LPA Receivers have been appointed for twenty-three of CoBo’s houses. They are Zolfo Cooper (http://www.europe.zolfocooper.com/) and their agents, Winterhill Largo. The receivers have not yet decided on a strategy for the houses, but all tenancy agreements will be honoured.
But what are LPA Receivers? Here’s the clearest definition we’ve found:
‘Law of Property Act (LPA) Receivers act for banks and private lenders who have secured their loans by a Legal Charge (mortgage) on a property. Under the terms of the Legal Charge the lender can appoint a Receiver to deal with a property when the terms of the mortgage are not being met – usually when repayments and interest are not being paid. LPA Receivers are experts who can manage the property, deal directly with occupants, outstanding problems, insurance and repairs. To repay the debt, Receivers collect in money from rents or sell the property.’
It is important to note this is not the first time LPA Receivers have taken control of CoBo’s properties. It has happened at least twice before—in July 2008 for two months and from May 2009 to April 2010. Which means that their mortgages were so far in arrears at those times that MX took drastic action. Also, those of us who invested during these periods were in all likelihood giving them money to pay off their mortgage arrears so that they could receive rental income from the houses again.
Just how financially incompetent, irresponsible and plain stupid does one have to be to receive the full market rental from a property and not bother to pay the mortgage? And how cynically deceitful it is then to persuade others to hand over their money on the basis that you are running a successful property company! CoBo and associates have made others pay dearly for their delusional business activities.
But what are LPA Receivers? Here’s the clearest definition we’ve found:
‘Law of Property Act (LPA) Receivers act for banks and private lenders who have secured their loans by a Legal Charge (mortgage) on a property. Under the terms of the Legal Charge the lender can appoint a Receiver to deal with a property when the terms of the mortgage are not being met – usually when repayments and interest are not being paid. LPA Receivers are experts who can manage the property, deal directly with occupants, outstanding problems, insurance and repairs. To repay the debt, Receivers collect in money from rents or sell the property.’
It is important to note this is not the first time LPA Receivers have taken control of CoBo’s properties. It has happened at least twice before—in July 2008 for two months and from May 2009 to April 2010. Which means that their mortgages were so far in arrears at those times that MX took drastic action. Also, those of us who invested during these periods were in all likelihood giving them money to pay off their mortgage arrears so that they could receive rental income from the houses again.
Just how financially incompetent, irresponsible and plain stupid does one have to be to receive the full market rental from a property and not bother to pay the mortgage? And how cynically deceitful it is then to persuade others to hand over their money on the basis that you are running a successful property company! CoBo and associates have made others pay dearly for their delusional business activities.
http://www.landlords-uk.org.uk/lookathouse.asp?propertyid=75194
ReplyDeleteThis person, I belive one of their agents (cobo), seems to still be letting out property in that particular area
We should prepare ourselves for some shocks as the truth unfolds over the next few months and years. We'll see from the timing of their actions that the Likely Lads only wanted to save themselves (and associates) at the cost of all others.
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