M
Max84
Guest
Hi,
A receiver has recently been appointed to my unfinished apartment complex. The developer was not contributing to management fees for about 60 apartments still owned by themselves despite the fact that the majority of these units were being rented by the developer.
Does anyone know if the bank who appointed the receiver is now liable for the manangement fees and the arrears?
The development was never finished by the developer with numeous fire safety, planning enforcement and non compliance with building regulations proceedings being taken by the council against the developer. Does anyone have any idea what happens now that a receiver has been appointed? Is the receiver now responsible for getting the development compliant?
Also it is my understanding that Homebond HB11 cover is null and void for the units taken into receivership. So surely the receiver will need to fix the outstanding issues to get the development compliant in order to re-certify the development so they can sell the units and recoup some money for the bank.
Any help or advice really welcome,
Thanks
A receiver has recently been appointed to my unfinished apartment complex. The developer was not contributing to management fees for about 60 apartments still owned by themselves despite the fact that the majority of these units were being rented by the developer.
Does anyone know if the bank who appointed the receiver is now liable for the manangement fees and the arrears?
The development was never finished by the developer with numeous fire safety, planning enforcement and non compliance with building regulations proceedings being taken by the council against the developer. Does anyone have any idea what happens now that a receiver has been appointed? Is the receiver now responsible for getting the development compliant?
Also it is my understanding that Homebond HB11 cover is null and void for the units taken into receivership. So surely the receiver will need to fix the outstanding issues to get the development compliant in order to re-certify the development so they can sell the units and recoup some money for the bank.
Any help or advice really welcome,
Thanks