Challenging an LPA receiver

by Readers Question

8:33 AM, 11th July 2016
About 2 years ago

Challenging an LPA receiver

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Challenging an LPA receiver

UKAR (as Mortgage Express) have appointed an LPA receiver on a flat I own. They said I didn’t make any payments to the account for 3 months. I have shown them redacted bank statements showing payments made from my account to their collections account. Apparently this isn’t good enough. they are now asking that I sign new terms and conditions, reduce my overall portfolio term to 7 years from 15 years, make overpayments of £1500 per month and pay everything by direct debit & pay off the LPA receivers fees – some £3000. Challenge

Ironically they refused to have DD’s set up on my Ltd company account which manages my portfolio so this is why I pay by standing order.

I have found them to be incredibly difficult to deal with and now feell like I have to get my MP involved as well as solicitors. Before I go wasting money on a solicitor who doesn’t know what they are doing – has anyone else had dealings with Mortgage Expresses portfolio team and or dealt with an LPA receiver before. I cannot believe this has happened but now have to deal with the aftermath of their incompetence.

Regards

Adrian



Comments

Mark Alexander

8:46 AM, 11th July 2016
About 2 years ago

Hi Adrian

We keep in regular contact with a lawyer called Peter Fisher who specialises in cases like this. We are aware of dozens of Property118 readers that he's been able to assist, a recent one being a very similar scenario to your own.

Please see his member profile which includes a contact form via the link below ....

https://www.property118.com/member/?id=10845
.

HMO Man

11:29 AM, 11th July 2016
About 2 years ago

Hi Mark

Thanks - i will contact Peter shortly.

Regards

Adrian

Peter Fisher

12:34 PM, 11th July 2016
About 2 years ago

Adrian - if I were you I would NOT sign any new terms. I am aware that UKAR are trying this.

Chris Novice Shark Bait

13:21 PM, 11th July 2016
About 2 years ago

I was personally hoping to hear less of this since West Bromwich lost our appeal on tracker rate increases. Does property 118 Action Group (of which I am now a paid up life-long founder member) have M.E. in their cross hairs?
If so I have a story of considerable interest which I am not allowed to share publicly.

Mark Alexander

13:31 PM, 11th July 2016
About 2 years ago

Reply to the comment left by "Chris Novice Shark Bait" at "11/07/2016 - 13:21":

Property118 / UKAR skirmishes have been ongoing for years. Search MX, Mortgage Express or UKAR on this website and you will see what I mean.

By all means send me your story to mark@property118.com

If the story cannot be published though I can't really see what we can do about it. Maybe all will be clearer when you send me the details.
.

HMO Man

13:33 PM, 11th July 2016
About 2 years ago

Hi

I have no intention of agreeing to anything they are trying to impose on me. However the fact remains that i have a flat with an LPA receiver appointed to it and its empty. So its costing me mortgage payments, council tax and security. I have 4 applications for the flat on my desk and i daren't let it out yet.
So its costing me a small fortune as well - they really are a terrible company to deal with

Peter - i will be in contact very shortly. Im just awaiting a response from my MP who also happens to be UKAR's as well.

Regards

Adrian

HMO Man

13:34 PM, 11th July 2016
About 2 years ago

Hi Chris

If you want to message me directly with anything i can use against MX it would be much appreciated.

Regards

Adrian

Peter Fisher

13:47 PM, 11th July 2016
About 2 years ago

Reply to the comment left by "Chris Novice Shark Bait" at "11/07/2016 - 13:21":

Hi Chris,

I would be interested too as I have many that I cannot share in public.

Chris Novice Shark Bait

16:06 PM, 11th July 2016
About 2 years ago

I have contacted Peter Fisher and Mark Alexander directly. I will explore my angle. If anything of benefit or general interest surfaces I will share on this site.

Remember the tax payer bailed out this company. U.K.A.R. is answerable to the treasury and they are in disarray just now.

IMO they should be challenged at every opportunity.

Chris.

Joan Keeley

19:08 PM, 11th July 2016
About 2 years ago

Having been involved for the last six years with fighting the aftermath of my bank appointing LPA receivers, my advice is to apply to court for an order to sell the property. I wouldn't leave yourself at the mercy of greedy, unscrupulous, unregulated LPA receivers. You won't get the better of them, nobody ever does!

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