Research your Receivers. From doing some research on ‘receivers’ it would seem that there are certain things they have to do, so it is worth asking them some questions. 1. The right to appoint a receiver will not be exercisable until after 28 days’ notice in the prescribed form has been given to the mortgagor [YOU]. The purpose of exercising them right must be to protect the property or realise the security. The right to appoint will arise on the creation of this security. It will not be dependent on the mortgage money becoming due. So where is a security issue on the property? Why do they think they need to protect the property? In some cases they have even stopped a sale, why????? Are they hoping for a default and the Banks Insurance kicks in. SO ask what level of protection will the Receiver offer AND WHY? 2. The receiver is not just a rent collector. He has a duty to safeguard and manage the property. The receiver should insure the property against the usual risks. The receiver has a duty to account for receipts and outgoing. So ask to see them, where is the insurance on the property? Does he have any insurance, no? That’s negligence, fire him. Ask to see the accounts !!!!!! 3. Read and Check your DEEDS to see what extent you gave away the power of attorney over the property and the extent of the power of appointing a Receiver. What powers does it allow receivers to deal with Land & Tenants? 4. “show me the Deed of appointment of a fixed charge receiver, show me the security document [see 1.] that was created and then show me the validity of such a document. I do not see this property as being under any threat”. 5. As to see the house deeds, where it give the Mortgagee the right to appoint a receiver! 6. A person appointing a receiver must give 7 days notice to the companies registration office. Ask to see proof of this point! 7. Ask to see the letter [not deed of appointment] that the receiver has been properly appointed and that they have been ‘indemnified’ by the Mortgagee. Here you will get the run around, just don’t move. 8. If you got your Mortgage before 2009 you need to do your homework as you may well fall into the Land conveyancing act 1881 section 15-20 but this all boils down to your own Deeds. 9. You must have received a notice requiring payment of the mortgage monies and you are three months’ in default in payment. Anymore updates will be posted.
Posted on: Sun, 21 Jul 2013 08:41:06 +0000
Trending Topics
Recently Viewed Topics
© 2015