Hello - hopefully someone will have an answer to these questions - or be able to confirm my statements! Our legal team are being very nervy about this!
Right of entry - I believe that once we have registered our charge with the Land Registry we can gain entry as of right (we are going to contact the owners one last time as recommended by most procedures). As the property is empty we don't have to get a court order, warrant etc.
We are only 'responsible' for the property once we become mortgagee in possession and we only become in possession once we have entered (or maybe physically received the keys from the owner? - unlikely but you never know). From this point on we need to insure the property, keep it secure etc.
Funds - if the owner doesn't accept the proceeds of the sale (there is a mortgage in this case but there should be a small amount left over), we would have to pay the owner at such point as they do accept the proceeds plus interest. I am advised that the Council can't set up an interest bearing account - how have other Councils dealt with this? Just 'found' the money at such point as they have to pay it out (I know interest rates are v v low at present but its still a relevant question)?
Any comments gratefully received!
Martin Cooke - Nottingham City Council email@example.com