Turpin Barker Armstrong act for various financial institutions and private lenders who seek advice when they hold mortgages or charges on property and find their client is defaulting on loan repayments and interest. We will always offer guidance and seek to encourage a resolution without the need of an appointment of a receiver and can act as a “go-between” to reach a solution. However, in certain circumstances a resolution cannot be achieved and an appointment is necessary.
Under the terms of the security a lender may be able to appoint a LPA Receiver who will deal with the property and seek to recover the debt. We will also seek legal advice throughout the process to assess the validity of any appointment.
The main roles of the LPA Receiver are to take control and manage the property, communicate with the owner and arrange for insurance and repairs. The LPA Receiver will also seek to minimise financial loss, collect rental income, market and sell the property where appropriate and implement a strategy to maximise the return to the lender.
If you are a lender, or are acting for a lender, and are seeking to appoint a receiver or LPA receiver over a secured asset please feel free to contact our office on 0208 661 7878 and our experienced staff will be able to assist you.