LPA receivership
When a lender appoints a receiver to collect the rent from, or sell, a property that a loan is secured on. We help companies and directors in Leeds, Sheffield, Bradford and across Yorkshire and the UK.
Please note: this page is a brief, general overview to help you understand your options. It doesn’t cover every detail or every possible route, and it isn’t legal or financial advice. Every situation is different, so please talk to us before making any decisions.
In short: when a lender appoints a receiver to collect the rent from, or sell, a property that a loan is secured on.
If a borrower falls behind on a loan secured on a property, such as a buy-to-let mortgage, the lender may appoint a receiver under the Law of Property Act 1925. This is also called a fixed charge receiver. Although the lender appoints the receiver, the receiver acts on the borrower’s behalf, and their job is to recover the money owed.
What happens
- The borrower misses payments on the loan.
- The lender makes a formal demand for the money owed.
- If the demand isn’t met, the lender appoints a receiver.
- The receiver takes control of the property and usually sells it to repay the loan.
Things to know
- While the receiver is in charge, they may collect rent, deal with tenants, arrange repairs and insure the property.
- The borrower still owns the property until it’s sold, but can’t make decisions about it while the receiver is in charge.
Other options
LPA receivership isn’t right for everyone. These are the other corporate insolvency options, or you can compare them all.
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