Property receiverships up as credit crunch continues
Article Type: Newsbriefs From: Structural Survey, Volume 26, Issue 4
Keywords: Property, Receivership
With both the commercial and residential property markets now entering uncertain territory, surveyors Stevens Scanlan report a large increase in the number of specialist property receivership instructions they have received. The termination of fixed rate mortgages, the credit squeeze caused by the US sub prime crisis and falling property prices have all contributed to the growing amount of Law of Property Act (LPA) Receivership work being undertaken by Stevens Scanlan. Said Stevens Scanlan managing partner David McKee: “In the last three months of 2007 we had more receivership appointments than we had in the last three years. And if January and February are anything to go by, this rate is still accelerating.” Instructions have ranged from buy-to-let residential properties to part- completed development sites and various types of commercial property.
