FAQ
Q. I’ve got a court hearing but I can’t attend. What should I do?
A. Wherever possible, make every effort to attend. If you have a joint mortgage, only one person need attend. Your home is at risk so making yourself available is extremely important. If you absolutely cannot attend, set out your position in writing, and confirm to the court what you would like to do.
Q. Do I need a lawyer to attend Court?
A. No. You can get one but they are expensive, typically £130-175 per hour + VAT. This money is often better spent in an offer to repay the arrears. Some courts have Debt Councillors available at repossession hearings (some Citizen’s Advice Bureaus provide this service) who can help. Ask the court usher upon arrival.
Q. How quickly can a Repossession be Stopped?
A. Depending upon the circumstances, it can be stopped right up to the date of eviction.
Q. If I hand back the keys is that the end of my worries?
A. No. The lender will sell the house. If there is a shortfall, the lender can recover this from you for up to 12 years (5 years in Scotland). You will also be responsible for ongoing mortgage interest payments until sale and all sale costs. This will include locksmiths costs, solicitors fees on repossession and re-sale, surveyors fees, estate agents fees and utility bills.
Q. Will my credit rating be affected?
A. Yes. A County Court Judgment will be registered against you which will remain on the Register of County Court Judgments for 6 years. The lender will also register your repossession on the Council of Mortgage Lenders register which will make obtaining a future mortgage very difficult.