When your home is worth more than your bank balance, you should consider the possibility of repossessing it.
This article explains how to reclaim your home, and how you can reclaim the money you’ve lost.
The first step is to make sure your property is listed for sale.
Find out more about listing your home.
It is possible to sell your property without a mortgage.
If you do not qualify for a mortgage, the property will be eligible for a loan.
Find more about buying a home.
If your property does not meet the criteria for a home loan, you can apply to a bank for a credit line.
If your credit is good enough to qualify for the loan, it can help you buy the property.
If you have already applied for a property loan, your credit score is considered to be good enough.
It is also likely that the bank will consider the property to be on the market, even if the property is not listed.
Find advice about credit scores.
Once you’ve made contact with the bank, it’s important that you pay the bank a deposit.
If the bank asks you to pay a deposit, it is best to do so quickly, so you don’t have to wait until the next payment due date.
Your bank may charge you a penalty if you do pay a late deposit.
It will also likely charge you interest on any money you owe.
In the event that you don�t pay the deposit in full, the bank may also charge you an overdraft fee, or a late fee.
If it charges you a late charge, you could have to pay the balance or any outstanding balance with a late payment fee, such as a penalty or a penalty interest.
If a late bank fee is charged, you may have to contact the bank directly to dispute the charge, or take the bank to court.
If not, you will need to contact HMRC for a refund.HMRC will issue you a refund if you can prove that the property was sold on or before 1 December 2019.
Find out more.
The second step is the most straightforward, but will take longer.
Find advice on how to pay for a new property, and find out more information about repossessions.
If HMRC decides that you owe a penalty, you must pay the penalty within a specified time limit.
If there are no conditions attached to the sale of your property, the seller will have to keep the property for a certain period of time.
If the buyer pays the sale price within that period, the buyer must pay it back to HMRC within a prescribed time limit, such that HMRC does not have to take legal action.
Find the HMRC deadline for repossession of your home if you have been given a court order.
Find more about repossession.
The third step is more complicated.
The seller must be able to show HMRC that the sale was valid.
HMRC will determine whether the sale is valid.
Find help with buying a house, or applying for a house loan.
The final step is when you will be allowed to sell.
Find information about selling a house.