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SarahBell

What Will The Receivers Do?

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Once Receiver/Managers have been appointed - what's the process going to be?

Will it depend on how many BTL are going bust in that area?

If they 'flood' the market with properties due to some local landlords practice of buying up streets - will they get less money?
Will they opt to sell them one at a time? Will they keep tenants in them so there's some money coming in, or aim to just get tenants out ASAP and get them sold?

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Spend as many hours as possible at £400 per hour doing sod all and then stick the properties in an auction. They will also get the work experience bod (£70 per hour) to send as many letters as possible (£20 per letter) to anyone that just might be a creditor asking them to fill in pointless forms in the forlorn hope they may get some money.

You are making a basic error in assuming administrators care about anything other than billable hours.

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Sounds very optimistic but I can imagine that whatever happens it is not going to be fast:

- I doubt that any recent BTL entrants bought entire streets

- earlier entrants would have made some gains and could probably take a hit

- so the only quick crash hope are earlier entrants who maxed out on credit and carried on expanding

- if there are some FTBs still willing to buy now, there will definitely still be some as soon there is some drop

- until cheap credit and planning restrictions are removed, prices will not drop a lot

But BTL becoming unprofitable is sufficient for me because then there is at least long term hope.

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Part of the reason that prices stayed resilient post the last "property crash" was that Bank's did not enforce loans in default. Instead they utilised forbearance schemes to "extend and pretend". This meant that the market was not flooded with repos. The last time Banks pulled the trigger in big numbers was the early 90s. They won't repeat that. They'd rather roll it all forward. Only if forbearance rules are strengthened significantly will they perhaps need to appoint receivers in large numbers as getting 80p in the £ may be better than the capital they have set aside for defaulted loans.

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Part of the reason that prices stayed resilient post the last "property crash" was that Bank's did not enforce loans in default. Instead they utilised forbearance schemes to "extend and pretend". This meant that the market was not flooded with repos. The last time Banks pulled the trigger in big numbers was the early 90s. They won't repeat that. They'd rather roll it all forward. Only if forbearance rules are strengthened significantly will they perhaps need to appoint receivers in large numbers as getting 80p in the £ may be better than the capital they have set aside for defaulted loans.

Yes I remember the early 90s. A few people I knew ended up homeless. Handed in the keys, and "disappeared".

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Spend as many hours as possible at £400 per hour doing sod all and then stick the properties in an auction. They will also get the work experience bod (£70 per hour) to send as many letters as possible (£20 per letter) to anyone that just might be a creditor asking them to fill in pointless forms in the forlorn hope they may get some money.

You are making a basic error in assuming administrators care about anything other than billable hours.

So which is most time consuming?

I assume most will spend a month reading the paperwork, checking documents etc.

Then how do they decide?

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Yes I remember the early 90s. A few people I knew ended up homeless. Handed in the keys, and "disappeared".

I employed one in London , who had bought near peak in Swindon & run away to London, living under the radar with his bro.

Edited by Saving For a Space Ship

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I employed one in London , who had bought near peak in Swindon & run away to London, living under the radar with his bro.

Interesting that you can't even open a basic bank account any more without your NI number

Running away simply won't be an option

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Interesting that you can't even open a basic bank account any more without your NI number

Running away simply won't be an option

Blimey, that's rather Orwell 1984. When did that come in ?

I opened an account with Nat west personal & credit card recently & they did not ask for it. I already had a Biz ac. with them since early in yr , but was not asked for it then.

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This is a proper business mortgage listed on a form 395 with Appointment of a receiver or manager (RM01)

Several houses in one area... all for sale at same time? Is it likely?

Edited by SarahBell

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Interesting that you can't even open a basic bank account any more without your NI number

Running away simply won't be an option

I knew that was a rule in a few EU countries ie Spain didn't know we had adopted it, if so make a bit of sense with all what's going on with fraud and our new friends arriving from Calais on a hourly basis to work sorry claim benefits here .

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Blimey, that's rather Orwell 1984. When did that come in ?

I opened an account with Nat west personal & credit card recently & they did not ask for it. I already had a Biz ac. with them since early in yr , but was not asked for it then.

I've done a quick check of what the major banks ask for to open an account, and they just want two forms of ID, one to prove your identity and one to prove your UK address, and you have to have two, i.e. you can't just show your driving licence to cover both.

None mention your NI number, as far as I can see.

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Blimey, that's rather Orwell 1984. When did that come in ?

I opened an account with Nat west personal & credit card recently & they did not ask for it. I already had a Biz ac. with them since early in yr , but was not asked for it then.

Did they ask for any identifying documents at all? Or do they already have you down as identity-proven?

I'm going to check my facts BTW. An suspecting they already have your NI number off a previous credit check out id prices.

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I've done a quick check of what the major banks ask for to open an account, and they just want two forms of ID, one to prove your identity and one to prove your UK address, and you have to have two, i.e. you can't just show your driving licence to cover both.

None mention your NI number, as far as I can see.

I think I stand corrected.

I'm sure I saw it in the financial pages somewhere. But no, you don't statutorily need an NI number for a bank account. An ISA yes but that's a special case.

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Ahhh. You need your national insurance number, I think, to apply for a mortgage these days.

Is that different to the late 80s?

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