From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

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Dealing with LPA Receivers: When does consultation become interference?

Date:

8 September 2016

Time: 10:00am – 1:00pm
Venue: CML Bush House, London
Price: £55 (VAT exempt) members
£99 (VAT exempt) associates
£129 (VAT exempt) non-members
Dealing with LPA Receivers: When does consultation become interference?

About this event

A lender appoints an LPA Receiver to deal with, or sell, the mortgaged property. The Receiver, although appointed by the lender, acts as the borrower’s agent. But when does the lender’s interaction with the Receiver change this position so that he becomes their agent with significant consequences?

This masterclass discussed the law and practice in respect of the lender’s dealings with Receivers. It focused on where the line between consultation and interference is, and what practical steps can be taken to protect the lender.

This event was aimed at:

Solicitors, receivers, conveyancers and anyone working in a lender in-house legal team or legal services.

A selection of feedback on this event:

"Very good content and well presented keeping it interesting with plenty of interaction with the group"

"Good event- clear message"

"Clear instruction and presentation which provided the information in an easy to understand way and reconfirmed the appointment and relationship between lender and borrower"

"Useful reiteration of the law and interesting example of the issues that arise in practice"

Key takeaways from this event

  • LPA and Fixed Charge Receivers are considered to be the agent of the borrower, not the lender.  Importantly, that means that the lender cannot be blamed by the borrower for any default on the part of the receiver. That is an important benefit to lenders.
  • However, if the lender directs or interferes with the decisions or activities of the receiver, then the receiver may instead be considered to be the agent of the lender - at least insofar as the receiver follows the lender's direction or suggestion. A lender would be liable for any default of the receiver while acting as agent of the lender.
  • Consultation between receiver and lender does not alone constitute direction or interference such as might render the receiver the agent of the lender. However, the line between consultation on the one hand and interference or direction on the other is not clear and will turn on the detailed facts.  Ultimately decisions must be taken by the receivers exercising their independent judgment.  In determining whether that has happened, the tone and content of communications (such as emails) will be important; as will the records kept by the receivers explaining the reasons why they made the decisions they made.

Programme

0945 - 1015  

Registration and refreshments

1015 - 1030  

Welcome and introduction
Tim Polli, Tanfield Chambers

1030 - 1200  

Dealing with LPA Receivers: When does consultation become interference?
Tim Polli, Tanfield Chambers

  • Protecting lender interests when dealing with LPA Receivers
  • Exploring legal issues to be aware of
  • Identifying shifts in the borrower-receiver-lender relationship
1200 - 1215  

Questions

1215 - 1245   Lunch and event close

 

 

 

 

 

 

 

 

Working refreshments and a comfort break will be provided during the masterclass.

Speakers

Tim Polli

Barrister, Tanfield Chambers

Tim Polli was called to the Bar in 1997 and practices exclusively in the fields of property and commercial law.  He has appeared in several decisions that have important implications for lending institutions seeking to minimise the effects of mortgage fraud, most recently Wishart v Credit & Mercantile, concerning overriding interests and the Brocklesby principle, and Bank of Cyprus v Menelaou, concerning lenders' rights to claim subrogation to prior discharged security interests.

Content developed by

Tanfield Chambers

Red Tanfield text on white backgroundTanfield is a leading set in property law and a ‘force to be reckoned with’ across all aspects of commercial and residential real estate litigation and ADR. We have unrivalled experience of enfranchisement and service charge issues.

W: www.tanfieldchambers.co.uk

Hosted by

Council of Mortgage Lenders

The CML is the main trade body representing UK mortgage lenders. Our members are banks, building societies, and other lenders who together account for around 95% of the nation's residential lending

W: www.cml.org.uk
E: enquiries@cml.org.uk

 

Venue

Council of Mortgage Lenders

3rd Floor Bush House, North West Wing
Aldwych
London
 WC2B 4PJ

Nearest tube stations:

Holborn (Piccadilly and Central lines)
Charing Cross (Bakerloo and Northern lines)
Waterloo (Jubilee, Waterloo & City, Northern and Bakerloo lines)

Nearest overground station:

Waterloo (Connects to Jubilee, Waterloo & City, Northern and Bakerloo lines)

Event resources

Presentations from the day are available below for attendees. Click on the links to download the presentations in pdf format. 

Contact us

Laura Marshall

Telephone: 08453736771

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