One thing I've never really known the answer to: I am still in my house and if I am made BR tomorrow as I hope, am wondering if I will have to leave and hand in the keys straight away? I can stay at my Dad's until I have raised the deposit for rented accomodation which will probably take me about 3-4 weeks, but was hoping there would be a little time so that I could move furniture straight into a rented flat.
Also, will the keys go to the OR or the mortgage company?
Is the house in negative equity? If so, I believe you can buy the house back for £1 and a fee of £211 as the shortfall will also be part of your BR.
If there is equity in the property and you can't free this to pay your creditors then the mortgage company will reposes the property but I am not sure of the timescales of this.
I'm sure it is, and to be honest have resigned myself to losing it anyway and finding a flat. It's more just hoping that I have enough time to find somewhere new before I have to hand the keys back with raising the deposit. If I have to go straight away I will, but it would be handier if I had a couple of weeks!
it depends on how far in mortgage arrears you are. In any case if you are declaring BR tomorrow and have yet to have received notification of a court hearing in respect of repossession by your lender you have plenty of time.
If the date of such a court hearing were to drop on the mat tomorrow you have 28 days from the day the court grants a repossession to settle any arrears. Then the lender has to apply for an eviction order which will take a few more weeks.So worst way you have 8 weeks from the repossession hearing.
You would need to be 3 months in arrears before the lender would apply for repossession, or at least for the court to approve it.Sometimes lenders take much longer than this.
House query
Posted - 04 May 2009 : 18:58:47
