Anonymous asked July 9, 2014

If a property has been placed under Law of Property Receivers, what process , if any, is there for it to be re-aquired by the owner??

  1. Under the Law of Property Act 1925 the receiver can do the following:
    -visit the property and assess the condition
    -obtain any relevant documentation for existing tenancies and any income derived from these tenancies
    -collect any rent due under the tenancy agreement and will decide when any tenancy should be terminated and the property sold
    -if the property is vacant, they can take immediate steps to secure and sell the property
    -carry out repair work, statutory inspections and arrange insurance
    -the property can be sold without a court order
  2. in terms of fees and costs all fees related to the appointment of receiver will be charged to each individual property account and interest added to these amounts in accordance with your mortgage Terms and Conditions
  3. The fees and costs incurred are a set up fee, a percentage of the gross rent received for any on-going management function and an hourly rate is charged for the Receivers and the Property Managers
  4. I guess the only way that you can get your property back is by reinstating the contract. In order to do this you must fix all the problems for example, make all past payments

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