Eviction notice

wilcoxm

Hi - Help

I have a property which has a eviction notice pending for Monday 21st Ju ne. I have just returned from working away for over a year, and did not realise that i was in the situation i am currently in.

I am not in a position to pay off any debts i owe, however i wish to sell my property myself to get the full market value, so i can pay off the mortgage company and make a fresh start. I have been advised to fill out a N244 form and hand into the court, however would the case of me working away (and not being able to get home) be enough to save my home?

Any advice would be great.

Thanks In advance

maninthestreet

So you went abroad and some how managed to forget all about the property you own and paying the mortgage on it???

_Andy_

maninthestreet wrote: »

So you went abroad and some how managed to forgot all about the property you own and paying the mortgage on it???

Rookie mistake!

namzij

You being away will not be sufficient to deter the repossesion but you filling in the N244 will take you on the way to stopping the repossession.The thing to concentrate on now that N244 form. What that does is generate an emergncy court hearing! At this hearing no matter what has gone on before, it is possible to suspend the possession order by making an arrangement or by asking for time to sell within a realistic time scale.

In the majority of cases, where they can see a before and after scenario where the homeowner can afford their contractural obligations, an arrangement can be made which spreads the full arrears over the remaining term of the loan.
Section 36 of the Administration of Justice Act grants that a homeowner should be allowed to stay in their home and have their possession order suspended, if they can pay the arrears within a reasonable period.
Case law (C+G Vs Norgan and others) demonstrates that the reasonable period can sometimes be the remaining term of the mortgage.
In practise, however, it is better to make a realistic offer to the courts; usually 1% of arrears balance pcm should demonstrate desire to clear arrears (minimum £25pcm).
The lenders solicitors will often argue against an arrangement or demand an unrealistic amount, 8% - 10%pcm; often this is why they are back in court because of such a failed arrangement.
It is important that homeowners speak honestly and clearly and explain to the judge that they do not want to agree to an amount that is unsustainable; the arrangement must work long term.
A simple budget should be presented, which must be accurate but can be structured to demonstrate affordability and prioritisation of mortgage.
To clarify, if someone is paying £300pcm to credit cards, this can be shown on the budget as £100pcm towards a debt management plan as long as this is the intent after leaving court.
The budget must demonstrate some flexibility, perhaps £50-£75pcm excess for unforeseen eventualities.
In cases, where homeowners will no longer be able to afford their contractual repayments or will be highly unlikely to be able to maintain a payment arrangement, time to sell or refinance should be requested.
When a judge is given the choice between Two Yeses, (an indefinite arrangement or time to sell) at worst a judge should grant time to sell.
A period of 56 days is standard and this should always be requested even if they think they can complete a sale quicker.
The homeowner should explain that there is sufficient equity in the property, that there will be no prejudice to the lenders interest by a short delay.
They should also demonstrate value with Estate Agent letters or documents demonstrating an existing buyer’s position (Memorandum of Sale, Offer Letter, Solicitors letter etc)
If they are selling to a fast buying company, often the buyer can attend court as a helpful advisor (McKenzie friend).
It is good to explain to a judge that the buyer is part of a National Home buying Company, they are financially able to complete the transaction, are chain free and thus the transaction is fully proceed able.
All vendors should be encouraged to submit their mortgage details for possible compensation to loancheck (this is a website cant post link unfortunately, PM me for details if unclear or to a representative of CartelClientReview (also a website, google it pls)
If a claim is approved for underwriting, the homeowner should state to the judge that an insured compensation claim is proceeding against the lender and that it carries a minimum payment of £5,000 with a maximum yet to be assessed.
When the claim is settled, this money will be immediately credited (at borrowers request) against the arrears balance.

I hope this helps towards your hearing. Good luck!