Possession Proceedings? Applying for Time to Sell.

If you’re in a situation where selling your home could prevent repossession and potentially end the financial strain, applying to a court for more time to sell can be a viable option.

When facing home repossession due to mortgage arrears, one of the avenues homeowners can explore is applying for more time to sell their property. This option, if granted, allows homeowners to manage their financial situation more effectively, potentially avoiding repossession altogether. 

Before initiating the process, it’s so important to understand what applying for more time to sell entails. This approach involves requesting a suspension of the repossession process by demonstrating to the court that you are taking active steps to sell your property and that this sale could realistically cover the outstanding mortgage arrears.

Before heading to court, reach out to your mortgage lender. Explain your intention to sell the property and request a halt to the repossession proceedings. Some lenders might be willing to negotiate and give you more time, avoiding the need for a court application.

However, if for any reason your lender is not prepared to give you more time and you do end up in court, then you will need to prepare as much evidence as you can to show that you are actively trying to sell your property. 

This can include:

• Proof of your property being on the market (e.g., listings with estate agents).
• Any offers received.
• An estimate of how long the sale process is expected to take.
• A financial statement detailing your income, expenses, debts, and how the sale proceeds will be used to clear the mortgage arrears.

During the hearing, present your case clearly and calmly. Explain to the judge that selling the property is a realistic option to clear the arrears and that granting more time is in the best interest of both parties. Be prepared to answer questions about your efforts to sell the property and your financial situation.

The sooner you act, the more likely you are to be granted more time and being honest about your financial situation and intentions can build credibility. Always consider seeking advice from a legal professional or guidance from a specialised service which guides people through such stressful financial situations.

Applying to a court for more time to sell your property due to mortgage arrears can be a pathway to avoiding repossession. By clearly demonstrating your efforts to sell and outlining a realistic plan to clear your debts, you can make a compelling case to any court.