Hi Jim
This has come up a few times with people worried about Start appointing Receivers over one missed payment.
Could you explain the Receivership process and practice?
Is the following correct.
The right to appoint a receiver comes from the mortgage agreement.
If the agreement does not have this right in it, then the banks must seek a court order for possession.
What is the typical wording in the contract.
For example, if I have a cheap tracker on a buy to let and I miss one payment, can the lender just appoint a Receiver to get their hands on the property?
If I am with a Pillar Bank I can appeal to the Credit Review Office - that is good to know.
But what if I am with a fund? Can I appeal to the court?
Brendan