Ideally, you want to prevent your case from getting to this stage. An LPA receiver can be instructed when you are as little as 2 payments in arrears, your term having expired or simply because you have broken a part of the terms and conditions of your contract which can include, leaving the property empty or allowing a family to reside at the property.
Property Owners that have their property let to a private individual or family further have to be aware of their tenants’ rights and what they can get from the court directly. We have had to repair a number of cases where the tenant and the owner have made an application at the same time, that does not tell the same tale, creating far more confusion for the court than was necessary
With Commercial loans, especially those linked to a company or business overdrafts, the Lender can ‘call the loan in’ which means that the terms and conditions which you were bound by are no longer in place, resulting in a demand for the immediate repayment of the whole loan
Unfortunately, there are few Homeowners that are in a position to meet such a demand, especially when the demand for repayment is on the back of a difficult financial period. Your Lender will use its security on your property to make sure they are paid. These are all circumstances that we are used to dealing with, and once again, no two cases are the same, we will, therefore, need to discuss your specific circumstances so that we can provide specific advice.