If we cannot reach an agreement on a solution to help you clear your arrears, we may have to commence legal proceedings to repossess your property. However, this is always treated as a last resort. If court proceedings are issued, we strongly recommend that you seek immediate independent legal advice and attend any court proceedings.
When a Buy to Let mortgage is in arrears, as per the terms and conditions of these loans, we may appoint a Law of Property Act (LPA) Receiver to manage the property on your behalf. This often avoids the need for us to take possession proceedings.
Whilst acting as your agent, the LPA Receiver has a primary duty to us as lender to service the mortgage in the correct manner. They also have a duty to anyone with a vested interest in the property, such as the owner, the tenant, other charge holders and freeholders.