Overview

The Home Repossession (Protection) Bill aims to enhance protections for homeowners facing repossession. It mandates that mortgage lenders seek court permission before selling a property containing a dwelling house, allowing courts to consider the homeowner's circumstances and potentially prevent repossession if there's a reasonable chance of repayment or remedy.

Description

This Bill amends the Law of Property Act 1925. Specifically, it adds a new subsection (1B) requiring mortgagees (lenders) to obtain court permission before exercising their power of sale on properties containing a dwelling house. New subsections (1C), (1D), (1E), and (1F) grant the court several powers to aid the homeowner. These include:

• Adjournment: Delaying proceedings to allow for repayment or remedy.
• Stay or Suspension of Sale: Halting or delaying the sale of the property.
• Postponement of Sale Date: Pushing back the sale date to give the homeowner more time.
• Conditions: Imposing conditions, such as repayment plans, on the homeowner.
• Variation or Revocation: Modifying or cancelling any conditions imposed.

The Bill applies only to England and Wales.

Government Spending

The Bill does not directly specify any increase or decrease in government spending. The potential impact on government spending could be indirect and uncertain, potentially involving increased court caseloads. There is no financial information available from the provided text.

Groups Affected

• Homeowners facing repossession: Potentially benefit from increased protection against repossession.
• Mortgage lenders: Face additional procedural requirements before repossessing properties.
• Courts: Will see an increased workload in handling these applications.

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