Hi, thanks for your reply.
I mentioned the first property as to give the best representation of our situation. The extra £600 a month is being paid to the 2nd mortgage currently.
From what I have read an LPA Receiver takes ownership in order to sell the house, though if we are already in the process of trying to find a Cash buyer in order to sell much quicker, wouldn't it be less hassle and cost less for them to just let us sell the property ourselves and repay as soon as we can, whilst continuing to pay the extra monthly payments?