article title

Allsop, the largest dedicated fixed charge receivership team in the UK and HWBC, a market leading asset and property management team have formed a joint venture in Ireland in response to the ongoing turbulent property situation.

The partnership will provide a dedicated one stop receivership and management service, focusing on recovering property debt owed to the lender. The service is unique to the Irish market as they currently do not have fixed charge receivers from property backgrounds in Ireland.

The HWBC Allsop partnership will provide a frontline service focusing on recovering property debt owed to the lender. This service will include full management of the property whilst devising and implicating a short, medium or long term strategy for optimising and releasing the value from a property.

Simon Davidson, Director of HWBC Allsop and Partner of Allsop comments “Over the past year our UK team have seen a considerable increase in demand for receivers with property expertise as lenders need to release the maximum potential of the assets in a cost effective manner. In response to this and the current market conditions in Ireland HWBC Allsop joined forces. This new partnership provides property receivership and management service all under one roof. Up until now fixed charge receivers in Ireland have historically come from accountancy backgrounds, by providing property expertise in receivership we are best placed to advise on the most beneficial strategy for individual property assets.”

What is a fixed charge property receiver?

Fixed charge property receivers act for financial institutions and other lenders who have secured their loans by a legal charge (mortgage) on a property. The powers of the receiver will be set out in the mortgage deed and to an extent in the Land and Conveyancing Law Reform Act 2009.

Who can appoint a fixed charge receiver?

Under the terms of most modern mortgages, the lender can appoint a receiver to deal with a property when the terms of the mortgage are not being met, usually when repayments and interest are not being made.

What is the role of the fixed charge receiver?

Their primary role is focused on recovering the debt owed to the lender. This involves taking control of the property and effectively standing in the shoes of the owner.

How does a fixed charge receiver function?

The first consideration will be the stabilization of the asset and following this, determining the most appropriate strategy going forward.

Fixed charge receivers are property experts who can actively manage the asset, deal with any tenants, rent reviews, lettings, lease surrenders and outstanding problems, collect rents and service charges, arrange insurance cover and effect necessary maintenance programs.

In many cases the function may just be to arrange an early sale of the property in order to repay as much of the loan as possible.

Why use a fixed charge receiver?

Unlike other insolvency procedures, the purpose of the receiver is to secure the best possible return for the lender, rather than any creditors as a whole.

Fixed charge receiverships appointments to Chartered Property Surveyors have to date been a relatively rare occurrence in Ireland. In the UK however they have increasingly become the preferred choice of property lenders.

How much does the fixed charge receivership service cost?

It will vary per case but it will usually prove more cost effective that alternative insolvency procedures. By using HWBC Allsop in property receiverships as opposed to an insolvency practitioner, it effectively allows the process to be dealt with in the hands of property experts without the necessity (and cost) for an insolvency practitioner to act as a conduit.

What type of property will be covered by the service?

Any property subject to a mortgage charge, from an embryonic development through to mature income producing multi let and mixed used investment property.

What has been the reaction to the new service?

We have received an excellent response and have now secured our first instructions from a number of different financial institutions. We are currently devising a strategy for the various properties and are preparing reports and our initial advices.

For further information please visit www.hwbcallsop.ie

About HWBC

HWBC is a wholly Irish owned and managed firm of commercial property consultants founded in 2005 and employing 35 staff.

HWBC advise a wide range of leading property owners, occupiers, funds and professionals operating in the Irish property market. They are acknowledged as one of the most successful and reputable property consultants by those professional operating in the market and have a blue chip client base.

Earlier this year HWBC acted in the high profile acquisition of the flagship AIB building on Grafton Street for the German Pension Fund, GLL Real Estate Partners. Also on Grafton Street they recently sold the ‘Boodles’ investment for F&C Reit.

HWBC operate a particularly strong property management department with a team of 11 who manage a portfolio across the state with a valuation in excess of €1Billion.

 


Notes to editor

About Allsop Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK?s largest and most successful auction house.? Our success is built on over 100 years? experience in commercial and residential property consultancy and sales. About HWBC HWBC is a wholly Irish owned and managed firm of commercial property consultants founded in 2005 and employing 35 staff. HWBC advise a wide range of leading property owners, occupiers, funds and professionals operating in the Irish property market. They are acknowledged as one of the most successful and reputable property consultants by those professional operating in the market and have a blue chip client base. Earlier this year HWBC acted in the high profile acquisition of the flagship AIB building on Grafton Street for the German Pension Fund, GLL Real Estate Partners. Also on Grafton Street they recently sold the ?Boodles? investment for F&C Reit. HWBC operate a particularly strong property management department with a team of 11 who manage a portfolio across the state with a valuation in excess of ?1Billion.

Contact

About Allsop Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK?s largest and most successful auction house.? Our success is built on over 100 years? experience in commercial and residential property consultancy and sales. About HWBC HWBC is a wholly Irish owned and managed firm of commercial property consultants founded in 2005 and employing 35 staff. HWBC advise a wide range of leading property owners, occupiers, funds and professionals operating in the Irish property market. They are acknowledged as one of the most successful and reputable property consultants by those professional operating in the market and have a blue chip client base. Earlier this year HWBC acted in the high profile acquisition of the flagship AIB building on Grafton Street for the German Pension Fund, GLL Real Estate Partners. Also on Grafton Street they recently sold the ?Boodles? investment for F&C Reit. HWBC operate a particularly strong property management department with a team of 11 who manage a portfolio across the state with a valuation in excess of ?1Billion.