St Genix Property Buyers

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An Interview On Stopping Repossession

St. Genix Managing Director, Evgeni Vachkov, recently took part in an interview discussing the best courses of action in the face of repossession, and some of the finer points of the difficult process of repossession. Throughout the interview, Evgeni provided insights into the repossession process, and offered advice on how a homeowner can overcome problems of this sort.

You can find video footage of the interview by clicking the following link, and the full transcript is available below.


Good morning Evgeni, thank you for joining us this morning. Could you tell us a little bit about St. Genix, and what you do as a company?

Certainly, John, thank you very much for the invitation today. St Genix is a specialist property buyers company and our main objective is to help people who are struggling with their sales or struggling with property repossessions. We usually buy properties very quickly and that’s where our cutting edge is, helping the deal move along very quickly. We have a very good network of property investors, as well as solicitors and mortgage brokers, so we’re very well connected in the UK property industry.

So what exactly is repossion? How does the process work?

In simple terms repossession is when you have missed paying your monthly mortgage payments for several months and the bank is then chasing you for the money, or looking for alternative means to collect the money from you, i.e. by taking your property away.

So if my property was recently repossessed but I now have the money to pay off the outstanding arrears, can I get my house back?

Certainly, you can get your house back. What happens is if your property has been repossessed, you have been evicted, this property is now owned by the lender. They would usually appoint a third party company that prepares the property for a sale and tries to obtain the maximum possible price for that property. You would then pretty much have to buy it from the third party company at a full market price. By all means you can try negotiating it, but you will be treated as a new buyer of the property.

What if the resale of a repossessed property doesn’t cover all of the mortgage debt?

It really depends on the amount owed. The lender may decide to pursue for the remainder of the debt, so if let’s say you have several thousand on top of the money that the sale brought in, we have certainly seen cases where homeowners were forced through the legal system into selling their second properties or other assets or investments they have in order to repay the surplus debt. It is really depending on the amount of surplus debt that you have. The lender will make a conscious decision of “Is it really worth chasing £500?”, or let’s say £5,000 then, you know, it paints a completely different picture.

Let’s say that my repossessed property is put back on the market at a higher price than the value of the mortgage debt. Would I get any of that money back?

Yes, certainly, the person would. You have to bear in mind that the lender’s expenses that were accumulated during the repossession process will be added to your mortgage, so there will be a slight surplus to that amount, but this will certainly lower the amount you would receive, but nevertheless whatever is left out you will receive back.

Is it possible to get a mortgage if your previous property was repossessed?

Possibly in another country. The answer is no. The lender will register the repossession making it very difficult for you to get a mortgage. The County Court Judgement against you will remain on the register of County Court Judgements for six years and this is also shown on your credit file which is visible to all UK lenders, unless of course you’re looking to buy a property with no mortgage and you’re a cash buyer then you will be able to, but if you’re looking to get a mortgage that’s definitely a no-go for about six to seven years.

Will a Suspended Repossession Order remain on my property, after all outstanding arrears have been cleared?

Unfortunately it does. If the Judge made a Suspended Possession Order you can stay in your home as long as you obey certain conditions which are usually explained in the Order, but the Suspended Repossession Order is like in football a yellow card that gives you a final chance to keep up with your arrears. If you fail one more time – even several months later – the mortgage company will then have the right to evict you from your home.

So if anyone out there is facing repossession, they can get in touch with you by telephone, or via your website?

Certainly, our website is constantly monitored 24/7 and we understand people sometimes can’t even make a phone call, so our telephone number is 0800-644-0056, or if people have internet they can go on – there is a very easy form that they can fill in which gives us a little bit more details about their situation and then we will return their call literally within a few hours.

Sell House Fast Hotline: 0208 144 1070