Financial organisations and lenders who have given out loans against a mortgage appoint a fixed charge receiver. The rights of the receiver are set out as part of the mortgage deed and have been in operation since the enactment of the Land and Conveyancing Law Reform Act of 2009.

The chief task of the receiver is that of the stabilisation of the asset and then determining an appropriate strategy for the dealing. The receivers are experts in property dealings and exercise their expertise in asset management, managing rent reviews, dealing with outstanding problems pertaining to the property, lease surrenders, dealing with the tenants, arranging for insurance cover and dealing with tenants. In several cases, their task is just limited to selling the property off as soon as possible so that the loan can be re-paid in minimum time.

The task of the receiver is to ensure that the lender manages to get best returns. There have been limited instances in Ireland when a chartered surveyor has been appointed as a fixed charge receiver. On the contrary, you will come across several such cases in the United Kingdom.

They also possess information diverse properties in the region and thus if you are looking for a house for sale in Cork, you can consult them in this regard. It turns out to be more effective to hire a fixed charge receiver that resort to any other insolvency procedures.

As per Irish law, there is no limitation on who can take up an appointment in the profile of a receiver based on a floating charge. There is no qualification or registration process applicable for becoming a fixed charge receiver.

A receiver thus protects the mortgagee from the legal obligations that they are otherwise bound by. This type of an arrangement is extremely suitable for investment properties.