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Waiting to exchange but received a repossession court order
Lloyde12
Posts: 5 Forumite
Hi. Can anyone advise. We sold our house in June but it's been a nightmare. We are due to exchange any day now but today received a court order to start repossession. The hold up on exchange is between my buyer and his buyer. NRAM advised us they are gonna stop the sale and repossess if we don't clear the arrears before we sell. I don't know what to do.
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Well, you will either have to clear the arrears before Completion, or on Completion using the money you receive from the sale.Hi. Can anyone advise. We sold our house in June
No you didn't.
but it's been a nightmare. We are due to exchange any day now but today received a court order to start repossession.
'start repossession'? What do you mean? Has there been a repossesion hearig? What did the court order?
Or is this notification of a future hearing? If so, what date?
The hold up on exchange is between my buyer and his buyer.
Tell your buyer if he does not Exchange by X date the deal will fall through because of your lender.
NRAM advised us they are gonna stop the sale and repossess if we don't clear the arrears before we sell. I don't know what to do.
* how much are the arrears?
* how much is the total outstanding amount owed on the mortgage?
* how much will you receive from the sale (assuming it goes through)?0 -
So today we got a court hearing date of 10th December. we owe roughly £4k in arrears and will clear them on completion. We have about £60k equity in the property so will clear the whole mortgage amount in full no problem.0
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So much to lose,
Clear the 4k.0 -
Go to court armed with all the evidence you have that your buyer is shortly to exchange contracts. Unlikely the judge will allow possession if you can satisfactorily show this.
Hopefully the judge will agree a suspended possession order that should give you time to complete the deal.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
What's the problem?So today we got a court hearing date of 10th December. we owe roughly £4k in arrears and will clear them on completion. We have about £60k equity in the property so will clear the whole mortgage amount in full no problem.
Exchange before December 10th. It's nearly 2 months away.
Or take out a loan for £4K and pay off the arrears since you'll be easily able to pay off the loan once the sale goes through.0 -
Sounds as if NRAM consider 6 months sufficient to complete the sale, and are losing patience. Are the arrears continuing to accumulate?0
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