Receiver being appointed to dispose of BTL property

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PatrickJ

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Hi all, I need some urgent advise please. I received a letter stating that a receiver is being appointed to my BTL in 10 days. I called my lender and they declined my proposal to clear off the arrears balance. The reason given was because I failed to abide by a previous agreement put in place to clear the arrears.

This property is basically my pension pot and if sold I'll be up the creek.

Can I do anything or am I on a losing battle?
 
Hi Patrick

If you want proper suggestions, provide proper information. It had to be dragged out of you in this thread, and it looks as if you did not even provide the information then.

So provide this information in this format:
Information required for mortgage arrears and negative equity questions

If you have tried to play ducks and drakes with a lender and you have a cheap tracker, is it any wonder that they have got tired of the messing?

Brendan
 
Patrick, if you are in default, then they can appoint receiver.

Banks are constantly telling us to engage and they will engage. If we won't engage, then we lose!
 
Thank you for responses. The arrears balance is less than 1.5k - with no tenants in property. I'm apprehensive of putting up figures and naming the lender for obvious reasons.

As a by the way I noted default correspondence from the lender was dated before I actually defaulted on my agreement.
 
Whilst the business model of the vulture funds is to "force" the sale of properties as quickly as they can, the business model of the pillar banks has now stabilised in the sense that they now wish to retain their lending books.

Given the protections afforded by the Code of Conduct on Lending to SMEs (a landlord can be categorised as a SME) the pillar banks are very slow to appoint receivers if you can demonstrate that you can repay the loan in full within 15 years. Appeals can be successfully made to the Credit Review Office.

If you cannot demonstrate that you can repay the loan in full within 15 years then you are in difficulty.

Another option would be to try and re-finance the loan.

Depending on your circumstances, one option to consider might be to do a PIA.

Jim Stafford
 
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