I so sorry to be negative about this but good luck with your problem. I’m afraid you are going to need it because the powers of LPA Receivers are Draconian.
Until you have paid the arrears completely up to date (which you are liable to do regardless) you have no chance of getting the LPAR removed.
Indeed, even if you have paid the arrears completely up to date, the chances are that you will never get them out if the lender thinks that there are ever likely to be problems with the property again, and even then, if you can prove that there are not, they can simply take a hard line because, under the Law of Property Act 1925 they are allowed to do this and they are also allowed to do it under the mortgage conditions.
The legislation is extremely out of date and there are calls for it to be amended as you will read on this website
There have been many incidences of LPAR mismanaging the property and selling undervalue however the problem you face is that to take the lender to court and to take the LPAR to court for breach of fiduciary (financial) duty would incur’s considerable legal costs which the majority of borrowers, having just paid arrears off, are not in a position to do.
It could easily cost between 10,000 and £20,000 to take a lender to court although you would get back cost back in the event your claim was successful.
At this stage in time, it would be worthwhile putting all the papers in front of a barrister who specialises in such matters to get an initial advice.
Barristers advice in respect of this will properly cost between £600 and £800 plus VAT but at least then you will know whether it is worthwhile taking the lender to court.
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