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The traditional way to sell your house is by using an estate agent or online agent but the average selling time in many parts of the UK is over 12 months due advertising, house chains, conveyancing. This can often be a lot of hard work and a very stressful time.
With Sell Your House Fast selling your home quickly for cash is a straight forward process. We are a lean business with minimal overheads we can offer very competitive prices for your house.
Repossession in the UK is the legal process of your lender reclaiming their financial stake that they hold in your home. A lender will apply to a court for a possession order if you are in arrear and when they have repossessed the property, they will sell the property to recover the money owed to them.
It is key to fully understand the repossession process and what your rights and responsibilities are. It is crucial that you don’t ignore any correspondence from your lender and keep the doors of communication open. Try and work with your lender to reach an agreement to resolve your mortgage arrears and stop repossession.
Seek out debt advice so that you understand your options. Free advice is available from Shelter England, National Debtline and Citizens Advice.
Find out if you are entitled to any benefits that might go towards paying some, if not all, of your mortgage arrears. Check your insurance policies to see if any of them cover mortgage protection.
Given the timeframes set by your lender securing an open market sale (which can take upwards of 9 months) with a high street agent is not viable. Even if you secure a buyer quickly, you cannot guarantee the sale will complete and any delay could see the lender push forward with repossession.
Cash buying companies can help but it is important to check two key factors;
At Halo House Buyers we are regulated and buy directly from you, our service has been designed to help alleviate the pressure of stressful situations such as a repossession whilst handling the sale with maximum discretion. We can complete in as little at 7 days, aim to buy at 85% of your market value and cover all sale costs.
We can also offer advice and assistance in delaying repossession in the UK, providing a cash advance and a delayed vacation to simplify your onward move.
Contact the team today for a no obligation quote.
It’s never too late to stop the clock on having your home repossessed. Take a moment to review the options that are available to you before handing over your keys to your home to the bank.
Your lender has legal responsibilities and protocols that it has to follow before proceeding with court action, such as your lender is obliged to confirm how much you owe. They must consider a request from you to change the way you pay your mortgage. Respond to any offer of payment you make – however small it may seem. If they turn down your offer of payment they have 10 days to respond with their reasons. They must give you a reasonable amount of time to consider any proposal they make to settle the mortgage arrears. Finally, they have to give you 15 days’ written warning if they plan to start court action.
Work out your monthly expenditure – break it down into your ‘fixed’ costs such as your mortgage, council tax, credit card debts, loans and utilities – anything that you obliged to pay each month. Then put down what you spend each month on grocers, shopping, entertainment that includes TV packages – these are more ‘moveable’ costs and can be reduced. Once you have a list of your monthly expenditure work through what you can reduce or eliminate. Do you really need the TV package? Can you reduce your grocery bill? Consider another part time job to boost your income? You will need to show copies of your monthly expenditure and income to back up your negotiations with your lender.
Talk to your lender about having a ‘mortgage holiday’ to allow you to put in place your action plan to reduce costs and sort out your finances. Alternatively discuss the option of extending the lifespan of your mortgage so that your monthly mortgage payments are lowered.
Explore what other mortgage deals other lenders are offering. This could be another option to reduce your monthly payments, helping you to get your finances in better shape.
If you have lost your job look through your insurance policies to see if you have mortgage payment protection insurance. This type of insurance could help meet your mortgage repayments for a year or two and allow you to get back on your feet. Also ensure you get any social security help available such as Jobseekers’ allowance. You may even be able to get help towards interest payments on your mortgage.
Selling your home may be the right decision if you are unable to keep up with your repayments and your financial situation isn’t expected to improve. Selling your property yourself keeps you in the driving seat and ensures you get the best price for your house than a lender might selling at an auction. You will need to advise your lender that you intend to do this and depending on how much time they will allow for the sale to complete may dictate who and how your sell your property. One option is to sell your property through a traditional estate agent but this could take 6 months or more.
Alternatively, you could sell your property to a cash house buyer, like www.sellyourhousefast.online, who are able to complete on the sale of your property within 7 days!
Once you have agreed on a price www.sellyourhousefast.online will take care of the rest, including legal fees. Providing you have equity in your property, money received from the sale of your property will go towards paying off your mortgage and the arrears you have accrued, whilst the remainder will go to you.