Rent Receiver

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Hello

A rent receiver has been appointed to my buy to let. It is in arrears (10k) and grew as we tried to negotiate a solution with the bank.

Does this mean the bank are positioning it for a sale as it is south Dublin and sellable? I have no problem selling it an would have presented it as an option if the bank had engaged in any constructive way. Anywaymy concern is the loss of control if a forced sale takes place.

I can get a loan to clear the arrears to buy time to sell it myself, thinking of 3-6 months but will find it hard to make the full repayments during the selling period.

Any advice on bank motives for rent receivers, purely cash flow or for sale?

thanks

 

[rob oyle]

One immediate question comes to mind - was the bank receiving any/all of the rent being paid by the tenants?

 

[Bronte]

would have presented it as an option if the bank had engaged in any constructive way.

That's an odd thing to say. Also you're not giving us the full picture.

But for your questions, rent receivers as far as I can see end up getting most of the rent so the bank is not gaining there. It was a stop gap by banks to prevent people from pocketing the rent and using for their lifestyle instead of paying their investment mortgage.

If you're out of Negative equity or close and it's being dragging on I imagine the bank is out to sell the property.

And you're right, it would have been better for you to engage and agree a sale. Now you're likely to be hit with whopping fees of all sorts.

Advice: Engage now if it's not too late.