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Hi,
My other half was a Landlord in London until his X decided to sue him. To pay her off he went looking for finance and his broker came up with MINT. He took 5 mortgages against his properties. He then fell into financial difficulties and MINT appointed their main Director as the LPA receiver. From what I can work out MINT are a bit "Peaky Blinders" about things and its more base ball bat than sticking to the powers given to them under contract or the LPA.
So my other half has lost everything - literally.
My questions would be:
0) Can the LPA receiver also be the Lender per se.
1) the LPA receiver is selling the flats off for 100k plus less than they are worth. They aren't being marketed properly to reach the market and they are swallowing any proceeds of sale without any regard to any first charge holders that may also exist on some of the flats - can they do this ? Is there a challenge? 2 properties marketed at £5 million with a debt of £2 million against them and he has no say? The costs being assigned are huge. He has no money for legal fees and is blocked from any involvement completely. He's lost 20 years worth of work, all income and his home.
2) they aren't taking care of things like Council Tax - bailiffs are now involved and coming to my OH's rented house to collect.
3) there are tenants in some flats and again they are taking the rent on these but not distributing it equitably between the creditors. Also one flat has been sold at a bargain basement price to its existing tenant.
My OH feels the agent he used to broker the finance is also at fault as he was sold a bridging loan when what he wanted was a Buy to Let Mortgage. He says MINT pay much higher fees to IFA's to get the business as they are unregulated lenders. He raised various concerns at the time that it wasn't what he needed and there were 5 contracts drawn up until time ran out. They have a charge over the freeholds too.
My OH is slowly breaking down. Its horrible to watch, but this all just gets bigger and bigger and he doesn't know where to go for help or what to do next.
Any help would be hugely appreciated.
My other half was a Landlord in London until his X decided to sue him. To pay her off he went looking for finance and his broker came up with MINT. He took 5 mortgages against his properties. He then fell into financial difficulties and MINT appointed their main Director as the LPA receiver. From what I can work out MINT are a bit "Peaky Blinders" about things and its more base ball bat than sticking to the powers given to them under contract or the LPA.
So my other half has lost everything - literally.
My questions would be:
0) Can the LPA receiver also be the Lender per se.
1) the LPA receiver is selling the flats off for 100k plus less than they are worth. They aren't being marketed properly to reach the market and they are swallowing any proceeds of sale without any regard to any first charge holders that may also exist on some of the flats - can they do this ? Is there a challenge? 2 properties marketed at £5 million with a debt of £2 million against them and he has no say? The costs being assigned are huge. He has no money for legal fees and is blocked from any involvement completely. He's lost 20 years worth of work, all income and his home.
2) they aren't taking care of things like Council Tax - bailiffs are now involved and coming to my OH's rented house to collect.
3) there are tenants in some flats and again they are taking the rent on these but not distributing it equitably between the creditors. Also one flat has been sold at a bargain basement price to its existing tenant.
My OH feels the agent he used to broker the finance is also at fault as he was sold a bridging loan when what he wanted was a Buy to Let Mortgage. He says MINT pay much higher fees to IFA's to get the business as they are unregulated lenders. He raised various concerns at the time that it wasn't what he needed and there were 5 contracts drawn up until time ran out. They have a charge over the freeholds too.
My OH is slowly breaking down. Its horrible to watch, but this all just gets bigger and bigger and he doesn't know where to go for help or what to do next.
Any help would be hugely appreciated.
