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Stevens Scanlan appointed as LPA Receiver for developments in Lancashire and Yorkshire

Two newbuild developments of apartments in Lancashire and Yorkshire, which stalled after the developers went into administration, will soon be occupiedthanks to property surveyors Stevens Scanlan.

Following their appointment as LPA (Law of Property Act) Receivers by the lenders, Stevens Scanlan completed all the outstanding building work required at the sites in Radcliffe and Bradford. They then negotiated the letting of the developments to Impact Housing Association of Bradford.

The Radcliffe development comprises six apartments and the Bradford development, a warehouse conversion, has eight apartments.

Stevens Scanlan is receiving an increasing number of LPA Receivership instructions from high street banks, the commercial arms of building societies, specialist development finance providers and investors in both commercial and residential property. Stevens Scanlan is amongst the top five practices in the UK offering specialist LPA Receiver work.

Said Stevens Scanlan's senior partner Alan Murdoch: "Lenders like the bank involved in these developments in Radcliffe and Bradford benefit from appointing an LPA Receiver. This is because an LPA Receiver has a broader range of professional disciplines and experience of dealing with planning, building issues, valuations, NHBC accreditation and compliance matters.

"The alternative is for a lender to sell the partly-completed property to another developer, but this means the lender is liable to recover a smaller proportion of its outstanding loans."

Email: guy@ainsworth-pr.co.uk


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Arundel Jones Associates Ltd Registered in England and Wales No. 07334149
Hill Farm, Linton Hill, Maidstone, Kent ME 17 4AL
Tel : 01622 745333 email
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News Categories : Commercial property management
Property management business
Building surveying