A report on the BBC site today regarding problems experienced by buy to let landlords indicates that mortgage companies now seem to be more willing to appoint a ‘receiver of rent’, as opposed to evicting the tenant so they can sell as mortgagee in possession. This is good for tenants, as it means that they can stay on in the property, paying their rent to the mortgage company rather than the landlord.
The report states:
“In the first three months of 2008, there were just 300 receivers of rent appointed, compared with 900 repossessions. In the first three months of this year 2,400 receivers of rent were appointed – an eight fold increase and far more than the number of buy-to-let repossessions.”
If you are a tenant whose property is being repossessed by your landlord’s mortgage company, it is always worth getting in touch with the mortgage company and suggesting that they should consider appointing a receiver of rent and allow you to stay in the property.