Keywords
Citation
(2009), "Property receiverships at all time high", Structural Survey, Vol. 27 No. 3. https://doi.org/10.1108/ss.2009.11027cab.002
Publisher
:Emerald Group Publishing Limited
Copyright © 2009, Emerald Group Publishing Limited
Property receiverships at all time high
Article Type: Newsbriefs From: Structural Survey, Volume 27, Issue 3
Keywords: Property, Receivership
With no sign ahead of any upturn in the property market, surveyors Stevens Scanlan say they are receiving an “unprecedented” number of specialist property receivership instructions. “We are receiving on average one Law of Property Act (LPA) Receivership instruction per day and this rate is continuing to increase”, said Stevens Scanlan chairman Alan Murdoch. “This rate is unprecedented in our 30 years’ experience in handling LPA Receiverships. And not only is the volume of receivership instructions received at an all time high, but also we have never experienced such a wide spread of lenders on whose behalf we are acting in these cases.
“The 20 lenders we are receiving instructions from include high street banks, the commercial arms of building societies, specialist development finance providers and investors in both commercial and residential property. From one lender alone we have received almost 300 LPA Receivership instructions”.