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Mortgage repossession. In the United Kingdom, a lender can take possession of a person's home due to default on a mortgage. This process is incorrectly often known as "mortgage repossession"; however, assets can only be repossessed if the lender was the seller, which is often the case with cars but not usually with houses.
More recently in the UK, however, repossessed properties have been offered without fee to the seller, but with a buyer's premium of 10%. The buyer's premium has been characterized by auction houses as a necessary contribution to the costs of the administrative process, although some in the auction-buying community see it as an unreasonable ...
The mortgage industry of the United Kingdom has traditionally been dominated by building societies, the first of which opened in Birmingham in 1775. [1] But since the 1970s, the share of new mortgage loans market held by building societies has declined substantially. Between 1977 and 1987, the share fell drastically from 96% to 66%, and that of ...
Repossession. Repossession, colloquially repo, is a "self-help" type of action in which the party having right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers.
Analysis of UK house building by government and Prime Minister 1978–2016 (partial data) In 2011 almost 40,000 English socially rented homes were built. Just 5,900 social housing homes were completed in 2017 which is the smallest proportion of overall housing building since records began.
Housing in the United Kingdom represents the largest non-financial asset class in the UK; its overall net value passed the £5 trillion mark in 2014. [1] Housing includes modern and traditional styles. About 30% of homes are owned outright by their occupants, and a further 40% are owner-occupied on a mortgage.
The Excalibur estate in Catford, London Borough of Lewisham is the UK's largest remaining estate of post-WW2 prefab houses, with 187 Uni-Seco wooden frame bungalows plus a flat-roofed prefab church. While residents fought to save the entire 187-unit estate, English Heritage wanted to save 21 examples, and the council, which still owns 80% of ...
Equity stripping, also known as equity skimming, is a type of foreclosure rescue scheme. Often considered a form of predatory lending, equity stripping became increasingly widespread in the early 2000s. In an equity stripping scheme an investor buys the property from a homeowner facing foreclosure and agrees to lease the home to the homeowner ...