Repossession of your property - what will happen next?

Repossession of your property
As you have not cleared the arrears in full, we will instruct our solicitors to apply to the County Court to enforce the Order for Possession granted.  You will receive notice from the court of the date when you must vacate the property.

Alternative accommodation
If you do not have alternative accommodation to go to, then you should contact your local authority immediately to see if they can help.

Contents
Please ensure that you make arrangements to remove all of your possessions from the property on or before the repossession date otherwise these will be disposed of at your expense.

Keys
Following repossession of your property we will change the locks.  The new keys will then be passed on to a local estate agent.

Access to the property to collect personal items and furniture
Should you need access to the property you must contact the Society and we will give you a telephone number to contact.  You must contact the agents and make an appointment to attend at the property with the agent's representative.  Any personal items or items of furniture should be removed within 14 days otherwise these will be disposed of without further notice at your expense.

Sale of the property
The Society will arrange for two valuations of the property and decide upon a selling price based upon these valuations.  The property will then normally be placed up for sale with a single local estate agent.

The property will usually at first be marketed for sale by a local estate agency, but not by auction.

The Society will consider any offers received and decide which one, if any, to accept after taking into account the number of times the property has been advertised for sale, the length of time it has been on the market and whether the bidders have ready access to finance.

If, after the initial advertising period, there are no offers forthcoming the Society will seek the agent's recommendations in respect of how to attract a purchaser and may reduce the asking price or consider putting the property in an auction.

Costs
You will be responsible for all costs incurred including; the cost of repossessing your property, clearance of any items remaining in the property, disposal of toxic substances, any essential repairs, court charges, estate agents fees, solicitors charges in respect of the repossession and sale, the Society charges in respect of the repossession action and sale, and any other costs incurred.

Sale proceeds
After the deduction of all costs and charges, the remaining sale proceeds will be applied in reduction of the mortgage debt.  If there are any surplus proceeds these will be passed on to the next lender in line.  Any surplus after the repayment of all other loans registered against the property will be paid to you net of any additional costs incurred.

Shortfall
If the sale monies are insufficient to repay the mortgage then the Society will make a claim against any Mortage Indemnity Gurantee.  If there is still an amount owing by you then you will be liable for the debt and the Society will seek to recover this from you.

The Society will seek to enter into an arrangement with you to clear any outstanding debt over a reasonable period taking into account your finances.  If you do not co-operate then the Society will seek to recover the outstanding debt by appointing solicitiors to take legal action.

Third party rights
If a claim is made against any Mortgage Indemnity Guarantee then the insurance company have the right to recover the claim monies from you.

Credit Reference Agencies
The Society will inform the credit reference agencies that the property has been repossessed.  This may affect your ability to raise credit in the future.

Useful Contacts

Leek United

To confidentially discuss any repayment issues you may have, please contact the individuals below between the hours of 9am and 5pm:

Ann Thurston - direct line 01538 392469.  Email:  ann.thurstan@leekunited.co.uk.

Tracy Raynor - direct line 01538 392431.  Email:  tracy.raynor@leekunited.co.uk

Click here to see details of organisations that offer free help and advice if you have money problems.