15:55 PM, 8th November 2012, About 9 years ago 30
Hello, I am a regular reader of Property118 and very much enjoy the information provided. I have come across a situation and was wondering if any of your experts would be willing to offer some advice please?
One of my landlords has a portfolio BTL with a major buy-to-let mortgage lender based in Newcastle and publically owned (you know which one I mean!). They carried out a valuation of the properties earlier this year and down valued them by about 35%. They are now claiming that the loan is in default because the LTV is not sufficient for security purposes (there are no mortgage arrears at present) and have appointed LPA receivers to manage the portfolio as of 30th October.
There are lots of issues that are bothering me and the landlord but my question at the moment is about the management contract between myself and the landlord; is this legally binding on the LPA receivers? obviously they have to honor the leases / licenses / AST’s for the properties and therefore I would assume that the management contract should also remain valid and I should be allowed to manage the portfolio on behalf of the receivers?
On the strength of the management contract, I have arranged building insurances, broadband contracts and payments of landlord’s supply for communal parts of the properties and would be significantly out of pocket if I didn’t have the rental income to offset these costs against!
Message from Mark Alexander
I have not included the agents name or details for obvious reasons, however, this is a genuine request for help. Thanks in advance for any guidance you can offer as frankly, I really don’t know what advice to offer.
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