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Receivership and Deposit

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  • 29-12-2016 3:16pm
    #1
    haro124
    Closed Accounts Posts: 684 ✭✭✭


    Basically my landlord wasn't paying his mortgage and was put into receivership. The Receiver has given us written confirmation that we can stay in the premises until the end of our lease but that they wont extend it (Don't mind!). However, the landlord has offered to pay our deposit back now and let us deal with receiver for the rest of the tenancy (He wasn't carrying out repairs etc. anyway). But we're worried that if we take the deposit now we'll have technically ended our lease and the receiver will be able to boot us out straight away! It just seems a bit fishy


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    #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭godtabh


    haro124 wrote: »
    Basically my landlord wasn't paying his mortgage and was put into receivership. The Receiver has given us written confirmation that we can stay in the premises until the end of our lease but that they wont extend it (Don't mind!). However, the landlord has offered to pay our deposit back now and let us deal with receiver for the rest of the tenancy (He wasn't carrying out repairs etc. anyway). But we're worried that if we take the deposit now we'll have technically ended our lease and the receiver will be able to boot us out straight away! It just seems a bit fishy
    Why not ask and get everything confirmed in writing?


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    #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Your landlord is being very decent here.

    One of the biggest issues with receivers is getting your deposit back. I'd take it from the landlord, your dealings with them are then complete and continue to pay rent to the receiver for the duration of the lease.


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    #4
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    godtabh wrote: »
    Why not ask and get everything confirmed in writing?

    Will do. Thanks


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    #5
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    Yea it seems decent. It would be very handy as well when we do move out to have the deposit immediately for a new place. Thanks for your reply


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    #6
    Denny_Crane
    Closed Accounts Posts: 384 ✭✭Denny_Crane


    Deposit has nothing to do with the end of the lease. Fair play to the 'greedy good for nothing'. Nice to see something on social media painting landlords in a (semi) positive light for a change.

    Get it back ASAP as you won't get anything from the receiver.


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    #7
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    Yea, to be fair everyone we told about the receivership said we'd never get a cent back so it was a surprise! Thanks for your reply!


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    #8
    FishOnABike
    Registered Users Posts: 4,474 ✭✭✭FishOnABike


    The receiver has no responsibility for your deposit and no obligation to return it to you at the end of your tenancy.

    The landlord is doing the honourable thing by willingly returning the deposit you gave him now that his interest in the property has been removed by the appointment of the receiver.

    I'd take it gladly when it's offered as you are unlikely to get your deposit back from anywhere else.


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    #9
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    haro124 wrote: »
    Basically my landlord wasn't paying his mortgage and was put into receivership. The Receiver has given us written confirmation that we can stay in the premises until the end of our lease but that they wont extend it (Don't mind!). However, the landlord has offered to pay our deposit back now and let us deal with receiver for the rest of the tenancy (He wasn't carrying out repairs etc. anyway). But we're worried that if we take the deposit now we'll have technically ended our lease and the receiver will be able to boot us out straight away! It just seems a bit fishy

    If you have been there more than 6 months, the receiver is trying to pull a fast one. Check out part 4 rights, there are specific ways to end a tenancy and a lease expiring is not one of them.


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    #10
    Denny_Crane
    Closed Accounts Posts: 384 ✭✭Denny_Crane


    davindub wrote: »
    If you have been there more than 6 months, the receiver is trying to pull a fast one. Check out part 4 rights, there are specific ways to end a tenancy and a lease expiring is not one of them.

    There's no point hanging about, it's not worth the stress.


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    #11
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    Yea, to be honest I don't mind leaving at the end, still a good while left. As long as I get to live out the remainder in peace and have my deposit I'll be happy!


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    #12
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    haro124 wrote: »
    Yea, to be honest I don't mind leaving at the end, still a good while left. As long as I get to live out the remainder in peace and have my deposit I'll be happy!


    No problem, hope it works out. Once you know you have rights.


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    #13
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    Yea thanks, and Threshold are a great resource in a situation like this!


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    #14
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    OP is the receiver an asset receiver or a rent receiver? A receiver can collect rent or prepare the asset for sale. Not both. Make sure that you dont pay rent to a receiver who isn't entitled to receive it

    AFAIK the new tenancy act includes legalisation re the receiver is now responsible for repairs.


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    #15
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    newacc2015 wrote: »
    OP is the receiver an asset receiver or a rent receiver? A receiver can collect rent or prepare the asset for sale. Not both. Make sure that you dont pay rent to a receiver who isn't entitled to receive it

    AFAIK the new tenancy act includes legalisation re the receiver is now responsible for repairs.

    I understood a Fixed Charge Receiver (common for mortgage defaults) assumed the full responsibilities and rights of the property owner including the right to collect rent or sell the property.


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    #16
    Denny_Crane
    Closed Accounts Posts: 384 ✭✭Denny_Crane


    newacc2015 wrote: »
    OP is the receiver an asset receiver or a rent receiver? A receiver can collect rent or prepare the asset for sale. Not both. Make sure that you dont pay rent to a receiver who isn't entitled to receive it

    AFAIK the new tenancy act includes legalisation re the receiver is now responsible for repairs.

    Could you link to the legislation/caselaw/source for this please? I've full access to westlaw etc. so paywall is fine. I'm not (at this stage :pac:) disagreeing with you but it is the very first time I've heard this.


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    #17
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    godtabh wrote: »
    Why not ask and get everything confirmed in writing?

    Do not do this.
    Its entirely plausible that the receiver will demand the funds from the landlord- as obviously the landlord is significantly in debt to the receiver.

    Just get your deposit back from the landlord- and that is your dealings with the landlord complete.

    Don't pay a new deposit to the receiver- you'll never get it back- but do pay your rent until the date you vacate the property.


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    #18
    paul71
    Registered Users Posts: 3,252 ✭✭✭paul71


    FishOnABike wrote: »
    The receiver has no responsibility for your deposit and no obligation to return it to you at the end of your tenancy.

    The landlord is doing the honourable thing by willingly returning the deposit you gave him now that his interest in the property has been removed by the appointment of the receiver.

    I'd take it gladly when it's offered as you are unlikely to get your deposit back from anywhere else.


    That is not entirely true, a receiver or liquidator becomes responsible for both the assets and liabilities of a company or property that he is charged with. He does not have to discharge the liabilities in full if the asset values do not exceed the value of the liabilities, but where there is a case that one of the liabilities is due to someone who is also a debtor in practice the debtor will will refuse to discharge his debt.

    What does that mean? A guy sells goods to a company but also buys from them. He owes them €2000 they owe him €1000, company goes into liquidation, liquidator asks him for €2000 he says F*** off here is €1000.


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