Is it a good idea to find that there are properties in your neighborhood or within your circle of friends that have been repossessed by LPA receivers, would it be a good idea if you attempt to liaise with the LPA receivers yourself?
This may not be a good idea as complications may arise. If the LPA receivers have been appointed to a friend of yours’ property, it is best not to touch it because that’s not to do with an area that you don’t really understand. So the better thing to do is to give us the details and I’ll be able to scrutinize the deal and work out what the best way is of and structuring it and then restructuring it for them to purchase.
What’s normally a good formula for purchasing from LPA receivers? Is there a good benchmark?
Yes. It’s quite simple. If you’ve got access to cash and you wanted to buy a particular property that receiver has and it suits your portfolio and you know the buyer, but it’s gone into help receivership.
There are a lot of myths around what receivers do and what you can get rather than to be in a situation where you are somewhat thinking going to get a good deal from a receiver. So it’s not something that is real. It’s just something that’s an urban myth. If you want that deal, then if you’ve got access to the owner of the property and you got access to the cash yourself to potentially purchase, then the better thing to do is to actually bring the details of the owner of the property to us, and we can structure a deal which works for that borrower and for you, and we’ll be able to cut out the receivers by orchestrating a deal directly with the bank and making sure that the receivers actually do not get into the way of the sale, hence or deepen your risk altogether from losing a potential deal, which is also going to be open to them, selling it to their own database, to their own contacts. So this allows you the buyer to take control, be in the driving seat, get your cake and eat it as well as letting the borrower have enough to be able to satisfy the sale prices they require that should and with the item or the understanding that he receives to act in good faith or integrity.
- Would the LPA receivers still want to sell a property cheaper to us if we were trying to buy it?
- Do they sell the property on the market price?
- What are the general instructions are they acquired to achieve the best possible price for the bank, or are they required to achieve redemption only?
Oh, they are required to get redemption only. Hence the reason that our services are heaven sent to any borrowers who’s actually got issues with LPA receivers. This is because we are focused in on a very transparent process to actually help the borrower out of this very difficult predicament, which is very little known as a technical area of law, even by solicitors or any other party. So us being the leaders with the law of property act 1925 allows them to be in a situation which gives them the best chance to actually optimize the price that they can actually sell the property for and not be at the best of a very difficult situation or in terms of merely just getting their redemption.
Well, okay, a lot of people we’ve been talking to sending messages through, they say it’s next to impossible to dis instruct an LPA receiver in terms of the fact that they seem to feel that the LPA receivers are not going to back down once they have been appointed. This is like a really crazy thing because we’ve been in situations where we have got a hundred million pound fund and you got like, top end fund managers and people with money who say these things and literally within a week or two, we have managed to work with another buyer who is probably not as cash loaded as them and structure a deal where the external buyer has been able to buy.
