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BTL Repossession Research

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  • 15-08-2014 12:20pm
    #1
    ansiblejane
    Registered Users Posts: 6 ✭


    Hope this is in the right place, and apologies if it isn't...


    I'm working on a (fictional) story and have a character who has a buy-to-let mortgage on one property and has also re-mortgaged her family home; however, she hasn't had tenants in awhile and has been unable to make the mortgage payments on either property, finding herself in deeper and deeper debt. I'd like to end up with her at the point where losing both her BTL property and, most importantly, her family home is inevitable.

    What I'm looking for is how this scenario might break down in terms of steps the bank would take and the overall timeline. As I understand, the bank cannot move towards repossession of a home until six months after notification of the first arrears, but how long after that would it take to reach the actual point of repossession, and what milestones (letters, meetings, court dates) might appear along the way? And how would her other property affect the eventual repossession of the family home (i.e. which is repossessed first? Could it all happen at once?)

    I'm sure I'll end up having to fudge some aspects of the story as I'd like it to move along quite quickly and am sure in reality it can be a drawn out process, but would just like to know what the timeline would look like, i.e.:

    January: 1st notification of arrears
    February: 2nd notification of arrears
    March: 3rd notification of arrears
    July: Repossession proceedings being; court date is set for that month, first court appearance includes ______

    I have no knowledge in this aspect of things, so am sure my example is pitifully simplistic.

    Finally - as a twist - what happens when a property about to be or in the process of being repossessed is destroyed (either an act of God, or arson, or something along those lines) - can insurance money then go to reduce the debt and potentially stop the repossession? How long would insurance take to come in if the cause of damage was determined fairly quickly?

    Again, I'm completely ignorant about this stuff. It's not the main thrust of the story, but it is important background colouring and I'd like it to feel as accurate as possible. Any help is appreciated - most information I find online is how to STOP from getting to this crisis scenario rather than how to plot out getting into it...


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