly. By selling up you can stop house repossession in it’s tracks. From there, you can regain your financial security and start rebuilding your credit.

How to stop house repossession

If you’re facing the prospect of house repossession, you might be feeling anxious about how to deal with it. There are several key options for how to avoid house repossession:

Option 1: Set up an arrangement to repay what you owe

Often you can set up an arrangement with the bank or building society which you hold your mortgage arrangement with. If you get in touch with them using the details given in the communications they send, they may be able to spread the debt over a monthly repayment scheme for you.

The difficulty, of course, is that this only increases the amount you need to pay month to month. You could look into applying to switch your existing loan to an interest-only mortgage. This would mean a reduced monthly payment, which may help you get your repayments back on track. This is probably the suggestion for how to avoid house repossession without getting back your equity from the house by selling it.

Option 2: Sell on the open market

Taking control and selling your property before a sale is forced by the mortgage lender is another option. In this case, you would stop house repossession proceedings as soon as the sale is finalised and you have used the equity to pay back your arrears and outstanding mortgage amount. However, if you sell on the open market you’re at the mercy of an unlimited amount of delays to your house sale.

Option 3: Sell at auction

Selling your house at an auction is a possible route to a quick sale that helps you to stop house repossession proceedings. Auctions are typically time limited, meaning that if an offer meets your reserve price and the winning bidder has the funds, your property will sell quickly. However, if it does not meet your reserve price you may still be liable to pay an auction fee.

The other, much larger downside, is that you will typically have to pay the auction house commission of approximately 2-5% of the purchase price, often with VAT payable on top. This could represent a big percentage of your property’s equity.

Option 4: Make a quick house sale with We Buy Any House

If you’re wondering how to avoid house repossession, the best solution could be a quick sale with We Buy Any House. Take the burden of repossession off your shoulders by choosing a fast house sale. We not only purchase your house, but do so in cash, making the whole process seamless and efficient. That means once we offer, you have a guaranteed quick house sale in the bag.

We understand that selling your property is a big decision. If you’re wondering if it’s the right decision for you – simply take a look at the reviews from our happy customers. We think they speak volumes.

No sneaky extra fees

If you’re selling to stop house repossession proceedings, there’s a good chance that you’ll be keen to minimise extra expenses. Unlike selling with an estate agent, we don’t charge any extra fees. The offer we give you is the offer we will pay, with no extra strings attached or miscellaneous charges.

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When we say fast sale, we mean it

Sometimes, in situations like these, you simply can’t afford to wait.

In a traditional sale timeline on the open housing market, you may have to wait on the following in order to complete the sale and extract your equity:

  • Comparing rates and choosing an estate agent to represent you
  • Waiting for the chosen estate agents to take photographs and list your property
  • Arranging viewings with prospective buyers
  • Eligibility and affordability checks for any potential buyer who submits an offer
  • Waiting in a chain of any length, with no control to move it forward

Delays at any of these stages can have a big knock-on effect on the time it takes to sell your property. If you’re unable to make mortgage payments and need to sell quickly, this could leave you vulnerable to repossession while you wait.

Don’t let delays set in, causing you to lose your property and valuable equity. Act now to release the burden and achieve a quick house sale.

But, how fast do we mean when we say fast?

Get a decision in just 15 minutes

That’s right – within 15 minutes you could give us all the details we need in a chat with our friendly team, and then get a decision back about what we can offer you. All of our quotes are 100% no-obligation, meaning that there’s no pressure to accept.

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Complete in as few as 3 days

While it’s not possible to sell your house instantly, we’re the next best thing. Within 3 days you could have offloaded your property, and all of the financial obligations that come with it, ending all worries about house repossession.

We’re cash buyers, meaning that there is no need to wait for mortgage approvals or underwriting. If you accept our offer, all that’s left to do is prepare the documents for the sale. That’s why we can help you sell your house so quickly.

A simple & smooth buying process

We pride ourselves on taking the stress out of selling your house. Not only does that mean we speed up the sale time frame, but we also simplify every step of the process.

That means no endless paperwork or back-and-forth with estate agents, solicitors and conveyancers. We gather all the information we need from you, and then prepare the initial agreement. Once you’ve signed that, all that remains is to sign the legal documents needed for completion.

House repossession FAQs

Facing the possibility of your house being repossessed can be a difficult and emotionally taxing prospect. Our property specialists speak to thousands of people each month in similar situations, and they’ve answered some vital questions to help you make the right next step for you.

Can selling with We Buy Any House stop home repossession?

You might not be sure how to avoid house repossession however, we’ve helped many people deal with it and stop home repossession proceedings. If you can sell your property before the mortgage lender gains permission to seize your property in repossession, then yes. The huge advantage of selling through We Buy Any House is the rapid sale time we can achieve for you. You could regain your property’s equity within days, allowing you to repay your full mortgage and any arrears or penalties.

Will I need to pay stamp duty when I sell my house?

It’s possible you will need to pay stamp duty on any property you sell. The need to pay stamp duty is not based on the method of sale, but on the amount your property sells for. In the UK, you will currently need to stamp duty as part of the fees for selling a house over £250,000. There are different brackets depending on the price and whether it’s your sole property.

You’ll know if your house is going to be repossessed because your lender will get in touch with you to make multiple attempts to recoup the missed mortgage payments. If they move to repossess your house you will have to go through court proceedings to legally take possession.

This is a tricky question. As we’ve covered above, there are many stages to the selling process on the open market. Every sale is different, but it can take up to six months from listing to handing over the keys. By selling with We Buy Any House, you can cut this time down to a tiny fraction of that.

Next Steps

You tell us about your home

Whatever your situation, we’re here to help. First step is to get in touch with us, we’re open 24/7. Simply complete our online form, give us a call or email enquiries@webuyanyhouse.co.uk to speak to one of our friendly team. It couldn’t be easier.

Next Step

An offer in as little as 60 minutes

You and your house are unique, and so is your valuation. Once we’ve spoken to you and you’ve given us some property information, one of our property specialists will come back to you with your offer in principle. This can be done in as little as 15 minutes. We use Hometrack in our valuation process, the same software that mortgage providers use, to ensure you get an accurate offer.

Remember, our expert service is free to use, and you choose how you want to progress with your offer.

Next Step

Property appraisal

If you agree to move forward, we’ll arrange for an independent appraisal so we can complete an assessment at your property and prepare a formal offer for you. All of our property valuers are RICS certified to ensure we provide the highest level of service.

Next Step

Complete your sale

If you decide that you would like to proceed with our quick house sale, you choose the completion date that suits you. The whole process can be completed in around 3 days by our skilled sales progression team, or if you need longer then you can choose a more suitable time to completion.

If you’d like to get your offer for your property, click on the link below.

Get your offer today

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