LPA receiver help required please

[Mr Thoma5]

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???

[Mr Thoma5]

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!!

[BazzaS]

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???

 

By the LPA 1925 the receiver is your agent. However, you can't say "I don't want one"! If you are sufficiently behind in your mortgage that the mortgage company can appoint one, you can't prevent it.

If they are negligent then the receiver is liable (but not the mortgage company for the receiver's misdeeds ) and you can ask a court to order their replacement : but this wouldn't prevent you having a receiver, just give you a different one.

 

 

They don't (however) have to act only / completely in your best interest : they have to follow the rules as to allocating any income (their fees first, then money to the mortgage company, only then any surplus to you).

The mortgage company aren't liable for any misdeed by the receiver though : another of the reasons mortgage companies use them in place of immediate repossesion.

[Mr Thoma5]

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???

[caro]

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???

 

New one on me.

 

Do you have any other property?

[Mr Thoma5]

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??

[Stevlynd]

LPA receivers were appointed over my properties over 18 months ago expecting me to give up & let them sell them for nothing. Someone told me on this forum to let them take them & start again. I almost wish I had taken their advice. The amount we've spent on solicitors & barristers since then would have bought a house cash. We've just had the houses valued & due to the receivers bad management & neglect of them they are now worth nearly half what they were when they took them over. Some of them are classed as dangerous, one has squatters who have told the receivers they pay the rent to me & the receivers have believed them, they haven't collected any rent from the tenants they didn't bully into leaving for over a year. I was in court a few weeks ago for none payment of council tax on the empty ones, nearly £11,000. I went to court with my bag packed to be committed to prison as it said in the court summons that is probably what would happen. The guy representing the council said the receivers were known as "the untouchables" that says it all.

[honeybee13]

That is marvellous, I wish I could pm and ask more, I will have to get posting. I am in the middle of an LPA thing and your post sounds just the ticket. Do you know the actual law I would need to quote or the case precedents please?

 

Hi Gemma.

 

I know you're new, so I'll just mention that CAG asks for advice to be kept on thread so others can benefit from it and potential problems can be spotted by other users. If you keep your identifiable details off your posts, you'll be fine.

 

HB

Edited September 19, 2014 by honeybee13

[Gemma.]

Hi Honeybee, sorry about that, I guess I am just paranoid about the bank, but hey you are only paranoid if they aren't out to get you?

 

Keates, thanks, I have had a look and the charge/deed says basically that it incorporates the mortgage terms and conditions as if they were contained therein. So would that mean that it's a no go for me or that the deed has to actually say the words a receiver can sell etc and I should pursue this avenue?

[keates]

There has to be an 'expressed' NOT 'inferred' term in your mortgage deed or any written conditions on which your mortgage deed relies, that states that, if appointed, the lender can confer the power of sale on the LPA Receiver

[Gemma.]

That makes sense, Funny thing is not all the mortgage deeds are the same, some do have the clause and some don't. I couldn't figure out why they started repossession proceedings on some rather than appoint an LPA, now I know! thanks