Our focus is your business
Templeton LPA is very aware of the potential complexities of mortgage/loan defaults. We are experienced property specialists who establish a dialogue with you as client, the defaulting Customer and any occupiers in order to secure all information required to devise an appropriate and mutually beneficial course of action. We can easily handle sensitive property management issues and difficult negotiations. Choosing to appoint Templeton LPA means your business is in safe hands as we offer:
- FCA compliant approach
- Conforming with General Data Protection Rules and Information Security requirements
- High quality case management
- Timely management information
- Professional property assessments
- Careful consideration of every individual property/circumstance
- Vulnerable Customer management
- Appropriate exit strategies
- Robust processes
- Take control of difficult situations
- Keeping everyone well-informed
- Knowledgeable and passionate individuals
- Giving clear, unambiguous advice
Always protecting your assets
Templeton LPA always acts with a duty of care to you the Customer and we try to choose an approach which protects the interest you have in your property.
Customers frequently ask us a number of questions when their property is taken into receivership:
What will happen to the property once Templeton LPA has been appointed as Receivers?
Our duty as Receivers is to administer the management of the property, collect the rent and, if required, dispose of the property. If the property is unoccupied but is suitable for letting, our appointed management agents may be asked to find suitable tenants. Any rental income generated will be applied to the Customer’s mortgage account.
What can the Customer do to regain control of the property?
In the first instance, the Customer should get in touch with their lender to discuss available options to regain control of the property.
Can the Customer market the property and sell it?
We encourage Customers to communicate with us and the lender about their intentions. If the Customer wishes to sell the property, we are always open to discuss this option to establish whether an immediate sale is a viable option. We will then work with the Customer in order to ensure that market value is achieved and that the loan is redeemed.
Can the Customer collect the rental income due?
When Templeton LPA is appointed, our first action is to instruct the occupiers of the property to cease rental payments to the Customer and to redirect payments to our appointed management agents. Any rental income received is applied directly to the mortgage account. If this isn’t possible because the occupiers refuse to cooperate then we may initiate litigation for possession. If the property is vacant then our appointed management agents will secure access to establish control.
Keeping you safe
Templeton LPA acts to completely support tenants who comply with the terms of their tenancy agreements. The Receivership process allows lawful tenants to remain in their home under the Receivers’ professional management of the lender’s security.
We are frequently asked the following questions from tenants when a property is taken into Receivership:
I have received a letter from Templeton LPA – why?
When Templeton LPA is appointed we will write to the tenants, enclosing a copy of the Deed of Appointment. This confirms that the lender has appointed the named Receivers to act over the property. The Receivers thereby take over control and management of the property from the Customer.
Why Receivership and not repossession?
Wherever appropriate, we actively seek to keep good tenants in the property. We therefore seek to reassure tenants that their tenancy agreement will be respected. Our primary goal is to make the best of the property by maximising its income potential.
What will happen to the tenancy?
The tenant will need to contact the managing agents appointed by Templeton LPA to confirm their tenancy details, including: the type of property, how much the rent is, to whom is it paid to and how long they have lived at the property. We ask that the tenant provides a copy of the tenancy agreement, together with proof of last rent payment made. We instruct a managing agent to manage the property on our behalf. The managing agent will collect the rent and deal with any maintenance or management issues that may arise. If the tenant is paying the landlord by direct debit, then this will need to be cancelled. If the tenant is paying an existing managing agent, our appointed managing agents will confirm whether this needs to be cancelled. If there is a tenancy agreement in place, the tenancy terms will remain unaltered for the duration of the agreement. The Receivers will act as the landlord with day to day management being undertaken by the appointed managing agent.
What happens with deposits?
That will depend upon to whom the deposit was paid. If the deposit was paid and secured within an appropriate Deposit Protection Scheme then it should be safe. Where possible, we try to honour the deposit subject to receiving appropriate supporting documentation.
What about Housing Benefit payments?
A tenant who is in receipt of housing benefit payments will need to contact their Local Authority to notify them of the change of circumstances. Usually they will need to provide a copy of our letter and Deed of Appointment. Our nominated managing agent will also contact the Housing Benefit department in due course.
What if the landlord has not renewed the tenancy agreement?
If the tenancy agreement has expired the tenant will occupy under what is termed a ‘periodic tenancy’; essentially under similar terms to the original tenancy but upon a rolling monthly basis.
Who is responsible for ongoing problems/issues at the property?
The managing agent appointed by the Receivers will deal with any maintenance issues and we ask that they are contacted directly if any issues arise.
What happens with the landlord/Customer?
The Customer is no longer entitled to any rental income from the property. The tenant should not pay any further monies to the Customer unless the Receivers confirm that the control of the property has been returned to the Customer and that the Receivers have been asked to stand down by the lender.
Templeton LPA acts for a variety of parties, all of whom have differing requirements and legislation with which they need to adhere. These include:
- Major high street lenders
- Mortgage service providers
- Short term lenders – including bridging and development loan providers
To ensure compliance with all parties, Templeton LPA have devised a strict compliance programme to ensure they meet all clients requirements. This allows clients the peace of mind that Templeton LPA can act appropriately regardless of the legislative requirements. We are compliant with FCA and RICS.