Thread: Reciever appointed to take over property (Urgent Help required)

I have property worth about £90,000 to £100,000 in current market conditions. Until last year the property was freehold. Then June last year I took a re-mortgage of £35,000 for 6 years. Instead of a normal re-mortgage I ended up somehow getting a buy-to-let mortgage.

The property has always been rented out for the last few years. I started having financial difficulties at the end of last year and also the tenants moved out and property remained vacant for a few months.

I kept on informing the mortgage company Cheltham & Gloucester about the situation. The monthly payment was only £577.00. As I am self-employed I was awaiting payments from suppliers and I had also found new tenants.

Until end of April I was 5 payments behind. I got a letter from Solicitors on 10 May 2009 that the lender was going to appoint a receiver or unless I cleared all the arrears.

I told C&G about my situation that I just required a few weeks to clear the arrears but they would not listen and said they will not stop the action until the arrears are not cleared. Last week I managed to pay 2 monthly installments. When I was making the payment I got told that an receiver has been appointed.

Currently I am 4 payments behind amounting to £2300.00. Not a very large amount.

Today I got the dreadful letter from Touchstones that they are the receiver on the property.

I am currently only 4 payments behind and the next payment is on 23 June. My aim is to make 2 more payments this week and hopefully another 2 the following week to clear the arrears.

I don't want any receiver being appointed. Can I force the the lender to take the action back when I clear my arrears or is it too late.

The receiver fees £500.00 just to set everything up, 10% management fees, £125.00 an hour etc. Is day light robbery.

I have been a long time Lloyds TSB customer and this is really sad the way threy threat their customers.

Is there a way out after clearing the arrears. One thing for sure I won't fall behind any more payments.

I was a bit naive which I have to admit. What's the way forward. Can I complain.

Any help.