# Receiver appointed to investment property



## joseph63 (30 Mar 2014)

Dear all,

As of last week I received a letter from a Bank appointed receiver enclosing a deed of appointment for my attention and records. The letter states that "please contact this office upon receipt of this letter to make arrangements with the receiver for the immediate vacant possession of the property?"

The questions I now have are;

1. Does anyone know the exact outline of this process? 
2. Do I as owner have any rights at this stage?
3. Can I take court action? 
4. Any other appropriate advice that would help prevent this action?
5) The furniture is owned by me- can the receiver insist on keeping same or am I entitled to remove the furniture and white goods ?.

Advice is greatly appreciated,

Regards,
joseph63


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## Bronte (31 Mar 2014)

joseph63 said:


> 5) The furniture is owned by me- can the receiver insist on keeping same or am I entitled to remove the furniture and white goods ?.


 
That's an interesting question.  Personally I cannot see why you cannot remove it.  But you'll only be adding to your own debt as the receiver will have to organise somebody to purchase and fit out the house.  

Advice, if I were you I'd have preferred a voluntary sale.  Now you're stuck with a no win situation.  Rent will come in and go to the bank, but now there is a whole host of new costs.  Receivers cost, agents bill.  And you're still the liable person for property tax etc.  

How did this situation come about.  Did you stop paying the rent to the bank for the mortgage?


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## 44brendan (31 Mar 2014)

The receiver is apponted to takeover the property as an agent of the Bank. This means that you are now out of the equation as making any decisions in respect of rent/sale of the property. The receivership does not extend to the fixtures and fittings and you will need to contact the receiver in order to have these removed from the property.


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## joseph63 (2 Apr 2014)

Bronte said:


> How did this situation come about.  Did you stop paying the rent to the bank for the mortgage?



It came about because the property was vacant for a period of time and I was unable to afford the repayments as no rent was coming in.

As I have taken all the fixtures and fittings out of the property that I own, if the receiver wants to rent the property who is liable to fit out the property?

Many thanks in advance,
Joseph63


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## 44brendan (2 Apr 2014)

I'm not sure why you would have a concern about this. The receiver is taking over temporary ownership of the property on behalf of the Bank in order to sell it. Once the property is sold you will still be liable for any shortfall in the loan balance after net sale proceeds have reduced the facility. You o longer have any concerns over the property as it is now up to the receiver to manage the sale!


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## johnkellyof (7 Apr 2014)

Hi guys, just received letter from bank saying 'we will proceed to appoint a Receiver'. Does the receiver have to get a court order in order to take the property?


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## Time (7 Apr 2014)

No. They can appoint a receiver without a court order.


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## johnkellyof (7 Apr 2014)

Hi Time thanks for the reply
I am disputing the arrears and I assumed I would have my day in court also there are tenants there etc. What will the receiver do since we will not cooperate?


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## Time (7 Apr 2014)

The receiver will take over the collection of rents. Basically you will have nothing to do with the tenants from now on.


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## Rubytuesday1 (3 May 2016)

So I have a buy to let but I am abroad. My post did not reach me so I was not made aware of the receivership until it was gone to KPMG. I let the property to the council and as part of the agreement I have to submit a tax clearance certificate in order for the rent to be paid. I am in the process of doing the tax clearance but the rent will no longer be paid from this month.......I have also requested all correspondence as well as sight of the orgininal signed mortgage deed showing me the section where they can appoint a receiver. I am so traumatised by events i have to say. If I dont submit the tax clearance, the council wont pay up so nothing KPMG can do about it. Am I right?


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## Leo (3 May 2016)

Rubytuesday1 said:


> If I dont submit the tax clearance, the council wont pay up so nothing KPMG can do about it. Am I right?



The council won't pay you. I'm sure KPMG can furnish a tax clearance cert if required for them to receive the rent from the council.


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## Rubytuesday1 (4 May 2016)

I am in New Zealand.  I have now been adv that the family home no longer has the benefit of the Family law act. I think I need to come home. I have a job too come back too. Am I mad? I am in arrears of 1500 on family home. I had arrears of 2k on btl. We are not making enough here to pay any more. I am heartbroken.  I don't believe I did the right thing now. This happened because I had not engaged with bank and I was careless about post. After 6 years of fighting I Will lose everything. There is equity in family home of 30k. By the time we pay expenses that will be well reduced. I feel like I have been spat out by the country. Btw we were public servants before we threw in the towel and left. But the reality of never being able to come home is hitting home hard now. Lots if people will say I'm mad to consider coming back but until you have left behind family and friends, community and familiarity then you won't understand. If I do come back, it Will be as a single parent. And I will have to ask family and friends to help me. What a position to be in after 30 years working?


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## Leo (4 May 2016)

Rubytuesday1 said:


> I have now been adv that the family home no longer has the benefit of the Family law act.



Correct. You need to be living in it for it to be considered your family home.


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## Bronte (4 May 2016)

Rubytuesday1 said:


> I am in New Zealand.  I have now been adv that the family home no longer has the benefit of the Family law act. I think I need to come home. I have a job too come back too. Am I mad? I am in arrears of 1500 on family home. I had arrears of 2k on btl. We are not making enough here to pay any more. I am heartbroken.  I don't believe I did the right thing now. This happened because I had not engaged with bank and I was careless about post. After 6 years of fighting I Will lose everything. There is equity in family home of 30k. By the time we pay expenses that will be well reduced. I feel like I have been spat out by the country. Btw we were public servants before we threw in the towel and left. But the reality of never being able to come home is hitting home hard now. Lots if people will say I'm mad to consider coming back but until you have left behind family and friends, community and familiarity then you won't understand. If I do come back, it Will be as a single parent. And I will have to ask family and friends to help me. What a position to be in after 30 years working?



Ruby I'm an expat and most of us go throught the blues in the first year or so, you need to be aware of this.  And you need to deal with it.  The easiest thing in the world might seem to be to jack it all in and blame your husband while you're at it, he's presumably hurting too.  If this helps my husband was in Ireland the last weekend and he said it was rain an wind from one end of it to the other and we're not somewhere hot but yesterday at least when he got home he could put on shorts and a t shirt and mightly glad he was to get back away from Ireland.

It's my opinion that the current good feeling in Dublin is going to crash when the next government is formed and all the nurses, gardai and other civil servants ramp up their pay claims.  We are going to have endless strikes etc.

Can you post up all the figures please so that we might address your financial issues.  I suggest you do the money makeover thread.  You don't seem to be much in arrears so this shoudl be solveable.


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## 44brendan (4 May 2016)

Have you contacted the Receiver? Have you contacted the Bank? If not do so immediately!!!!
You have equity in this property which you will lose unless you make an agreement with the Bank/receiver straight away. As you are living outside the country you will need to appoint someone to act as an agent for you here. Did you inform the bank of your new location/address??
Do nothing in haste!! Think before you act and do so professionally and logically. Emotion can lead to poor decision making. Get advice and ensure that you address this issue properly and immediately.


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## Rubytuesday1 (4 May 2016)

Thank you for your responses. I am extremely grateful. Perspective is s valuable thing at present. Sol appointed last night. I will detail figs later


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