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LPA Receivership

Agents appointed by Bill Lynn, of Storeys Edward Symmons acting as LPA Receiver have recently completed the sale of the long leasehold interest of the 14th and 15th floors of Whitehall Waterfront, 2 Riverside Way in Leeds, a prestigious mixed use development located on the banks of the River Aire.

Whitehall Waterfront is a mixed use development comprising apartments with balconies or terraces and car parking together with high quality office space and retail space with a water frontage. Bill Lynn was appointed as Law of Property Act Receiver in relation to the 14th and 15th floors and car parking spaces at the complex by the Royal Bank of Scotland. Local agents DTZ were appointed and negotiated the sale quickly and at a level exceeding expectations.

This is one of a number of recent LPA Receiver appointments throughout the UK for Bill Lynn.

Law of Property Act 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 appointed as experts who can manage the property, deal with occupants, outstanding issues, insurance and repairs. They also collect in money to repay the debt from rents or by selling the property.