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Landlord is now an LPI Receiver!?


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Hello there you Caggers!

 

An interesting development has occured for us.

We received a letter from a group called Countrywide Managing Agents (apparently based in Southend) that informed us that our landlord was no longer our landlord and that they are effectively our new landlord!

 

We have sent off all the paperwork they asked for (Tenancy Agreement, etc) but what we are worried about is the fact that we owe the now x-landlord approx £1,500 in rent arrears!

What happens to that arrears?

Do we now owe that to Countrywide?

 

Also, are we going to get evicted now?

 

Any ideas?

 

Thanks, in advance, Leofric.

Expecting the world to treat you fairly because you are good is like expecting the bull not to charge because you are a vegetarian.

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I would only send them your agreement (extensions thereto) if you are currently within a fixed term tenancy, as informing them the alternative ie that your are within a statutory periodic or month to month gives them the potential ammunition to serve 2 months notice upon you (if you are on an assured shorthold tenancy). I would not inform them about the rent arrears - let them demand the rent arrears from you as they may not even know about it.

 

Difficult to say what they will do with the property but they have the option of keeping it rented out or serving notice to sell - same as with any owner/landlord.

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My comments only apply if the premises are entirely within England.

 

 

Mortgage Repossession: LPA receiver

 

This is where a mortgage lender takes possession of mortgaged premises, under the provisions of the Law of Property Act 1925, in a case of mortgage arrears.

 

If the mortage payments on a dwelling are more than two months in arrears, the mortgagee normally has a statutory right to apply to the court for possession.

 

An LPA Receiver can be appointed by the mortgage lender without a court order, if the mortgage arrears are equivalent to, or greater than, three monthly installments.

 

As the Receiver is the agent of the borrower, not the agent of the lender, there is less risk to the lender, as it is not liable for the actions of the Receiver.

 

The Receiver can grant or surrender shorthold tenancies.

 

 

Section 109 of the 1925 Act

 

The powers of a Receiver appointed by a mortgage lender under its fixed charge on a property are governed by section 109 of the Law of Property Act 1925.

 

For a summary of those powers, see this link:

 

Mortgages - LPA Receiver

 

The receiver stands in place of the landlord, and usually has legal powers to enforce payment of any rent arrears owed under the existing tenancy.

 

 

The receiver will typically be fully aware that it is your failure to pay the rent which has led to the landlord being unable to pay the mortgage, hence that you have caused the current crisis. You can reasonably expect the receiver to take steps to replace you with tenants better able to pay the rent, because that is usually their next step.

 

They are unlikely to waste time on attempting to recover the rent arrears, as experience suggests this only leads to further arrears arising as each month elapses.

 

Your best option is to negotiate an immediate surrender of the tenancy if you can't pay the rent, or to take effective measures to replace the absconding tenant with a new tenant, in order that you can pay the rent, and in either case to try to negotiate for payment of the existing rent arrears by installments.

Edited by Ed999

Note

 

This is a self-help forum in which users share their experiences. Assistance is offered informally, without any assumption of liability. Use your own judgement; obtain advice from a qualified and insured professional if you have any doubts.

 

This posting gives general guidance only. It is not an authoritative statement of the law. Consult a Solicitor for specific advice before deciding on any course of action.

 

 

Further information:

 

Assured and Shorthold tenancies - A guide for tenants

 

Renting and Leasehold - Advice from Shelter

 

 

All posts are opinion only

 

 

If you've found my suggestions useful, please click on my star and add a comment

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Thank you RJ & Ed, most helpful advice.

We expect them to chuck us out, it is just a matter of time we think.

Expecting the world to treat you fairly because you are good is like expecting the bull not to charge because you are a vegetarian.

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I also forgot to mention that there must be a few thousand pounds worth of repairs that need doing to.

We have lived with a few of these faults since we moved in (back in Dec 09) but most were done before it was repossesed, apart from the really expensive items (like treating the severe woodworm infestation!). There is now a whole new list of stuff that needs doing.

Expecting the world to treat you fairly because you are good is like expecting the bull not to charge because you are a vegetarian.

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