LPA receiver help needed

[Dilly808]

Can I stop an LPA. Taking my property to auction .?

[CYNthesys]

Re: LPA receiver help needed

Can you provide further details.
LPAs powers often depend on the terms of the contract, so more info is needed

[Dilly808]

Re: LPA receiver help needed

Hi yes I have tried to settle the arrears but he wants cost paying in full and if I don't pay the property will go to auction

[CYNthesys]

Re: LPA receiver help needed

Is it a BTL or other type of commercial property
Who is the lender
How much are the arrears

[Dilly808]

Re: LPA receiver help needed

It's a BTL arranged by exclusive mortgages in knutsford Cheshire with belmain finance I've been with. Them 4 yrs now. And missed 2 payments and now charges with 1 months advance payment it's about 5k owed ..... They are now taking the property to auction I can't get 5k together so fast I offered to pay half in one go but the answer was no !!

[Dilly808]

Re: LPA receiver help needed

The LPA is Waterford asset management ..... Am at a loss not sure who or what can help me......

[CYNthesys]

Re: LPA receiver help needed

£5000 owing for 2 months arrears seems steep
Am I right in assuming that borrowings were repayable on demand????
If so was formal demand made on you by the lender

[Dilly808]

Re: LPA receiver help needed

It's 650 per month they want 1month in advance plus LPA cost on top its 5k. I just got a letter saying the LPA were appointed and they took control of the rent etc

[CYNthesys]

Re: LPA receiver help needed

Can I suggest that you go through your contract with a fine tooth comb. Are you saying that the lender hadnt demanded repayment before appointing receivers?

The following link is the easiest to understand article on LPA receivership that I have ever read. It may help to read the article
http://www.jgrweb.com/downloads/buy_...operty_law.pdf

[Dilly808]

Re: LPA receiver help needed

Very good the last section customer credit act sounds good

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I want to stop the property going to auction I feel like am being bullied out of my property
I have offered to pay back..... I will even sell on the open market given time but really don't want to lose my property or equity

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The LPA is working for the lender taking instructions from them I made the offer but he said he asked the lender they said no ..... But nothing in writing from the lender

[CYNthesys]

Re: LPA receiver help needed

You really must thoroughly check your contract to try and find out whether the receivers appointment is valid.

[Dilly808]

Re: LPA receiver help needed

Ok thank you so much for your help I will try and find out tomorrow I am going to bed just now but thank you for your advice hopefully I can sleep a bit better tonight Its become very stressful making me sick inside. ..... I will reply tomorrow if that's ok

[CYNthesys]

Re: LPA receiver help needed

If after checking the T & C of your mortgage you believe that the receivers were not validly appointed then it may be worth considering applying for some sort of injunction to prevent the sale of your property
http://www.diyconveyance.co.uk/notic...inst-land.html

[Dilly808]

Re: LPA receiver help needed

Cheers, I have got term today but that much small print God know....... I got some advice from an online solicitor today but not much help really .... I think I have to lose the property in can't raise 5k right now .... Just a hard working lad that can't seem to win lately

[Kati]

Re: LPA receiver help needed

Cheers, I have got term today but that much small print God know....... I got some advice from an online solicitor today but not much help really .... I think I have to lose the property in can't raise 5k right now .... Just a hard working lad that can't seem to win lately

If you can post them up on here (redacted) I'm sure you'll get lots of advice from the knowledgeable Beagles

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if you can't figure out how to post pictures, feel free to email them to me - kati@legalbeagles.info - and I'll get them uploaded xx