Lancashire Mortgages/LPA/Sold Property

[ivorbiggun]

Hello Caggers,

 

I'm trying to help a friend who has asked me for advice but I'm completely stumped. In fact I'm not even sure I'm posting this in the correct section.

 

Friend has/had a bridging loan with Lancashire on a commercial property which was let out as an art shop. The intention was to switch to another lender but then there was the crash and she stayed with Lancashire longer than she thought.

 

A year or so later the Tenant becomes unreliable with rent and in the end Lancashire appoint a LPA Receiver. LPA Receiver seems really friendly and states he is working for her and will take the rent and manage the property until the arrears are cleared (the rent is about 33% in excess of the monthly payment), Friend is reassured and doesn't question it.

 

Then last week she receives a letter stating that the property has been sold!

 

That's it. No notice of sale. No letters or calls stating their intentions. There is some money due to her but I feel she will have been gouged by 1001 people for surveys, commissions and charges.

 

She's waiting to see how much she will get and hopefully a breakdown of charges.

 

Any advice?

[Conniff]

If you or your lender is named on the Land Registry documents, then it is not the tenants and does not come under the liquidation. Unless, of course, they made some deal with the mortgage company behind your back.

[suffering]

The LPA IS the lender they never work for the borrower lancashire mortgage corporation have two lpa receiver companies Sterling and Waterfold they belong to the same group of companies and have linked directors. Lpa receivers believe they are un-regulated but they are regulated by English law and the Law Of Property Act itself. It sounds like they conned your friend into believing they were on her side, so she would not put up a fight. you should send a SAR requesting a full account of how the property was sold and who bought it. You may be able to find the new owner by contacting Land registry. be wary if it was a company and not an individual The LPA has a duty to try to achieve a fair price. But rumours are rife that they sell to their own third party for a low price then resell at a higher price. Conning the owner out of thousands of pounds. Challenge them, question them, investigate them, they do make endless mistakes but you have to spot them.

[keates]

I have had property sold by LPA receivers but I was able to prove in court that the receivers did not have the power of sale. It seems that in general, mortgage deeds do contain an express term that the power of sale can be conferred on the receiver but in my case it wasn't the case and without wanting to give any false hope, it might be worth checking your friends mortgage t & c's

[suffering]

I feel strongly about the way these self imposed LPA receivers think that they are a law upon to themselves, they commit acts of theft and when found out should be convicted and delt with severley