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UK-Justice
UK-Justice, Barrister
Category: Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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i have a lease hold flat which i rent out. 2 year ago i had

Customer Question

i have a lease hold flat which i rent out. 2 year ago i had a second charge on it.now aweek ago i had a letter sent to me saying lpa receivers are the legal owners of the property and all rents should now be sent to them.and they have insured the property.i have a meeting with them on tuesday.is there anything i can do.they also want to market it.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  UK-Justice replied 4 years ago.
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

Are you in arrears?
Customer: replied 4 years ago.

yes i am in areas with the second charge on property.

Expert:  UK-Justice replied 4 years ago.
Thanks.

The problem is it is only the bank or the Court can remove the receiver.

This is because you are in arrears.

As soon as you clear the arrears and demontrate a payment history the bank can remove the LPA receiver.

But legally there is not much you can do.

You can apply to the Court but as you accept you are behind, the Court wont remove the Receiver.

So the answer is no - you can't do anything unless you get the account back in order.

I am sorry if this is not the answer you are looking for but based on what you have said, this is the legal position.



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Customer: replied 4 years ago.

i have a meeting with the receivers on tuesday.would they lisen to any agreament or proposals i offer or will they not want to know.

Expert:  UK-Justice replied 4 years ago.
They may.

They will want to know the repayments and arrears will not get worse.

That is what they will want to know.



Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

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Customer: replied 4 years ago.


sorry just 1 more question.if they are a third party can they be legal owner of the property.can they ask for the rent i get to pay my morgage to go to them.whats happens to my first morgage paymants if they sell property.can i get a court order to sell my self.thank you.

Expert:  UK-Justice replied 4 years ago.
Yes they can.

They can also sell the property.

The proceeds would apply to the first charge first, then second etc.



Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Customer: replied 4 years ago.

sorry can i sell property my self to repay if so.

Expert:  UK-Justice replied 4 years ago.
Yes.



Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback  so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Expert:  UK-Justice replied 4 years ago.
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice