What' the issue with BTL contracts that makes PTSB unable to appoint receivers to repossess BTL's quickly?
Anyone got specifics on this?
I got a letter recently stating that they'll appoint receivers to our BTL's.
So any info on the above would be more than welcome.
An audio clip from Morning Ireland (reporter Justin McCarthy)
explains a good bit more here.
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Seperately PTSB issued a statement that the
Irish Times picked up - saying..
"RTÉ News reported on Wednesday that difficulties with mortgage contracts previously drawn up by the lender meant it had no option but to engage in a lengthy court process to repossess investment properties in arrears.
However, a spokesman for the bank said the problem with the contracts was already known about. He said it did not mean the lender couldn’t appoint receivers and merely meant a different process was required for buy-to-let properties that needed to be sold."
“There is nothing new in this and we’ve been working around it for the past number of years,” he said. “It has no impact on our ability to appoint rent receivers to buy-to-let properties.”
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It seems to me from the above info - that PTSB can 'attempt' to appoint receivers to collect rent, but
they'll have to go to court to repossess each BTL.
But why? Is the repossession process on BTL's not meant to be more expedient than PDH's?
