Mr Thoma5
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how did you obtain that judgement?
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yep but its at its limit if not close to neg equity they've already asked us to attach debt to it but we said no so its basically an unsecured loan for the residual shortfall??
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cheers bazza gutted . com they've already sold the property just read somewhere about mortgage companies that directly instructing receivers assume liability for the receiver and thus the shortfall after sale???
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Sorry it also says that " We ( the bank) hereby direct the receiver to insure and keep insured all such property and effects of insurable nature comprised in the charge as the receiver shall see appropriate and as they see fit" surely thats clear instructions from them to receiver??? i don't know hence asking for advice/info from the wisdom within this forum but i sure hoping so!!
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Thanks Caro useful info but nowhere in the letters does it state that the receiver is acting on our behalf on the contrary the letter from the bank clearly states that the monies must go to them from the receiver unless they give the receiver written instruction nor have we ever signed a.."form of execution by an LPA receiver in the name and on behalf of a borrower under the authority of provisions contained in the mortgage or debenture (that is, not pursuant to a specific power of attorney)." - See more at: http://www.landregistry.gov.uk/professional/guides/practice-guide-36a#sthash.dHlwUtyD.dpuf could they between them have overlooked the wording and thus given the bank liability???
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also i have copies of letters from receiver saying they've been appointed (by whom?) as lpa receiver on our property and also a letter from the bank stating that we ,AIB group etc by virtue of powers conferred on them by legal charge executed in their favour by me and my wife hereby appoint the receivers to be the receiver ( please bear with me!!!) ....it goes on to say in exercise of powers conferred on them (the bank) hereby direct that the receiver shall unless otherwise instructed by them in writing apply the balance of monies received in or towards the discharge of the principal monies secured to them by us. Question: Are these letters stating that the bank appointed the lpa receivers for themselves??? if so does this then give them liability for the shortfall etc? and nowhere in the general terms and conditions does it mention receivers of any description??
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Thanks for the info however the property wasn't officially let i.e. it wasn't a buy to let mortgage as the bank didn't have one available at the time and they said they'd rather let us unofficially let the property to receive some rental income??
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Also despite their best efforts the shortfall in mortgage is unsecured how does this affect the banks ability to chase back and press for bankruptcy etc??
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thanks very much bazza this is as we thought which is why i think they've eventually made us an offer for the goods that they deliberately left in the house!! is it possible for an administrator to add this to my last posts on this matter please
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Hi all further to my Allied Irish and LP receiver issues. The Receiver and bank between them have sold the house leaving a 250,000 shortfall (interestingly enough through the same estate agents who had valued our house previously) They have also proceeded to put our belongings into storage and tell us that they'll be sold at auction unless we have them removed. However they've also taken it upon themselves to leave some of our belongings in the house after sale including plasma tv, sound system, washer, dryer etc etc and after loads of emails to and from the receivers all of a sudden Allied Irish want to buy the items for 2,000 and knock it off the shortfall!!! The receiver has also asked that we hurry up and remove items from storage so that they can resign from the case!!? would really appreciate any advice or contacts (free hopefully) that anyone has that specialise in such cases! Aren't receivers supposed to be for commercial property? ours was a residential mortgage so is the whole situation illegal? and is the sale of our personal items in the house not theft?? thanks for taking time to read and as i said any suggestions would be a great help!
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Thanks for articles and taking the time to reply steam the land registry link doesn't work! Thanks again any more info would be of great help I'm presuming that as our mortgage is a residential one surely an lap receiver can't be used as they're only for commercial property?
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The bank sort of suggested them and we verbally said ok on the phone Allied Irish
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thank you HB
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no it was our home initially then relocated for work we were on a repayment mortgage but then requested interest only which they would only do for 6 months , then they just denied anymore intrest only and wanted repayment which is where the arrears came from as id suffered an earnings reduction of over 50%, then we asked about rental they initially said no as they had no buy to let mortgage products to offer us....anyway we rented property and the rental covered the intrest only payments and the bank were ok ish! but then wanted the arrears paying off in full which is when they suggested bringing receivers in, which now brings us to today tenants moved out the receiver is trying to sell the property which at his valuation leaves a 200k unsecured shortfall , and wants to take all of our furniture out for insurance reasons and gave us 14 days to do so before he removes them to storage. But as i explained earlier we can take everything else except the expensive kitchen appliances which are the main appeal of the property. So we are in a pickle and were after some information/guidance re LPA receivers what they can and cant do what we can and cant take from the house etc etc. sorry for the long reply
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sorry not sure it wouldnt be better placed on the mortgage thread as original ??
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thank you
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i suspect our case differs from the majority of the others on here as we don't want control of the house back as the receiver has it we aren't paying mortgage bills etc etc (we have tried to sell it on numerous occasions without success) We would rather it sold and then worked with the unsecured debt that remains through negative equity but we are completly at a loss with regard our legal position and what the receiver can cant do etc etc
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Hi having just found the forum we are very grateful for any help or advice regarding our position. Having been with Allied Irish bank for the mortgage on our property they simply wouldn't allow us to go on an intrest only mortgage for any length of time and wanted capital and repayment this resulted in arrears. The property was rented out unofficially with the banks knowledge of course but they didn't have a buy to let product available so would not change the mortgage. Anyway the property is now in arrears and probably in around 200k of negative equity and we spoke on the phone with the bank who kindly suggested they appoint an lpa receiver!!!! he has since lost the tenants , changed the locks on the house and tried to sell the property leaving an outstanding balance of 200k without our consent . He is demanding that we remove all belongings from the property for insurance purposes if we don't comply he will remove them and place in storage for us. The kitchen is very expensive gagenau etc and when i emailed regarding removal of the appliances he demanded we seek legal advice as we weren't to touch anything bar furniture etc however we believe that we can take washing machine, dryer, wine fridge , steam oven regular size and dishwasher drawers (not built in) but must leave the appliances that have wooden kitchen matching doors (built in) hob , hot cold filter tap (cut into granite) and expensive light fittings?? having told him of our intention he wants a copy of our legal advice to pass onto his solicitor however i got the advice in conversation with a solicitor and citizens advice and have no copies to give him !! please any advice would be really helpful no matter how small!!
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