At Bastion we understand that being faced with repossession proceedings is a very daunting experience and so we have provided here a short summary of the procedure and how we can help you.
. You will be sent a court summons with a date for the repossession hearing. The time between receiving this summons and the court hearing is crucial as it is your opportunity to get together some means of showing the judge that the mortgage interest will be cleared and that going forward you can continue to pay the mortgage interest or that you have a way of repaying the mortgage.

. At the possession hearing if you cannot show the judge that the interest can be cleared or the mortgage repaid the court will be likely to grant a Possession order which will entitle the lender to submit a Possession warrant requiring you to leave your home possibly within 2-4 weeks of the hearing.

. If you do not leave you home within the time set out by the judge the court bailiffs may be instructed to remove you from your home.

What does this all mean?

. You will be forced to leave your home and find alternative accommodation.
. While the lender is attempting to sell your home you will still be responsible for all ongoing costs. So the mortgage interest continues to accrue and you will have to pay the lender’s legal fees and estate agents fees associated with the sale.
. Your name will be added to the Possessions Register and all major credit agencies will have access to this information. This is not good for your credit rating and may make it  difficult for you to get another mortgage in the future.

So how can we help?

If you contact us before the Possession hearing we can stop a Possession Order being made by buying your home. The procedure is as follows:
. We will meet you at your home and will, in most cases, make you an offer to buy your home typically for 80% of the open market value.
. If you wish to accept our offer we will both instruct solicitors to proceed with the sale, which we expect to take no more than 28 days.
. If there is less than 28 days until the hearing, do not panic. We can attend the hearing with you and provide the court with evidence that you are selling your home and that the mortgage debt will be repaid. The hearing will then be suspended and, once the sale has gone through, the proceedings will be dismissed.
. You will then have cleared your mortgage and will have avoided being placed on the Possessions Register. You will also have no outstanding liabilities and will have sold your home without having to pay any legal fees or estate agents fees.