Duncan Lewis

Residential Property

Commercial Property

Is Your Home Being Repossessed?

Date: (22 August 2011)    |    

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Duncan Lewis:I to represent them in court.

At the hearing the case may be dismissed or postponed, or adjourned, and you may be allowed to remain in your home whilst you stick to the terms of the agreement for paying off the arrears. This is referred to as a ‘suspended possession order’. Alternatively, it may be that an order is made out for you to vacate the property, which is an ‘outright possession order’. This order may or may not also specify that you must pay back the arrears, referred to as the ‘money judgment’.

Having outlined the worst case scenario of the outright possession order, it is worth noting that in the vast majority of cases the borrower is able to come to some sort of an arrangement with the lender for paying back the arrears and remaining in the property. It is never too late, within reason, to attempt to reach an agreement. Most county courts are now provided with government-funded desks that give free representation at these hearings, and which are designed to promote mutual agreement between the parties in repossession hearings. These are invaluable in reducing the number of immediate repossessions.

It is also worth noting that evictions do not necessarily follow on from the issue of repossession orders. Many borrowers pre-empt eviction by selling their properties, and generally speaking repossession is the extreme and final step and is only taken if there is no way for the borrower to rectify the situation. Housing solicitors will be pleased to offer help and advice if you have been issued a repossession order.