How can I stop my lender appointing an LPA Receiver

[aptb74]

I am a landlord and have my mortgages with MEX. I have been in arrears for about two-three years, and have been working to clear my arrears. Now that I only have three accounts left in arrears MEX are threatening to put ALL of my properties into LPA Receivership, unless I sign an Amendment-Deed, which is governed by the MEX Conditions 2010 in relation to buy-to-let portfolios.

 

I have always been suspicious of my portfolio managers, and think I would prefer to cut my throat, than sign the amendment deed – which is probably one and the same thing.

 

I have been given three weeks to either sign or have a LPA Receiver appointed to manage my properties.

 

There is very little information in terms of the requirements that have to be met for a lender to place a property into LPA (Law of Property Act) Receivership, and Mortgage Express have given a lot of conflicting and inaccurate information. For instance they are saying that a property can be place into LPA Receivership if it is two or more months in arrears, whereas the research I've done on the internet seems to suggest that a property has to be three months in arrears before it can be put into LPA Receivership. Also for the last two years they have been telling me that only properties that were in two or more month's arrears were at risk of being put into LPA receivership; Now they are saying that it doesn't matter whether a property is no longer in arrears, if it has been in two or more month's arrears at any time they can still be placed into LPA Receivership, as once you are in default you are always in default even though even if the default has been settled, unless or until you enter into new Terms&Conditions

 

I have read some of the accounts of people’s experiences with Mortgage Express and the various LPA Receivers, and some of the detail is shocking.

 

It seems that because so few people understand this Act, the mortgage companies, are riding rough shot over people.

 

There are a number of things that I would like clarified, if anyone is able to do so:

 

Can the Mortgage Company put a particular property into LPA Receivership even if there is no arrears at present.

 

Can the Mortgage Company put a particular property into LPA Receivership even if there is less than two/three months arrears on the account.

 

Can the Mortgage Company put a particular property into LPA Receivership for non-payment of service charges, where you have genuine reason for not paying the services charge (i.e. lack of maintenance and repairs, serious neglect allowing the building to fall into serious dis-repair over a number of years, and apparent misappropriation of funds by the management company).

 

Do I have the right to pay no payment on some mortgages and use the money instead to bring accounts that are in arrears down, so that they are less than 2/3 months in arrears.

 

I know that the Law say that I am entitled to be treated fairly by my lender, and I do not regard the conflicting and misleading information that I have received from my lender regarding the appointment of a LPA receiver as having been treated fairly.

 

Is it worth while getting a solicitor involved, or would the money be better spent trying to bring down my arrears.

 

Many Thanks in advance

[honeybee13]

Hello.

 

In case it helps people trying to help you, this is a link to your thread in the mortgages forum here.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?345088-Mortgage-Express-threatening-LPA-receivership&p=3783206#post3783206

 

HB

[dyna]

can someone tell me if their is a class action against MX or a group of lard lords getting together to seek for justice. How i can i join, and who do i contact?