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Receivers appointed and are asking me to remove my belongings from the property - residential property

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I defaulted on a bridging loan and Receivers have been appointed. They have secured the property (changed the locks) and have asked me to book a time to remove my belongings (Torts Notice served).

 

The property was and is my home and my only home but I have not lived there since taking out the bridging loan is because the loan was unregulated and I did not want to be in breach of the terms. However, it was never rented out; in fact, I never removed my belongings from the property.

 

I have never desired to be landlord and the only reason for taking out the loan was to keep my home. This was declared to the lender from the very beginning; nonetheless, the product offered to me was an unregulated loan. As I was not eligible for a mortgage at the time and it was very unlikely that I would be by the end of the loan term, sale was my only option of exit strategy. This was a better option than having the property repossessed.

 

The Receivers have said I must either remove my belongings or pay for storage. I have not abandoned my belongings or “left them behind”. I am in the process of remortgaging and they are aware of this, as I have kept them informed. The mortgage has been agreed subject to valuation which is due tomorrow. Can they force me to empty the property?

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Yes. Your being forced into bankruptcy if the recievers are in and changed the locks.

Bridging loans are always secured in property as they "bridge" between mortgages.

Its of no concern that you never let the property.

You say you were not eligible for a mortgage but you took the bridging loan out to stop a repossession but are now re-mortgaging.

I think you were in financial difficulty and obviously used this to be a stop gap but defaulted.

The loan was not unregulated.

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Yes. Your being forced into bankruptcy if the recievers are in and changed the locks.

Bridging loans are always secured in property as they "bridge" between mortgages.

Its of no concern that you never let the property.

You say you were not eligible for a mortgage but you took the bridging loan out to stop a repossession but are now re-mortgaging.

I think you were in financial difficulty and obviously used this to be a stop gap but defaulted.

The loan was not unregulated.

 

 

Thanks for the response. You have answered my question as to whether or not they can force me to empty the property. However, in response to your comments

 

 

  1. This has nothing to do with bankruptcy. They have not presented a bankruptcy petition to the courts and there is no reason for them to. They will simply sell the property to recover what I owe.
  2. I "was" in financial difficulty. I experienced a setback from which I have since recovered, and as you have said, used the bridge as a stop gap.
  3. The bridging loan I got was definitely unregulated. I know the difference.

 

Anyway, the Receivers confirmed in writing that the reason they wanted my belongings removed was so as not to void their insurance and not for any other reason. They said they could give me some time but I can't leave them indefinitely and asked for timescales wrt remortgaging. Valuation has gone to the lender, solicitors have been instructed and the Receivers are no longer putting pressure on me to remove my things.

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