Mortgages: power of sale and residential property
Open date: 29 December 2009
Close date: 28 March 2010
A consultation on a proposal to require mortgage lenders to obtain a court order or the consent of the borrower before repossessing and selling residential owner-occupied homes.
The proposed changes would put current lending practice into law, and ensure that borrowers can access the protections offered by the court.
The proposals relate to residential owner-occupied properties and would not affect buy-to-let mortgages or other commercial loans, nor affect other remedies available to mortgage lenders where a borrower defaults on a mortgage.
HM Treasury is holding a separate consultation on the regulation of the mortgage industry.
Consultation paper
- Mortgages: power of sale and residential property consultation paper (PDF 0.24mb 52 pages)
- Mortgages: power of sale and residential property consultation paper (Welsh) (PDF 0.38mb 47 pages)
- Questionnaire (Word 0.10mb 4 pages)
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Civil Law Branch
Legal Policy Division, Ministry of Justice