# Fund Appointed Receiver



## Thinktank (15 Apr 2021)

Had property sold a few months ago by vulture fund appointed receiver, there should be a balance paid to me from the proceeds. Who is responsible to issue this balance the receiver or the fund? Both keep referring me to the other


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## Ravima (15 Apr 2021)

was property sold for value in excess of mortgage?


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## MrEarl (15 Apr 2021)

By the time the Receiver, the Solicitors, and the Sales Agent all deduct their fees, you may find that there's a lot less in it for you, then you first hoped. Then there's also the likely penal interest and fees that have been applied to the original debt.

The Receiver is resposible to the Fund who appointed them, and will provide a statement of the sale price and related deductions, to the Fund. I can't see the Receiver having any obligation to answer queries from the former owner of the property.

The Fund in turn, might provide you with a copy of that statement,  along with a transaction statement to show all entries on the historic loan account.


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## Thinktank (15 Apr 2021)

Ravima said:


> was property sold for value in excess of mortgage?


Yes


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## DARKMATTERS (16 Apr 2021)

A receiver is an agent to both the mortgagee (the fund) and the mortgagor (the borrower), the receiver has a duty to provide you with his/her final statement of account when the receivership is completed on the disposal of the assets required to pay the outstanding debt together with the cost associated with the receivership.  Request a copy of your final account in writing by registered post. It may be useful for revenue purposes when completing annual returns next year (capital loss etc).


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## Thinktank (16 Apr 2021)

Aware of all above, What I am asking is who is responsible to return the access balance? Fund or receiver.


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## MrEarl (16 Apr 2021)

I would say the Receiver.


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