Home repossessions rocket in Kingston (From Your Local Guardian)
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Home repossessions rocket in Kingston
1:50pm Monday 2nd March 2009
Repossession orders made in Kingston rocketed in the last quarter of 2008, as hapless borrowers fell foul of the worsening financial crisis.
The county court issued 40 per cent more mortgage repossession orders than in the same period in 2007, with 370 homeowners over the whole year failing to keep their heads above water.
A total of 533 tenants in the borough were also forced to hand keys back to their landlords after going through the courts in 2008 - up 25 per cent on the previous year.
The number of claims reaching the courts dropped sharply compared with the same quarter in 2007, however, suggesting new guidance to lenders on giving homeowners some breathing space with their repayments could be having an effect.
Guidelines introduced at the end of 2007 instructed judges to ensure lenders demonstrate they have tried to discuss and agree alternatives to repossession.
The protocol also ensures court action is not taken within the first three months of a borrower missing a payment.
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Fred1 says...
6:58am Tue 3 Mar 09
If a landlord wants to evict a tenant, then they usually have to give notice. Likewise, if a lender wants to repossess a property, they usually have to give notice to the owner.
However, it has recently emerged that if a lender wants to repossess a property that's got a tenant in it, then no-one is under any obligation to inform the tenant at all. The first that the tenant will know about it is that they will get an N54 form telling them when the bailiffs are coming round; this could give them less than a week to pack up all their stuff and find somewhere else to live. The bailiffs are legally empowered to use force to evict you.
Keeping up to date with your rent will *not* stop this from happening. Yes, I know, it's grossly unjust, but that's the way it is. If you want to do something about that, then I suggest you join the revolution.
In the meantime, I strongly recommend that when you are looking for a flat to rent, you ask if the landlord has got a mortgage or any outstanding finance on the property, before you sign the tenancy agreement or part with any money. I also recommend that you don't take the landlord's word for it; do a Land Registry Direct title search on the place; it only costs £3. If it turns out that the landlord has lied to you on this one, then don't touch it with a barge pole. This also applies to accommodation offered by lettings agencies.
http://england.shelt
er.org.uk/get_advice
/repossession/reposs
ession_by_a_landlord
s_lender