Always protecting your assets
Templeton LPA always acts with a duty of care to you the borrower and we try to choose an approach which protects the interest you have in your property. Our management approach helps to protect rental income and acknowledges that the property is less vulnerable when occupied.
Borrowers frequently ask us a number of questions when their property is taken into receivership:
What will happen to the property once Templeton LPA has been appointed as receivers?
Our duty as LPA receivers is to administer the management of the property, collect the rent and, in due course, dispose of the property. If the property is unoccupied but is suitable for letting, our appointed management agents may be asked to find suitable tenants. The rental income generated will be applied to the borrower’s mortgage account.
What can the borrower do to regain control of the property?
In the first instance, the borrower should get in touch with the lender and negotiate an arrears repayment schedule.
Can the borrower market the property and sell it?
We encourage borrowers to communicate with us and the lender about their intentions. The first priority of an LPA receiver is to seek to redeem the loan. If the borrower wishes to sell the property, we are always open to discuss this option to establish whether an immediate sale is a viable option. We will then work with the borrower in order to ensure that market value is achieved and that the loan is redeemed. When Templeton LPA is appointed our first action is to instruct the occupiers of the property to cease rental payments to the borrower and to redirect payments to our appointed management agents. the rental income is directly applied to the mortgage account. If the property is vacant then our appointed management agents will request access to establish control. If this isn’t possible because access is refused then a field agent will be appointed to try to overcome the occupier’s concerns. Failing all other avenues then we would initiate litigation for possession