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Repossessions
If you breach the terms of your mortgage your lender has the right to take possession proceedings against you.
Usually it is the last resort and taken only where there has been a serious breach of the mortgage conditions such as mortgage arrears.
A court order is essential before possession can be obtained and the courts have discretionary power to:
- adjourn proceedings or
- grant a stay of execution
If you are able to pay outstanding mortgage instalments within a reasonable time or put right any other breach of the mortgage conditions.
If possession is granted and the property is then sold the sale proceeds are applied to repay the outstanding mortgage debt and the lender’s costs. You will then generally receive any excess.
If your lender has threatened you with possession proceedings and you would like to help our specialists at Hart Brown can explain your rights and options in simple and clear terms. We can help negotiate with your lender possible solutions.
To speak to someone who can help with a repossession call, email or request a call back from one of our specialist lawyers.