Repossession

Repossession is a stressful and frightening prospect for anyone to go through. Property Solvers have many years of experience in dealing with lenders and mortgage companies whilst helping people who are in under the threat of losing their home - even if that means that we do not buy the property.

Should you be finding yourself in this situation, you must remember the following:

• The current economic and financial climate has put many individuals and families in this position - you are not alone
• The banks and mortgage companies are large institutions that deal with arrears using set procedures
• There is often a quick and easy solution to what may seem like a complex issue

Property Solvers have a panel of legal experts who specialise in dealing with every aspect of the repossession process. Should you choose to sell your property to us to avoid repossession, we are able to operate within short timescales to put a stop to an eviction prior and, on some occasions, after the bailiffs have been instructed.

However, prior to making an offer on your house, we will go through the options that are potentially available which may include one, or more, of the following:

• An open market sale of the property
• The possibility of a further advance / remortgage from your mortgage company
• A 'payment holiday' and or payment plan from your current mortgage company and secured loan lender(s)
• Conversion of mortgage from repayment to interest only
• Taking on a lodger to help with financial commitments

Upon deciding to sell your property we will be able to make you an offer based on your current debts or, alternatively, purchase an option and assist you in achieving a sale on the open market. We will be at hand 24/7 to assist you with any associated administration (such as paperwork) to ensure that the bailiffs will not be knocking at the door.

Sell and Rent Back

Formerly a popular option for homeowners, changes in legislation now mean that Property Solvers are no longer able to offer sell-and-rent-back transactions. New laws governing the process have been implemented to eliminate the 'cowboy' practices that were occurring in the industry and are therefore to be welcomed. Should you wish to remain in your property and rent it back, Property Solvers will be able to offer the following options:

• Discussing referring you to a partner property buying organisation that complies with regulation.
• Refer you to an Independent Financial Area Manager (IFA) to discuss a home equity release or reversion policy.
• As our Area Managers are experience landlords/ladies, they may have a property that you will be able to move into on agreeable terms.