Quick question about rental repossession

milliebear00001

Am really hoping this won't happen to me as I rent from a professional LL, BUT, if the property was repossessed, what notice would we get if the mortgage was a. Buy to Let, or b. residential mortgage without permission to let?

Ta!

Paul_Herring

Anything from full disclosure by the landlord if they want to keep you in the loop, to very little notice if they don't tell you about it at all and the first notice you get is from the repossessing company. Anything down to 2-3 weeks notice.

Fool discussed this exact situation not too long ago: http://www.fool.co.uk/money-talk/property-home/2008/10/16/is-buy-to-let-bust.aspx - start around 17m30

frank.hopper

Millie, don't believe everything you read on this site! contrary to a lot of posts, the majority of BTL LLs aint going bust!


Call your LL this weekend, Sunday, {not too late } if the phone gets answered your dealing with a PROFESSIONAL so, no worries.

silvercar

theoretically,

a) (BTL mortgage) the lender acknowledges your tenancy, so you get the full length of your tenancy agreement (or 2 months notice ending on a rent day if your tenancy is now periodic ie the fixed term has ended).

b) (residential mortgage) The lender has no obligation to you, could get 14-28 days notice from the courts.

How to tell which mortgage your landlord has:

Download title deeds from land registry site (cost = £3) if the address of the property owner is not the address of the property its a good sign that the mortgage is a BTL.
Not foolproof as a landlord that used to live in the property then received permission to let from the lender could still be showing as being at the address. If the landlord has moved mortgages since living there or took a BTL mortgage initially the address should be elsewhere.

milliebear00001

silvercar wrote: »

theoretically,

a) (BTL mortgage) the lender acknowledges your tenancy, so you get the full length of your tenancy agreement (or 2 months notice ending on a rent day if your tenancy is now periodic ie the fixed term has ended).

b) (residential mortgage) The lender has no obligation to you, could get 14-28 days notice from the courts.

How to tell which mortgage your landlord has:

Download title deeds from land registry site (cost = £3) if the address of the property owner is not the address of the property its a good sign that the mortgage is a BTL.
Not foolproof as a landlord that used to live in the property then received permission to let from the lender could still be showing as being at the address. If the landlord has moved mortgages since living there or took a BTL mortgage initially the address should be elsewhere.

Thanks Silvercar

I know the LL was planning to remortgage all their properties shortly after we moved in (18 months ago) because e had a valuer come round to the property. Am hoping these were all Buy to Let mortgages! Might just have a look at the Land Regustry though, hopefully for peace of mind!

tbs624

Shelter have some useful advice for any tenant who is worried that their LL may be about to have the property repossessed by the lender see here