Please select a service we provide from the menu.
Login to retrieve or track an existing case.
Repossessions in Northern Ireland rising
15/05/2009
Repossessions in Northern Ireland have jumped by 35 per cent in the first three months of this year, plunging more people in the province into misery, according to figures from the Court Service.
The High Court registered 1,020 writs and summons in relation to mortgages, which is nearly twice as much as the 566 seen in the first quarter of 2007, reports the Mortgage Introducer.
Some 754 actions were recorded during the same period last year, although not all the cases resulted in homeowners being kicked out the website, stated.
The news comes as fresh data from the Council of Mortgage Lenders shows that some 12,800 repossessions, including buy-to-let, were recorded in the first quarter of this year.
In the fourth quarter of 2008, only 10,400 repossessions were recorded while the first quarter saw 8,500.
This has prompted the CML to state that its prediction of 75,000 repossessions this year is "pessimistic" and it "expects to revise the figure downwards" in its nest forecast.
Katharine Kimber, head of the repossession team at Wilson Nesbitt Solicitors, commented that "the current rise in repossessions was unfortunately to be expected, as home buyers and investors stretched themselves to get on the property market just a couple of years ago when prices were greatly inflated".
"Fall in house values has prevented many from changing to a better mortgage product due to lack of equity in the property, or for some it has stopped them from selling on what was deemed to be at the time as an investment property.
"Anyone faced with an action for repossession or suspects that one is forthcoming should take legal advice immediately from a specialist firm of solicitors."
Ms Kimber is a partner at Wilson Nesbitt Solicitors and specialises in repossession and commercial litigation cases.
Visit our residential property services page
The High Court registered 1,020 writs and summons in relation to mortgages, which is nearly twice as much as the 566 seen in the first quarter of 2007, reports the Mortgage Introducer.
Some 754 actions were recorded during the same period last year, although not all the cases resulted in homeowners being kicked out the website, stated.
The news comes as fresh data from the Council of Mortgage Lenders shows that some 12,800 repossessions, including buy-to-let, were recorded in the first quarter of this year.
In the fourth quarter of 2008, only 10,400 repossessions were recorded while the first quarter saw 8,500.
This has prompted the CML to state that its prediction of 75,000 repossessions this year is "pessimistic" and it "expects to revise the figure downwards" in its nest forecast.
Katharine Kimber, head of the repossession team at Wilson Nesbitt Solicitors, commented that "the current rise in repossessions was unfortunately to be expected, as home buyers and investors stretched themselves to get on the property market just a couple of years ago when prices were greatly inflated".
"Fall in house values has prevented many from changing to a better mortgage product due to lack of equity in the property, or for some it has stopped them from selling on what was deemed to be at the time as an investment property.
"Anyone faced with an action for repossession or suspects that one is forthcoming should take legal advice immediately from a specialist firm of solicitors."
Ms Kimber is a partner at Wilson Nesbitt Solicitors and specialises in repossession and commercial litigation cases.
Visit our residential property services page
Bookmarks
