So again, you have to present all the information to us, and then we will make a decision as to really how you would go about dealing with this situation and finding a solution to it. Now, this may sound like quite a straightforward process, but it’s a very high risk if you don’t really understand how the banks work and don’t really know how to communicate with them, and you don’t know how much information to give them about your situation and what to present.
You may be doing everything incorrectly and putting yourself in a weaker position. So you would need some organization to potentially look at everything that’s gone on and the paperwork and see whether there’s a way of actually stopping the receivers.
The other question is what are receivers? What types of receivers are there? What type of correspondence will you get? Receivership?
Correspondence typically comes the bank instructs, typically a surveying firm, a law firm insolvency firm, or an estate agency. It could be any one of those one of those type of organizations, but typically the rights they have are pretty much the same, which they have the rights to collect your rent and also the power to sell your property. So you got to be very careful, regardless of the type of organization that’s talking to you about what you do and how you handle them.
So number two, they’re all critical points. Number two is a critical point just before you better get your locks changed or the receivers coming to collect rent. So the third point is where bank has appointed receivers now and they’re knocking on the door about to change locks. And they started trying to communicate with your tenants. And literally, you are in a situation now where the LPA receivers have been appointed, and this is where it can get very technical.
And once they’ve been appointed at this stage, one of the major things that tend to happen is that they will actually knock on your door. We will try to change the locks, we’ll try to collect rent, and a lot of receivers act very differently and the protocols, the correct protocols and the incorrect protocols not many people understand.
So again, at this point, it’s very important. Just at the point of instruction, we are involved. So we can look at a way of actually stopping or disinstructing the receivers. This first two or three stage is a lot easier to negotiate or stopping of a receivership. Then it will be a later stage. The fourth stage we get is when receivers have already been appointed, locks have been changed.
They’ve started collecting rent and or they’re in a position where they’re about to sell your property. So that fourth stage again, we would need all the information about what’s happened, what you need to do. Then we would actually go in and look at the whole situation and see, first of all, whether there’s a way of taking back control over the property, terms of rental or a sale.
And if it is at all possible, then we would have a way of doing it. We’ve done it on numerous occasions and we’ve had a very good success, but it does become a lot more difficult to take control over a property at this stage. Once receivers have been fully appointed and are collecting rents and they’ve changed locks. So just to give you some reassurance, we have been in a situation before where somebody has actually appointed security guards.
Receivers actually pointed security guards and they also changed the locks, but they still managed to take out the security, change the locks and take the control of the property back again. Now that’s not such an easy process. It requires knowledge, experience and understanding and really how it needs to be done, how it needs to be done properly.
So not an easy process, but it’s a process that is understood by us. And we have had success in actually carrying out these activities. So as we’ve got no guest today, I’m actually thinking I’m going to sort of leave the topic at this point now and I think that should be enough to put your appetites in terms of what we can do. So if you want to stop repossession, you need help with any type of LPA receiver issue.
If you’re a homeowner or if you’re going through insolvency, you better lose your property through insolvency or the Law of Property Act 1925 is being applied and LPA receivers are being appointed. We can help in all circumstances of repossession as we have expertise in all three areas. So do talk to us. We’re here to help. This is Lakhi Singh the property fixer and we’ll be ramping up our marketing efforts to talk to more people as things become a bit tougher in the UK, I think the repossession levels are probably going to start going up because of furloughing.
Finishing property market is not sustainable. Inflation going up, interest rates likely to go up. So if you need help in stopping repossession, whether you’re a homeowner, whether you own a commercial premises, whether you’re a buyer led portfolio owner, or whether you’ve got an Iva issue or a bankruptcy issue and solvency issue, do talk to Lakhi Singh the property fixer.
I’m here to help you, so get in touch.