The lender's duty to obtain a proper price on a sale

In the current economic climate, it is not surprising that an increasing number of lenders are enforcing their security by exercising their power of sale either directly or by appointing a receiver.

The High Court case of Bell v Long has taken the opportunity to confirm the duty of a lender in possession and a receiver when exercising its power of sale. In particular, the case looks at the duty to obtain a proper price when dealing with a portfolio of properties. Should the lender or receiver sell the property as a portfolio or individually?

Wragge & Co experts provide an analysis and action points.