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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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Banking related to commercial mortgage

Customer Question

banking related to commercial mortgage
Submitted: 4 months ago.
Category: Law
Customer: replied 4 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Ash replied 4 months ago.

Hello my name is ***** ***** I will help you with this.

Could you please explain your situation a little more?
Alex

Customer: replied 4 months ago.
Hi , Alex , sorry but I think is better that I put everything in writing. My main issue is that I believe my lender , Bank Of Ireland instructed LPA Receivers without going to proper protocals and therefore recalling all the 6 mortgages that I have with them. The receivers and the bank made all of us ( including my chartered accountant) to believe that once arrears are paid off then we get control the property back, Allow me to explain more in details :
1) I purchased 6 long leasehold (999 Yrs ) flats in 2009 . My mortgage payments were between £350-£550 depending on the value of each flat. I had no problems making all the mortgage payments . These obviously were on BTL mortgages .
2) In 2011 I had trouble making the freeholder's ground / maintenance payments and the lender to protect their securities decided to pay the management company / freeholder in full which were approximately between £1800- £2500 . at the same time due to the market crash , the govt reduce the rates and my mortgage payments were reduced to £135-£200 PCM.
3) We agreed verbally with the bank on the phone that these payments to the freeholder were to be added to the balance of my mortgage , hence increasing my monthly payments slightly more.
4) after couple of months I received a letter from the bank , a gentleman called Dean Henderson / arrears letigation department that my mortgages were passed to a LPA receivers , and until all the arrears were made in full , the receivers were in full control of my flats , including rent collections . He wanted all tenancy agreements . I explained to the bank via a phone call to Mr Henderson that we had a payment arrangement in place to pay slightly more per month until arrears are paid in full , however Mr Henderson told me that they had nothing in writting from me and no income and expenditure and I was now more than 20 months in arrears with each property !!!!
4) Mr Henderson was calculating the arrears based on the new rates and monthly repayments not the original amounts which were showing approximately slightly over two months. My understanding was that the bank once an arrangement is in place should send you a confirmation letter not me confirming the payment arrangements.
5) He also said that no arrangement should have been accepted since adding the ground rent charges takes me above LTV of 85% . for 5 years I had started making payments after payments , reducing the arrears but they keep adding fees after fees , adding fees for the services that never took place such as EPC certificates , only 2 out of 6 properties have certificates , or adding insurance fees when they cant even produce insurance for the property.
6) in 2015 october they put my properties without any of my knowledge in the auction . Please let me emphisis that the bank was also collecting the full rent directly from the tenants in addition to my extra monthly payments , hence reducing arrears but the letting agents assigned by the receivers were taking 10% at the outset , fees after fees like letter written by agent to disclose the landlord's address costs £20 !!!!
7) My accountants John Flinton and Mr Walker made a deal with Mr Anderson that the properties were going to be withdrawn from the auction once a £10,000 were made to receiver which £3000 was auction fees!!!! and all the rent from the tenants were to be paid to the agents assigned by receivers + extra £1000 per month out of my own pocket to be paid to them !! I did what they said ,with exception that I maybe defaulted 2-3 times on the £1000 per month by paying only half of that due to my heart attack . I wrote to them and he never responded.8) You can easily calculate that average arrears per flat was £3000 x 6 flats = £18000 . Let's say £20K .
I made over £25K or more in payments only for them to decide evicting all my tenants and putting the properties back in the market . he got what he wanted , he got all the mortgage arrears and his fees but dropped me in a bad position. I truly believe that the agents were not sending all the monies paid to them to the lender . or if they did they added non sense fees, I even wrote to them asking why they are sending me statement of accounts , got a response with a spreadsheet which included fees for services that were never done.
9) the eviction notices were send to the tenants that they no longer were tenants , wrong names because in October 2015 I had granted tenancy agreements to the tenants , sent a copy of these tenancies to the agents but no acknowledgement was sent to me . At the possession hearing which were made last minute 4 weeks ago , the judge throw away the poor tenant's defence due to the reason that " Tenancies were not valid because I had no power to issue the tenancies " . Even for the last 5 years they always accepted my tenancies they had no issues. I want to sue the BOI , I want my properties back , I want the receiver out of the picture who miss lead us all . Pls advise.
Expert:  Ash replied 4 months ago.

Sadly this is beyond my area of expertise. I will opt out and let someone else help you.

Thanks! Alex

Expert:  Nicola-mod replied 4 months ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 3 months ago.
HI can you please try to search for a new answer ? I have been waiting for this all the week
Expert:  Nicola-mod replied 3 months ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 3 months ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 3 months ago.
please can you please continue searching for a professional to assist me . I have emailed you before but it looks like you never got it. If you cant give me advice or find someone to do so , then I will appreciate if you may please refund all the monies back to me.
Expert:  Nicola-mod replied 3 months ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola

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