Templeton LPA, offers Law of Property Act receivership services to lenders with defaulting borrowers on buy-to-let mortgages.
LPA receivers are appointed by buy-to-let lenders where the borrower has defaulted on the mortgage and recovery is sought. The process enables tenants to remain in their homes, with the LPA receiver managing the property and receiving rent on behalf of the lender. This avoids the risks associated with a vacant property and enables it to be used for the benefit of lenders, borrowers, tenants and the community as a whole.
The Templeton acquisition enables it to provide lettings management and property disposal services to lenders across all of their product range.
Templeton LPA becomes a wholly owned subsidiary of First Complete and will continue to operate independently of LSL Corporate Client Department through its two offices.
Ray Hugill and David Burgess who are currently directors of Templeton LPA will remain in their positions. No jobs are at risk and the 36 staff of Templeton will continue to operate on a ’business as usual’ basis.
David Brown, commercial director of LSL Property Services Plc, says: “The acquisition of Templeton LPA, the acknowledged leader in its field, provides a further enhancement to the range of services we provide to our corporate clients. This is an important development for us, one that will be valued by our clients and business partners, and an additional revenue stream for LSL. We are pleased to welcome the team at Templeton LPA to the group.”
David Burgess, managing director of Templeton LPA, says: “We are delighted to be part of the LSL Property Services group and whilst we will continue to be run independently we are confident that working together with other parts of the business where appropriate will enable Templeton to provide enhanced services to our clients.”