Repossession - Employing a Solicitor to Negotiate With Building Society

user1977

I wouldn't expect a lender to actively progress repossession if the borrower appears to be actively marketing it - it is cheaper and easier for them just to wait until you complete the sale yourself, rather than them pay the costs and take on the risk of doing so themselves. Just get yourself a decent solicitor and they can do the whole job, to the extent there's actually any communication needed by them to the lender.

MWT

EndofMortgage said:

In the last few months however, the lender has become more engaged and has mentioned the repossession possibility. 

Take you solicitor's advice on this of course, but if the lender, even at this late stage, is still only talking about the possibility of repossession, it is unlikely they will proceed down that path if your solicitor is able to assure them that you are actively seeking to sell the property.

A sincere desire to sell at a fair price in the current market as demonstrated by a listing with an estate agent should do the trick.

silvercar

EndofMortgage said:

Thanks everyone for your replies and opinions, it has been very useful reading them. Since making the post I contacted Citizen’s Advice who pointed me in the direction of The Law Society and using their website I have made contact with a local firm of solicitors who hopefully can help me.

To help clarify here are some facts that perhaps I should have mentioned before

The original term ended at the same time as COVID and for that and some other family matters it was not the right time for downsizing. In the next two and half years there was minimal contact from the lender and certainly no urgency shown by them so I choose to ignore the situation. I realise  that may not have been the best strategy but it has given me 3 years extension so far so it hasn’t been a complete failure. In the last few months however, the lender has become more engaged and has mentioned the repossession possibility. My family love our current house but know we do have to downsize so I suppose what I have done is extend the mortgage term without the permission of the lender. The reason I now want to have a solicitor is that the final phase of this exercise is now putting the property on the market and buying another one and I want to do this without the pressure of imminent repossession proceedings. I don’t expect the solicitor to do miracles but I am hoping they can help us stall the process long enough so the sale of the property and the purchase of a new one can be done without the deadline of a repossession. I don’t want to do this myself as I need info on the process and the likely reaction of the court. I must admit I was surprised that the lender suddenly became keen to collect as the interest payments have increased significantly and I’ve never missed a payment. I believed with the cost of living crisis and government pressure on mortgage lenders to be more understanding with customers I could maybe squeeze another year before being forced to move. When I say I wanted the solicitor to negotiate with the lender I suppose what I really meant was that I wanted the solicitor to help me with legal background info so I was in a better position to negotiate.

 

Thank you for the update, particularly in the light of some of the comments.

I would think that simply providing the lender with evidence that the property is on the market will keep them at bay for a good few months.

ACG

The lender is not just going to repossess. 

But they will start dialogue (which is sounds they have done). 
They will want to see some movement (ie you giving them a reasonable time frame for putting the property on the market at a reasonable price). Which it sounds like you are not doing. 
They will want to understand what offers are being made or the price being lowered if not. 

All of that takes time, but they are not going to sit around for 12-24 months until you are happy to move. You are not going to enjoy your time at home, you are going to be incurring costs - those phone calls/letters in the post will be costing you. 

It would make far more sense to sell up or remortgage to a new lender. Some lenders do retirement interest only mortgages or equity release allows repayments. 

Saying lenders should be flexible because of what is going on in the world sounds ridiculous when you have just had an extra 3 years. I find that stance quite selfish to be honest. The world is going through a tough time, people are genuinely struggling and going to bed worrying and your trying to use what is going on to get what you want. 

Andreg

Well done on contacting Citizen's Advice.  It's a pity no-one in this forum actually helped you with your question on how to find a solicitor!

MWT

Andreg said:

Well done on contacting Citizen's Advice.  It's a pity no-one in this forum actually helped you with your question on how to find a solicitor!

Shelter was the other option offered earlier in the thread as they have a lot of direct experience with repossessions for obvious reasons...