header-logo header-logo

Mortgage receivership: Playing second fiddle?

11 November 2022 / Cecily Crampin , Tricia Hemans , Imogen Dodds
Issue: 8002 / Categories: Features , Property
printer mail-detail
100249
Priority in mortgage receivership: Cecily Crampin, Tricia Hemans & Imogen Dodds examine distribution of funds & multiple receivers
  • Priority between those potentially entitled to a proportion of funds coming into the hands of a receiver.
  • Issues of priority arising where there are multiple lenders and multiple receivers.

Playing second fiddle can be awkward at the best of times, but in the world of mortgage receivership, the creation of multiple charges and being one of two receivers appointed in respect of debts secured over the same asset can generate both practical and legal conundrums. This article considers the issues of priority between those potentially entitled to a proportion of funds coming into the hands of a receiver, and also issues of priority arising where there are multiple lenders and multiple receivers.

Priority when distributing funds

Distribution of income

The receiver’s obligations in respect of monies received as income will depend on the source of the power which led them to receive the money and the

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

NLJ Career Profile: Mike Wilson, Blake Morgan

NLJ Career Profile: Mike Wilson, Blake Morgan

Mike Wilson, managing partner of Blake Morgan chair of the CBI’s South-East Council, reflects on his career the challenges that have defined him

Clarke Willmott—Alexandria Kittlety

Clarke Willmott—Alexandria Kittlety

Partner joins commercial property team in Birmingham

Birketts—Will MacFarlane & Sarah Dodds

Birketts—Will MacFarlane & Sarah Dodds

Family team expands with double appointment in Bristol office

NEWS
Lawyers have expressed dismay at the Chancellor Rachel Reeve’s decision to impose a £2,000 cap on salary sacrifice contributions
NLJ is inviting its readers to take part in this year’s annual reader research, a short survey designed to help shape the future direction of the magazine. The questionnaire consists of just eight quick questions and offers an opportunity for legal professionals to share their views on the content, coverage and issues that matter most to them.
The Law Society has urged regulators not to ban the term ‘no win no fee’, as the profession contemplates measures to prevent a disaster like the SSB Group collapse from happening again
The legal profession's leaders have mounted a robust defence of trial by jury, following reports that Justice Secretary David Lammy is considering restricting it to rape, murder, manslaughter and other cases that are in the public interest
CILEX (the Chartered Institute of Legal Executives) has been granted permission to appeal Mazur, a decision which has caused consternation among litigation firms
back-to-top-scroll