Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : What stage are proceedings at the moment please?
My mortgage provider has said that unless I reduce the arrears to less than 3 months by end of next week then they will instruct solicitors. My bridge provider has just sent me a letter saying they will consider taking steps to recover the arrears in the next week or so - still vague what they mean by this. My main concern is how quickly they would be able to obtain a possession order given the stage of my sale and that it is an unregulated loan.
Also of course given the principal is not due until early August although I have defaulted in terms of not paying interest.
Alex Watts : Ok. They have to send a letter before action.
Alex Watts : Then they have to wait 28 days and then issue proceedings.
Alex Watts : The court notifies you of the proceedings and gives you 28 days to respond.
Alex Watts : U
Alex Watts : you can file a defence.
Alex Watts : Then even if you lose at court, the court can give possession up to 42 days.
Alex Watts : Even once that has expired they need to apply for a warrant of possession.
Alex Watts : That can take another 4-6 weeks.
Alex Watts : So all in a
Alex Watts : So all in all you can drag it out by a few months.
Alex Watts : Can I clarify Ny
Alex Watts : Can I clarify anything for you about this today please?
That's great. Just to clarify this all applies even to unregulated loan? It sounds quite similar to a regulated loan. Any bid difference? Also one final thing in terms of defence I understand that if a regulated loan the fact that the house is on the market or under offer - ie that making an active effort to sell - could help in making a possession order suspended for a few months but is that also likely in the case of a unregulated loan?
I meant big rather than bid.
Alex Watts : Yes it still takes so,e time.
Alex Watts : The judge could suspend the order if he considered there a real prospect to pay the arrears.
Alex Watts : Its a
Alex Watts : it's all a matter of discretion but the discretion is more limited for unregulated.
Alex Watts : Can I clarify anything else please?
Alex Watts :
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