Mortgage Express appoint LPA Recievers Walker Singleton to scare tenants off!

[chillinlong]

Hello everyone,

 

After posting and reading a few similar posts I know there are thousands of people who have had their mortgages fall into arrears at some point within the last year due to tenants not paying or for some other reason and then LPA recievers being called in by the lenders supposedly on the landlords behalf.

 

I have mortgages with Mortgage Express and fell into arrears with them therefore they appointed LPA recievers Walker Singleton who in turn completely messed a lot of things up by scaring tenants off with lousy tactics and they are charging me managment fee for it and going to make me have to pay a massive chunk of shortfalls due to their incompetence. Whereas they could manage properly until arrears are clear and then hand back properties or wait until the market improves to sell. It is a shame as so much money is lost due to these improper practices implemented by the big bully boys.

 

The tactics include no helpdesk in place to look after tenants, very poor rent collections and poor managment of the properties altogether.

 

All these tactics are designed for one thing which is to scare off tenants and end up making the situation 10 times worse whereas if they managed it properly there would now be no arrears due to interest payments falling and rents would have cleared if managed properly. They can get the tenants out and sell the properties so they can get their fee and walk away with a nice fee for themselves.

 

The problem I have with this is it is damaging and playing with peoples lives this tactic from the banks and yet they recognise the faults but still continuing doing this.

 

I want to highlight this and have come across several cases where negligence is clearly shown and feel their is a case to be looked at depending on its merits against both bank and LPA reciever. The resources are not the easiest when a one man band is trying to fight a bank like Mortgage Express so I thought I would post this and share my experience and see who else out there is having the same problems. Maybe to utilise all our resources and fight these banks at their own game to improve the way these situations are handled for everyone involved ie Landlords and Tenants.

 

Please can everyone share their experiences and thoughts?

 

Thanks

Edited November 4, 2009 by chillinlong

[chillinlong]

Hello again all,

 

Surely there must be others out there in a similiar situation that might need help?

 

Thanks

[caro]

Struggling to find any info I'm afraid. I understand BTL mortgages aren't regulated at the moment although there are plans for the FSA to do this. That doesn't help you now though.

 

The only thing I can suggest is that you contact the Council of Mortgage Lenders or possibly join the Residential Landlords Association at a cost of £75 a year, although that gives you access to legal advice.

[chillinlong]

Hi Caro,

 

Thanks for your comment, I was beginning to think its only me that wants to do this .

 

I did used to be a member of the RLA but I did not find it that useful im afraid, however I have been researching and working angles and the case is strong on negligence which has either depreaciated the value of the property or increased the arrears at a time when the interest rates are low. There might be other angles aswell but am doing as much digging around at the moment.

 

There has been clear cases of this as they seem to be doing everything the wrong way compared to what an efficient management company would do.

 

Thanks

[diddled]

Walker Singleton, alas I know them well, unconscionable to say the very least.

I could write a book on this shower, but to name but a few: -

1. I have evidence that shows a senior director/partner actually invited a Bank to appoint two of his fellow Directors as LPA receivers over a particular property. (not Mortgage Express)

2. Further evidence reveals that Walker Singleton Receivers helped the Bank avoid payment of VAT.

3. I have it in writing that Walker Singleton's (lower) fees reflect the volume of work undertaken for the Bank.

4. Sent a SAR to WS, was advised I was free to examine documentation at their office. Appointment duly made, but WS cancelled.

 

Do you want me to go on?

[caro]

Did you report them to the Information Commissioners Office diddled?

[diddled]

No, I had other things going on, and as I had already SAR both the Bank & the Ombudsman I already had the info I was looking for. The sole purpose of my SAR to WS was to compare info they held with info I already had.

This all happened around 2003 which was well before consumers in general knew of their rights.

But there are more ways to skin a cat, and something Im working on at the moment will hopefully reveal more......

[caro]

Look forward to hearing more from you diddled.

 

In the meantime chillin, it might be worth sending SARs to both ME and Walker Singleton to see if anything comes to light that may be useful for you.

[diddled]

chillin - Have you been to the Ombudsman?

It may be worthwhile, then you could also SAR the Ombudsman once they start to gather information

[chillinlong]

Hi Diddled,

 

I have not been to the Ombudsman yet, however I have written a SAR to Mortgage Express I am still waiting for this. Interesting point to write a SAR to Walker Singleton aswell though, I might do this once I recieve the MX details.

 

It would be interesting to hear the other things you mentioned that they have done aswell as surely a lot of these practices are illegal. for example they are such bad management company they are ruining some of the properties and making them go further into arrears.

 

This other thing you aare working on is this something along the lines for these types of cases or as such?

 

I am going to start trying to involve local MPs and see what they say about this as it is a government controlled bank that has appointed these companies to lose so much more money for them therefore it is affecting the tax payer and they are supposed to be protecting the tax payer. I did write to the chief who then put me onto a director of Walker Singleton and it is a very biased responses I get from them as they have never achieved anything properly.

 

I still think surely we can build a case of negligence against the LPA reciever Walker Singleton appointment by Mortgage express as it has effectively made things 10 times worse. I do not think that it is fair they go down these lines when the LPA reciever is supposed to be acting on the consumers best interests aswell as the lenders. In other words I think the lender is to blame aswell as the landlord and because of the recession problems the consumer should not have to suffer but both should work together to resolve and go forward not make everyone lose out...

[diddled]

chillin

 

In my experience the Bank first instructed WS to act as managing agents on the Bank's behalf. As soon as they were instructed WS were on a mission to gain control of the situation, and ultimately invited the Bank to appoint them as receivers to take posession of and dispose of the property concerned.

 

Can you check and double check the provisions of the legal charge to make sure that events had ocurred that gave the Bank authority to appoint receivers in the first place.

 

Please PM me if you want things clarifying

[chillinlong]

I think the LPA recievers can be instructed legally anyway after 3 months arrears even though if it is not on the legal charge I would presume?

 

I will have to raise with solicitors, is it the solicitors that keep hold of the infomation on the legal charges? I am sure they have sent me deeds in the past, I am going to ransack the filing cabinet tomorrow and will let you know what I come up with.

 

Thanks

[diddled]

Yes I think its 3 months, thats if the legal charge doesnt exclude section 103 LPA, in which case it could more or less be on demand

[chillinlong]

Its a shame as they have so much rights and yet they took the risk after applications etc, and then when it goes wrong they pin everything on the consumer to get out of it.

[pigland]

Dear all

 

Now the information I have been given today is that; 60% of Mortgage Express large portfolios are with LPA receivers! The government bailed out Mex and they want their money back and they know how do get it; Steal the properties from the landlords and sell off the properties via LPA receivers using the 1925 law of property act!

 

I agree there is more than one way to skin a cat!

 

Subject Access Request Mex. They'll try and only give you certain info. They'll try and tell you because of the Durrant case they don't have to provide all the data as requested. Mention the information commissioners office. Keep going as they're beginning to feel the heat!

 

Subject Access Request the LPA receivers. Keep timelines of tenant rental payments via LPA's and if the property becomes empty write a complaint to Mortgage Express about their LPA Receivers not renting the property. Offer to rent it yourself see what there reply is! Mex can't handle the complaints about the LPA receivers because there's so many.

 

Refer to the LPA receivers as Mex's LPA receivers. Question the legality of the instruction! They may have instructed them illegally!

 

Keep this fight up more people will join in and more information will follow.

 

If you are interested in a class action by all means PM me.

 

Kind regards,

 

Pigland

[chillinlong]

Hello Pigland,

 

Thanks for your post. I have actually been managing all of the properties myself including repairs and relettings etc but they collect the rents (they still cannot manage this though!). The poor management of the properties by them makes me so frsutrated as they charge me 10% for this yet I am doing all the running about. Their customer service for tenants is the like "Property management company from hell!".

 

I am going to do a SAR tomorrow and see what happens. I am trying hard to find a deed to question about the legalitys of the instructions of LPA recievers, although I have seen generally it is legal if there is more than 3 months arrears then they can normally do this whereas this was the case unfortunately but the main problems are the handling which is a clear case of negligence.

 

Both Mortgage Express and Walker Singleton have such a silly complaints process in place nothing is actually done.

 

I am very interested in a class action to resolve this and get rid of these bully boy tactics that they force on the consumers and actually make it worse.

 

Thanks

[consumerist]

For a class action perhaps challenging the securitisation used by the lender could give a way forward ? More info on Walker Singleton/Mortgage Express added below

 

Bradford & Bingley - Securitisations

http://www.bbg.co.uk/bbg/ir/dis/securitisation/valley2008_01/offering_circular08_1.pdf

http://forums.moneysavingexpert.com/showthread.html?t=1598959

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=487732&in_page_id=8

http://www.walkersingleton.co.uk

Edited November 18, 2009 by consumerist
more links

[diddled]

For anyone thinking of making a claim to the Ombudsman re conduct of LPA Receivers, please be aware that provided the lender instructed Receivers properly Receivers conduct is outside of the Ombudsmans jurisdiction. Generally the only exception to this is when there is evidence that the Bank is interfering with the receivers "independence"

So its a must that anyone considering this route should scrutinise the legal charge/mortgage

 

 

Chillin, you say you are being charged 10%, I thought Receivers remuneration was limited to a maximum of 5%

Edited November 18, 2009 by diddled

[chillinlong]

Thanks everyone for their helpfull comments.

 

I got lost on looking on the securitisations as not sure what I should be looking for.

 

Diddled, interesting point about the ombudsman, again this emphasises to me to get the mortgage papers checked to see whether it corresponds with the LPA recievers appointment. The renumeration of 5% I would have thought is due when they sell and not manage I would have thought as it is not cost effective for any property management to manage for less than 10%.

 

I have found more information today which confirms some of the posts that they are very much in trouble with overwhelming complaints about the appointments of LPA recievers and the fact that they are not managing them properly therefore making them worse off in arrears. I think some of them actually admit it is worse since this happened.

 

My argument is that negligence is very clear in the management of these properties, but who is supposed to pay for the financial loss for the management of LPA walker Singleton surely not the consumer. Some of them were not managed properly for up to 9 months so therefore I feel Walker Singleton or Bradford and Bingley should be liable to pay the average rent costs that would have come in had they managed properly. But they do not want to admit this liability as this would ruin them all, they want me to suffer financially with a huge shortfall for their poor management and if they sell at a real poor price whcih is what they usually do again they will expect me to pay the differences, this is totally an unfair way to deal with.

 

We can definetely get a class action together we need as many followers who are in the same boat to follow suit and join to fight for a fairer case on management and on the sale when they do come to sell.

 

Come on everyone, please post or if you prefer PM me if you are in the same boat and want to join.

 

Thanks again everyone for their help.

[consumerist]

According to Yorkshire Post a Class Action has already been started against a PPI miselling company. Interestingly it also mentions Bradford and Bingley

( owners ofcourse of Mortgage Express ) looks like some of their bond owners are very unhappy ( probably about being sold potential Junk). They are also involved in a class action. I wonder if this solicitor would be interested in representing Mortgage Holders with Mortgage Express and the other similar lenders such as Birmingham Midshires, Clydes dale, Bristol and West e.tc)

 

Law firm in threat to sue lender Cattles - Yorkshire Post

 

Bradford and Bingley Rights Issue Action Group

 

 

An Action Group called the Bradford & Bingley Rights Issue Action Group was recently formed with a view to seeking compensation for Shareholders who lost money in the August 2008 Rights Issue.

 

Leon Kaye Solicitors who have over 18 years successful experience in Class Actions on behalf of Shareholders and Investors will be acting on behalf of the Action Group.

 

It is proposed to seek compensation by way of damages for misrepresentation arising out of the Prospectus which preceded the Rights Issue and which Prospectus was sponsored by Citi and by UBS Investment Bank It is considered that although there were Risks Warnings in the Prospectus these were insufficient. The Rights Issue proceeded notwithstanding a rapidly developing Financial and Banking Crisis and in particular the Prospectus failed to properly address the consequences of the Moody’s credit downgrade as a result of which a major investment fund (TPG) had already withdrawn its support. The number of paid up members of the Action Group is now in the thousands and the numbers are increasing substantially by the day

 

 

If you are a member of the Bradford and Bingley Rights Issue Action Group and would like full details of funds received and funds expended in the Action Group please email info@leonkaye.co.uk,with details of your membership including name and address and shareholding, and we will be happy to provide you with a copy of the same.

 

 

 

B&B Rights Issue Action Group members can now access confidential information via our members area. This information includes financial statements of total monies received and total monies expended from members along with current membership levels. Also included in the members area is our letters of claim and Response from the B&B's Solicitors. If you are a member and would like to access this area please email info@leonkaye.co.uk and we will verify your membership and provide you with access details

Edited November 23, 2009 by consumerist
Extra Information

[consumerist]

According to Yorkshire Post a Class Action has already been started against Cattles a PPI miselling company. Interestingly it also mentions Bradford and Bingley ( owners ofcourse of Mortgage Express ). It looks like some of their bond owners are very unhappy ( probably about being sold potential Junk). They are also involved in a class action. I wonder if this solicitor would be interested in representing Mortgage Holders with Mortgage Express and the other similar lenders such as Birmingham Midshires, Clydes dale, Bristol and West e.tc)

 

Law firm in threat to sue lender Cattles - Yorkshire Post

[chillinlong]

Hi consumerist, thanks for your post, I think it is worthwhile contacting these solicitors and disucss the options of a class action againt the lender in question therefore they can start acting responsible for everyone involved as they are making everybodys lives a misery whereas they are involved and should be looking to work together to go forward not get themselves out a short cut way.

 

Thanks

[chillinlong]

Bumping up this post, as it seems a few other people are having trouble with the same lender on similiar issues.

 

If there are more people then please either post or PM me if you want to try and make a start to start fighting your corner against these bully boy tactics being used.

[chillinlong]

Hi All,

 

I noticed your point Diddled about WS said they were hapy for you to inspect their records on site and then cancelled the appointment, same thing happened to me also, they have since avoided allowing me to go and inspect my records since then by not replying to my emails on this. They must be frightened we will find out something they dont want us to know.

 

Just recieved partially SAR requested stuff from MX. They sent all the mortgage documents etc but I noticed they have not included all the conversations with them and the details and conversations between Mortgage expresss and the LPA Recievers Walker Singleton with regards to my properties.

 

Their letter states:

 

"You should be aware that the Act has a prescribed period of 40 days by which we have to provide your personal data to you. However, please be advised that this period only becomes effective once all neccassary information and internal checks have been satisfied. This will not neccassarily be on the date of receipt, however we do endeavour to supply your infromation within 40 days.

 

Please be aware that under the Subject Access Provisions of the Data Protection Act 1998 you are entitled to personal data. This may be both automated and non automated. Non automated data refers to manual paper files which must be in a structured format. You are not entitled to recieve every document that you might wish to see. Personal data as defined by the Court of Appeal in the case of Durrant v FSA 2003 EWCA Civ 1746, is information that affects the data subject`s privacy and is not any document where the data subject is mentioned. We are not obliged to provide infromation that we may hold about you which is held in an unstructured format. this may be infromation held on Microfiche and in an unstructured manual files."

 

So looks like I will have to write a second letter back to them requesting all documents and conversations between them and Walker Singleton about my portofolio.

 

On another note Walker singleton have not sent the SAR requested papers within the 40 days and unfortunately I seem to have misplaced the recorded delivery slip, therefore looks like I might have to write another one to them or send them a demand .

 

Any comments most welcome.

 

Thanks

[diddled]

Did you keep a copy of the SAR you sent to Singletons?

Also, the £10 fee, did you pay that by cheque, if so when was it debited from your account?

 

As for ME, I would contact Information Commissioners helpline for advice.