# Receiver (bank) appointed to investment property ?



## pache (26 Feb 2015)

My Partner and I have an investment property with aib.We have been in contact with aib to get interest only and have kept this up.All the while we have been trying to renegeociate with aib and purposely keeping in contact with them and were sure all was ok.
Yesterday we recived notice from a receiver by way of Deed of appointment.

We are unsure what this means and somewhat unsettled to say the least.

Our question is does this mean repossession of our investment property and is there anything we can do..?

Regards.


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## Bronte (26 Feb 2015)

Sounds like a rent receiver, but it's rather underhand if they didn't tell you they were going to do it.  It means they will ask the tenant to pay the rent directly.

If it is this situation than you're in a right pickle.  I imagine that the bank will not be getting much of the rent after paying the recievers costs and these can be very high, so I'd be worried your mortgage will not be reducing.  Ideally you need professional advice from a PIP or the IMHO - what bank is it. 

(As it happens I have a sibling and her partner who managed to get rid of the two receivers by causing them no end of grief - these are people with nothing to lose.)


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## pache (26 Feb 2015)

Thanks Bronte,Bank is AIB.


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## Bronte (27 Feb 2015)

So is it a rent receiver or are they going to sell the property?  Do you have other assets?  Income?  I would not like to be in a situation of no control over rent, being liable for rental tax, losing rent on receiver costs, mortgage not getting paid etc etc etc. 

You must have done something to trigger this, not paying the bank all the rent?


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## respectableobserver (13 Mar 2015)

pache, were you paying the full amount of interest only?  Does the rent exceed this amount?  Maybe the receiver is going to sell the property?  Any news this past few weeks?  I cannot understand a bank paying a receiver to collect the rent, if the borrower was co-operating fully and paying all the rent. Incidentally, if a receiver is appointed to a property, anyone know what sort of fees are likely to be added to the borrowers mortgage?


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## advice (7 Apr 2015)

Yes, receiver fees for a average property in Dublin is approx 400 euro per month per property. Easy money


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## breakonthru (7 Apr 2015)

advice said:


> Yes, receiver fees for a average property in Dublin is approx 400 euro per month per property. Easy money



I wonder if the bank appointed receiver - receives an initial 'appointment / retention fee' from bank to institute monthly collection of rent? 
So in the above - case €400 is charged to 'bank' per month (or €400 deducted from rent), AFTER possible 'appointment / retention fee'..

Anyone have an idea if there is indeed such a 'appointment / retention fee'?


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## Bronte (8 Apr 2015)

advice said:


> Yes, receiver fees for a average property in Dublin is approx 400 euro per month per property. Easy money


 
And that's another 400€ not going towards the mortgage.  How do you know the average fee is €400?


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## Dexterm (18 Aug 2015)

Any update on this?


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## Asphyxia (31 Aug 2015)

Pache,

seems like you have been the victim of dual tracking, a practice whereby the bank enters negotiations with you in respect of varying your loan agreement to meet the current situation that you are in, but at the same time seeking to enforce their security by appointing a receiver over the asset and then to seek repossession. This practice is totally illegal in the U.S.A. and can make mortgage agreements unenforceable. I wonder is there any corresponding legislation in this Country ? We usually lag behind the States in relation to consumer protection legislation.


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## Rebuttal (3 Oct 2015)

No, there is not, we are still stuck in the dark ages when it comes to consumer protection legislation.


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## Banjaxed (20 Dec 2015)

Pache 

Just interested to see what is happening with this/your situation ?


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