Home repossession
Repossession orders
The lender can only repossess your home if the court grants permission.
The judge could decide to:
- adjourn (delay) the hearing
- set aside the case, which means no order will be made and the hearing is finished
- make a repossession order
Outright possession order
This gives the lender a legal right to own your home on the date given in the order and is sometimes called an ‘order for possession’. This is usually 28 days after your court hearing.
If you do not leave your home by the date given in the order, your lender can ask the court to evict you.
Suspended possession order
This means that if you make regular payments as set out in the order, you can stay in your home.
If you do not make the payments, your lender can ask the court to evict you.
Money order
This means that you have to pay the lender the amount set out in the order.
If you do not make these payments:
- money could be deducted from your wages or bank account
- bailiffs may take away things you own
Your lender cannot use a money order to evict you from your home. If you do not make payments set out in a money order on time, your lender could go to court again. As a result, the judge could decide to give them a possession order.
Possession order with money judgment
A money judgment is usually added to a possession order. It means you owe a specific amount of money usually made up of:
- your mortgage arrears
- court fees
- your lender’s legal costs
A money judgment will not apply if:
- you pay your mortgage arrears and any amount set out in a suspended order
- your lender sells your home and the sale price is more than the amount set out in the money judgment
If you do not pay the amount set out in the money judgment, the lender may ask the court to carry out the instructions in the possession order and the judgment.
Time order
This means that the judge changes the amount you pay on your mortgage for a set time by:
- changing the regular amount you pay
- changing the interest rate on your mortgage
- delaying the next time you have to make a payment
If you do not make the payments, your lender can ask the court to evict you.
A time order is usually only made on some types of loan like a second mortgage.