Transferring collection of private mortgage payments to a 3rd party to collect

Triboy511

We currently have lent a family member the money to purchase a property. The mortgage agreement has been drawn up with a solicitor. Rather that handle the payments ourselves is there any way we can ask a 3rd party collection service to collect the  monthly payments on our behalf?
Any advice or help greatly appreciated. 

Hoenir

Why is the obvious question.  Set up a standing order schedule to make payment that accords with the legal agreement. 

ACG

I think Hoenir raises a good point. 
I cant imagine there is as there wont be a huge demand for it - you could potentially sell to a debt collection agency but you will lose a lot of your money. 

Also with it being a mortgage, it is heavily regulated. If it goes wrong, that is a litigation nightmare as you wont have followed the rules set out for commercial lenders. 

born_again

Triboy511 said:

We currently have lent a family member the money to purchase a property. The mortgage agreement has been drawn up with a solicitor. Rather that handle the payments ourselves is there any way we can ask a 3rd party collection service to collect the  monthly payments on our behalf?
Any advice or help greatly appreciated. 

TBH, even if you used a 3rd party. If they stop paying you are in the same situation.

You do not have to handle the payments. Just get them to set up a standing order as per payment schedule, to a account of your choice & hope that they keep paying.

MWT

Triboy511 said:

We currently have lent a family member the money to purchase a property. The mortgage agreement has been drawn up with a solicitor. Rather that handle the payments ourselves is there any way we can ask a 3rd party collection service to collect the  monthly payments on our behalf?
Any advice or help greatly appreciated. 

Is your concern more about 'enforcement' rather than passive collection?

It would make no sense to be paying someone to passively receive money for you that could simply be paid direct to your account. You could even set up a separate account specifically for that purpose.

If they are not paying on time then you have different concerns and different solutions...  

Triboy511

It is a bespoke mortgage formally drawn up by a solicitor and and we have funded it for a family member so in that respect acts as a glorified loan. I'm not sure the same FCA rules apply or not but the the reason to do it is so that we are not the one's having to chase monthly payments when/if it is late as it gets difficult. That way there is an intermediary to handle any issues. 
It could be that there isn't a solution but worth trying to explore at least.
Thanks for all your help so far. 

Yorkie1

You could perhaps go a middle route. Set up an account into which the payments are made, and monitor it. If there are payment issues, there will be some solicitors' firms who you could instruct to deal with it on your behalf?

Triboy511

Thanks for all your help everyone