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.
Sell to We Buy Any House and stop your 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.
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.
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.
The longer you wait, the higher the risk of house repossession
By this, we mean risk of house 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 house 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:
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.
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?
Why sell your house to We Buy Any House
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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.
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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.
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 pay 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.
