LPA receivers, Help greatly requierd plz

[clarke]

Good afternoon

I've recently gone through financial hardship due to the loss off work which created arrears on my buy to let property, The Bank has just issued receivers to take control of the tenancy agreement and collect the rent under the 1925 Act!! which i was unaware off !!:tinysmile_hmm_t2:

The receivers have not yet taken full control at this time so i'm going to try and negotiate with the Bank with the proposal of the following....

1- clear the arrears
2- offer 2 months advanced payments
3- start proceedings of selling the property myself ( maybe not this one? )

If they remove the receivers.

So my questions are......

1- Could the bank decline this offer?
2-Could they sell the property with tenants living there?
3- If they did sell, would i lose my 60k equity?

This all i can think off atm....

Help is greatly appreciated thank you

[teaboy2]

Re: LPA receivers, Help greatly requierd plz

Hi Clarke,

I got your PM, but this isn't really my field, but hopefully someone more knowledgeable in this field will be along soon.

[Winslet]

Re: LPA receivers, Help greatly requierd plz

LPA Receivership is treacherous. LPA Receivers are totally unregulated and operate under the radar of all authority and when things go wrong there is no one to turn to. Banks appoint them as your agent but you have absolutely no control over them, your property or your mortgage. Banks use them to do their dirty work at arms length.

This happened to me! In answer to your questions....yes, the bank could decline your offer....yes, the bank could sell your property with tenants but not if you were living there when they would have to go for repossession.....and no you wouldn't lose your 60k equity providing the property isn't undersold which is usually what happens but you can apply to court under Section 91 of the Law of Property Act to sell the property yourself.

You say the receivers 'have not yet taken full control'...what do you mean by this? Which bank is it?

[clarke]

Re: LPA receivers, Help greatly requierd plz

Thank you for the reply teaboy/winslet

The receivers have not yet met the tenants but are trying to arrange a meeting with them! Which are also my friends delaying them on my behalf while i'll try and resolve the situation with the bank! I could play dirty with the tenancy agreement!
How did things go for you winslet?

[MissFM]

Re: LPA receivers, Help greatly requierd plz

Hi Clarke and welcome to LB,

Winslet is absolutely right, I'm sorry to say. See here: http://www.ibtimes.co.uk/crooked-hel...dlords-1449640

There are many horror stories on here, too.

This thread might help:
http://www.legalbeagles.info/forums/...m-to-back-down

I would also suggest enlisting the support of your MP.

Otherwise, keep posting and there will be help forthcoming from the many knowledgeable people on here.

Wishing you luck! x

[clarke]

Re: LPA receivers, Help greatly requierd plz

Hello Missfm,

Thank you for the threads

Nice quote btw :tinysmile_grin_t:

[CYNthesys]

Re: LPA receivers, Help greatly requierd plz

Hi Clarke
This is probably the most easiest to understand article on LPA Receivership that I have ever read
Hope it helps
http://www.jgrweb.com/downloads/buy_...operty_law.pdf

[clarke]

Re: LPA receivers, Help greatly requierd plz

Hi CYN

Very informative.

[Winslet]

Re: LPA receivers, Help greatly requierd plz

Thank you for the reply teaboy/winslet

The receivers have not yet met the tenants but are trying to arrange a meeting with them! Which are also my friends delaying them on my behalf while i'll try and resolve the situation with the bank! I could play dirty with the tenancy agreement!
How did things go for you winslet?

The LPA receivers don't have to meet your tenants for their appointment to be valid. Have the receivers written to you and told you they have been appointed?

You really don't want to know what happened to me..........................I had eight buy to let properties. I was in dispute with the bank and stupidly (as I now know) I stopped paying my mortgages. Like you, I had never heard of LPA receivers even though I'd been in the business for many years. The bank alleged I had arrears of £18,500 which I still dispute.

This was five years ago....they have sold all my properties and I have been left with a debt of £328,000. I've lost my home and my business!

So beware, you need to take action! I'll give you any advice I can from my own experience but you really need legal help and if you do that, again be very careful because there are very few good experienced solicitors in this field. Most of the good lawyers have been signed up by the banks!

I'm sorry to be alarmist over this but I really wished someone had told me what to do five years ago and maybe I wouldn't be in the mess I'm in now!

[MissFM]

Re: LPA receivers, Help greatly requierd plz

Winslet - do you know anything about the "Campaign Against LPA Receivers"? I came across it whilst googling but couldn't find any contact details and it must have been a while ago because it was talking about lobbying Vince Cable.:spy:

[Winslet]

Re: LPA receivers, Help greatly requierd plz

Yes, I know some of the people who subscribe to that.

[MissFM]

Re: LPA receivers, Help greatly requierd plz

Bless you, Winslet - it wasn't actually for me, I thought it might be helpful to the OP.
I'll report your post so that admin can decide whether it's OK to post your email address. :tinysmile_twink_t2: x

[clarke]

Re: LPA receivers, Help greatly requierd plz

Hi winslet,

That's an heart wrenching experience you've been through and i feel for your loss. and im sorry to bring it up again my friend. Surely this act must backfire on them at some point down the road like the ppi and every other scandal they seem to be creating!! I've been constantly reading and gaining info on this topic the last few days and it seems certain banks were targeting landlords with large portfolios to clear their own dirty books!!

Yes you are right they've sent me an appointment letter!!

I'm waiting to hear from my mortgage company for them to remove the receivers as i cleared the debt and payed 3 months advance !! not sure if this was a good idea tho!!

[Winslet]

Re: LPA receivers, Help greatly requierd plz

Thank you. I realised after I sent the message but it's OK, I've been in contact with many other victims over the last few years and always happy to offer support if I can.

LPA Receivership is devastating and there are thousands of people affected

[Winslet]

Re: LPA receivers, Help greatly requierd plz

I hope it works out for you. I'm still fighting on with my bank and receivers, it's become a way of life now! They didn't know who they were picking on when they started on me! :tinysmile_twink_t2:

Hopefully you'll be able to post some good news on this forum