Receivership and Recovery Tip: Being prepared at the outset is the best way for speed of sale

The latest tip from our Receivership team

 

We have had several cases recently where having agreed a sale, title issues were highlighted by purchasers’ lawyers, leading to significant delays. Neither we nor the lenders had been aware of these.

While lenders may have seen reports on title, by the time we are involved, these could be several years out of date, and of course, when a loan is being granted, there is time pressure to get reports done quickly.

To avoid this, we now suggest that our lawyers prepare a detailed legal pack at the time of our appointment to a detailed enough standard (so far as it is appropriate in a receivership) to satisfy the pickiest of lawyers acting for a buyer and a new funder.

This way, when we eventually agree a sale, we can hit the ground running and proceed quickly without any delay.