There can be situations where the most effective approach is to work in conjunction with a borrower in order to expedite an on-going sale, re-finance or other exit strategy. Provided cooperation is forthcoming, and evidence is obtained, we can engage as Asset Managers rather than using LPA Receivership, in order to reduce delays and costs.
If the property is occupied by anyone other than the borrower then it will be necessary to proceed as LPA Receiver, establishing occupancy status, collecting rent and dealing with tenants. Our team have experience in providing a comprehensive yet flexible solution for our clients.
If the borrower is a Limited Company and a floating charge is in place, a lender is entitled to appoint an Administrator, who can take control of all assets and decide how best to realise them. Our team are able to undertake Administration should the case need to follow this route.
If the property is occupied by the borrower then you will need to follow the Litigation route in order to obtain control of the asset over which you have a legal charge. Once a possession order is granted we can enforce and take control of the property on your behalf, handling all matters including security, clearance, maintenance, utilities, insurance, etc.
Where possession is to be obtained via court proceedings our team can offer valuable assistance to support the application for possession, including witness statements and attending hearings.