FAQs – Repossessions
How can I sell my house quickly?
Try to find a cash buyer for the property. These types of buyers, or first time buyers, have proved to be more reliable. Give cash buyers 2-3 weeks and give first time buyers 6-8 weeks to secure the property.
2. How do I delay a repossession?
There are a few ways to get a repossession delayed or stopped.
- Find a cash buyer for the property.
- Pay the arrears in full.
- Ask the judge for extra time to find suitable accommodation.
- Sell the house and rent it back.
3.What is a repossession hearing?
It does not mean your property will be repossessed; it is just a normal hearing so that the judge can get all the facts of the repossession charge.
4. How does a repossession affect my credit rating?
Repossessions stay on your credit file for about six years. It will be difficult to get credit for the next few years. Mortgage lenders who are willing to grant credit may charge exorbitant fees.
5. How long does a repossession take
Most repossessions take 60 days to be effected. If you do not contest the repossession it may be sped up to a 30-day repossession order.
6. May I sell my house and rent it back?
Yes, you may do this to stop a repossession of your property. This is a popular option because the housing market is quite fragile.
7. What Is A Voluntary or A Volunteer Repossession?
The only difference between a normal repossession and a voluntary repossession is the lack of a court hearing. When you volunteer for a repossession it means you offer to leave the property before the bailiffs arrive on the property.