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.
Homeowners that have their property let to a private individual or family also have to be aware of their tenants’ rights and what they can get from the court directly. We have had to resolve a number of cases where the tenant and the owner have made an application at the same time that did 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”. This 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.
These are all circumstances that we are both used to and specialise in dealing with. Importantly, no two cases are the same, and we therefore need to find out your specific circumstances so that we can provide bespoke advice and solutions.
Call 0808 109 9827 today if you find yourself or your business facing receivership. Our experienced team is available 7 days a week to help you navigate this process and prevent the loss of your home.