Mortgage Express & LPA Receivers

[Bullhunter]

I have read a couple of threads on this, but wanted to see if anyone has experience of MEX and Walker Singleton (LPA Receivers).

 

A mate of mine (genuinely) had a property that was about £3k in arrears last year when LIBOR was 6%+. Walker Singleton were appointed receivers, but have failed to collect any rent for a year and the arrears are now £7k.

 

The mortgage is about 40% what it was last year and a year of paying all the rent to the lender + £200 would clear the arrears, but my mate can't get control of the property and Walker Singleton are only just beginning legal action to evict the tenants. By the time the tenants are out and new ones found the arrears are likely to be £9k.

 

He has complained to MEX who said WS were appointed because of the arrears - which he has to accept, but due to WS inaction and the fact that MEX appointed them at all has made the situation 4 times worse.

 

He is now going to complain to FOS and RICS, but wondered if anyone else had experinece of this shower?

[Tawnyowl]

Havent any experience of them but found this about LPA receivers Powers of an LPA Receiver

[Bullhunter]

Thanks for the link

[nuke em]

it doesnt matter who/what they are called, they are all there for the same purpose. to take your property as fast as can be without the bother of courts

 

you need to file in court to regain control of your property fast !

[nuke em]

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/134465-lpa-receivers.html#post1419472

 

from Bona's post of what you need to do... and FAST

[pigland]

Bullhunter,

 

Here's a thought....

Alternatively if they evict the tenant...Put in a new tenant! Tell the LPA receivers to get lost and that they must not harass your new tenants. Write to Richard Banks at ME about his strategy. CC Vincent Cable, The Telegraph and via an SAR request ask Mex to send you a copy of the mortgage deed and see if it's enforceable!

 

'In terms of possession lenders must take this through peaceable means and if there are occupants a court order is needed unless the occupants volunteer to leave. Additional protection is given to some occupants through the provisions of the Protection from Eviction Act 1977.'

 

Pigland

 

Nuke em, Bona, Mungos mum, Seutoniuos, Super sleuth anyone any thoughts?

Edited August 17, 2009 by pigland

[chillinlong]

Hi all,

 

I have set up a new thread about this to see if we can drum up support and start to fight them back.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/230253-mortgage-express-appoint-lpa.html#post2550471

 

Any help or comments would be appreaciated.

 

Thanks