Repossession Process

Banks & Building Societies

Who undertakes the process?

Home repossession is normally undertaken by a bank or building society who hold the first charge on a borrower’s house (i.e. have the legal right to take away the property under the terms of the mortgage).

Repossession can also be carried out by any other party who has charges on the property (i.e. secured finance debt against the property) and by anyone that has a Charging Order secured following a County Court Judgment, although this is extremely rare.

Building Societies are entitled to seek repossession action if the loan is 2 or more months in arrears. However, at this point the situation is typically referred to their internal Debt Recovery Department, which will attempt to reach some agreement with the borrower with regards to how they are going to repay the amount of money they owe without having to go to court.