Mortgage Pre-Action Protocol Leads to Drop In Repossessions

Added: (Tue Oct 06 2009)

Pressbox (Press Release) - Mortgage Pre-Action Protocol Leads to Drop In Repossessions

Conveyancing Solicitors confirm that 2008 mortgage pre-action protocol is having a positive impact on number of repossessions

Figures from the MoJ show that there were 32 per cent less repossession claims in the second quarter of 2009 than in the same period last year. Additionally there were 272 less repossession claims resulting in a court order this year.
This is a result of a new mortgage pre-action protocol designed to halve the number of repossession court orders. Although the success is limited, the protocol shows a willingness by the Government to place more pressure on mortgage lenders, in the wake of toxic mortgages and irresponsible lending.
The average rental agreement has plummeted from £950 a month last May to £750 this July. House values have also dropped and many are struggling to pay their mortgages. The protocol encourages mortgage lenders to be more flexible in terms of repayment, including extending the period of the loan and allowing payment holidays. The positive impact of the new legislation is predicted by solicitors to be permanent.

A solicitor from Wolstenholmes Conveyancing Solicitors notes: “Lenders are not immediately going to a possession order. Our firm has seen a drop in repossessions among clients who come to us for fixed fee Conveyancing advice.”

The drop in repossessions is good news, but what should you do if you are facing repossession yourself? The advice from Wolstenholmes Conveyancing Solicitors is:

“Seek legal advice immediately. We are seeing a cultural shift in courtrooms in favour of more flexible repayment schemes. This has reached the top, as District Judges are adjourning cases that do not meet the protocol. Our fixed fee conveyancing is another way to make things more affordable.”


Established in 1818, Wolstenholmes has been providing legal expertise for both private and commercial clients for almost two centuries. To speak to expert Conveyancing Solicitors about Fixed Fee Conveyancing call us direct on 0800 8620319.