The LPA Receiver
We were approached by an LPA Receiver who had been instructed by a secured lender in respect of a new build housing development of circa 20 detached properties. The Receiver had attempted, unsuccessfully, to take possession of around 15 properties within the development. Unfortunately, he had been met with resistance from the Borrowers and some site contractors; and had been forced to withdraw and abandon his attempts.
The properties were in a semi-rural area, were at varying stages of build/completion, and the overall situation had been complicated by some of the properties on the development having already been sold to friends and/or relatives of the Borrowers.
Add to this that we were rapidly approaching Christmas, meaning that time was of the essence, and the Receiver certainly had a challenge on his hands!
Less than 48 hours after being approached, our Specialist Enforcement Unit attended upon the development at 7am one morning. 5 officers assisted the Receiver and his team of contractors to formally take possession of and secure each property, change locks, and make it clear to the Borrowers that their presence on the development was neither wanted, welcomed nor appropriate.
Despite some attempts by one of the Borrowers (and some of his contractors) to escalate the tension and resist the taking of possession; our specialist officers maintained a calm and rational approach to the situation and successfully de-escalated matters and encouraged people to leave. This was achieved with the minimum of fuss and without full confrontation.
The Receiver and his own team were able to secure the properties and thereafter begin work to complete the development and market the houses.
Upon request from the Secured Lender and their insurers, our officers have since maintained regular security patrols of the development whilst completion works and marketing are ongoing.
The office holder received robust and rapid support from our SEU; and achieved the end result that his lender client required of him. Whilst we were able to offer various fee options to the Receiver, the secured lender was in a position to pay our fees immediately. However, office holders should be aware that we are always ready and willing to offer flexible and pragmatic billing or payment options to those facing issues such as this.