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Stuart J
Stuart J, Solicitor
Category: UK Property Law
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Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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Hi Im having similar problems to other people on the forum.

Resolved Question:

Hi I'm having similar problems to other people on the forum. I have received a letter stating that my property in London is now with receivers. I had a buy-to-let morgage with CHL.

I had over 3 months arrears on the apartment which totaled £1200. I wanted to clear this off with CHL and have the account up to date yesterday. I found out that they have sent the apartment to a receiver and CHL are not willing to discuss this at all.

Have I any case in this instance/what are my options in getting CHL to take back the receiver?

This is all new to me and I didn’t realize that this could happen so fast. The property is worth £300K+ and I have a mortgage of £265k on it.
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Stuart J replied 1 year ago.
Thank you for the question. It is my pleasure to help you with this today. Please bear with me if I ask for more information.

Are these LPA receivers?
How long were the arrears for and how much?
Thanks
Customer: replied 1 year ago.

Are these LPA receivers? Yes
How long were the arrears for and how much? for 3 months at 1,200 which I offered to pay when I received the letter that it has gon to the receiver but they were not willing to accept.

 

There was a court date set for 6th November which I was not aware of

Expert:  Stuart J replied 1 year ago.
You have probably read this forum

http://www.property-forum.co.uk/

along with various other forums about how difficult indeed, almost impossible, it is to get a property back from the LPA receiver once they have been appointed by the lender.
Unfortunately, the mortgage deed allows the lender to do just that and to continue to manage the property.
Many people with buy to let mortgages do not realise the Draconian rule that happens if the mortgage gets into arrears. In fact, I know many instances where properties have been extremely badly managed by the LPA receivers who are more concerned with getting their fee and actually looking after the property.
The learner will change one day regarding this, but at present the situation is exactly as you are experiencing.
Nonetheless, you will also under a duty to pay off the arrears and the lender must accept it, and you should pay that money directly to the lender’s bank account, otherwise they will also start to chase you for that and add further legal costs on.
I wish I could be the bearer of better news, but I do not make the law, I simply regurgitate it, and at the moment, you are one of thousands of people in exactly the same situation I am sorry to have to tell you.
I don't know what the hearing on 6 November is but you would be well advised to make sure the account is up-to-date, by then, regardless

Can I answer any specific points arising?
Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 20876
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and other UK Property Law Specialists are ready to help you

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