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RENTING? Check your LL has permission to let that property.
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ok thks BRB - will start new thread.
don't worry i definitely [EMAIL="DON@T"]DON'T[/EMAIL] think renting is easy.....it is the last possible option for us.
We cannot wait for ever to sell our hse as much as we want rid.Saying Thank You doesn't cost anything :beer:0 -
nice post. thanks.0
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The link that you have mentioned is really useful...... I have downloaded my copy of land rates. Thanks for it0
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With no BTL mortgage in place, you have no rights and can be given two weeks to vacate the property. This would be the most likely outcome, although depending on the local market - it's certainly feasible for the lender to appoint a receiver to act as the landlord.
Not quite correct, a sitting tenant has legal rights under the Mortgage Repossessions (Protection of Tenants etc) Act 2010.
The Dwelling Houses (Execution of Possession Orders by Mortgagees) Regulations 2010 requires that the mortgagee gives notice t the time they apply for a Warrant of Execution to instruct the County Court bailiff to enforce a possession order. When doing so they must also send a notice to the property by first class post or by hand delivery or personal service addressed either to the tenant in their own name or to “The Tenant or Occupier”. The form of this notice is set out in detail and it specifies all the details of the Court who will be dealing with the matter and the details of the mortgagee who is seeking possession. It also spells out the tenant’s new rights under the Act to ask for a stay of 2 months in the execution of the warrant and the process by which this is to be done.0 -
Not quite correct, a sitting tenant has legal rights under the Mortgage Repossessions (Protection of Tenants etc) Act 2010.
The Dwelling Houses (Execution of Possession Orders by Mortgagees) Regulations 2010 requires that the mortgagee gives notice t the time they apply for a Warrant of Execution to instruct the County Court bailiff to enforce a possession order. When doing so they must also send a notice to the property by first class post or by hand delivery or personal service addressed either to the tenant in their own name or to “The Tenant or Occupier”. The form of this notice is set out in detail and it specifies all the details of the Court who will be dealing with the matter and the details of the mortgagee who is seeking possession. It also spells out the tenant’s new rights under the Act to ask for a stay of 2 months in the execution of the warrant and the process by which this is to be done.
Spot on Wings, I guess this makes the whole checking that your landlord has a buy to let mortgage a bit of a waste of time, money and effort! I spent ages trying to find out if my landlord had a buy to let mortgage.
A friend of mine has rented an excellent property (with an excellent landlord who communicates and responds very quickly to problems) for 4 years, when they checked if the landlord had a buy to let mortgage he said he hadn't mainly because the BTL terms and conditions are much more onerous than a residential mortgage or something along those lines. It seem to make any direct difference as a tenant.0 -
GoodTenant wrote: »Spot on Wings, I guess this makes the whole checking that your landlord has a buy to let mortgage a bit of a waste of time, money and effort! I spent ages trying to find out if my landlord had a buy to let mortgage.
A friend of mine has rented an excellent property (with an excellent landlord who communicates and responds very quickly to problems) for 4 years, when they checked if the landlord had a buy to let mortgage he said he hadn't mainly because the BTL terms and conditions are much more onerous than a residential mortgage or something along those lines. It seem to make any direct difference as a tenant.
I don't think it's a waste of time as it still means you could be evicted by a lender half way through a 12 month tenancy. My son, daughter in law and 2 small kids have had to go through the process of being advised by their landlord's lender that they have an "illegal tenancy" and may be evicted in just such circumstances and I can tell you it's not pleasant.
Of course if you choose to rent from a landlord who lies to his bank then that's up to you.0 -
Agreed joerugby. The other reason to check for consent to let at the start of the tenancy is that the notice to “The Tenant or Occupier” may have arrived at the property before a new tenant moves in. A landlord in financial difficulties often has his tenant leave when they find out, only for the landlord to let the property again so the new tenant needs to know the slate is clean at the start of his tenancy.0
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GoodTenant wrote: »Spot on Wings, I guess this makes the whole checking that your landlord has a buy to let mortgage a bit of a waste of time, money and effort! I spent ages trying to find out if my landlord had a buy to let mortgage.
A friend of mine has rented an excellent property (with an excellent landlord who communicates and responds very quickly to problems) for 4 years, when they checked if the landlord had a buy to let mortgage he said he hadn't mainly because the BTL terms and conditions are much more onerous than a residential mortgage or something along those lines. It seem to make any direct difference as a tenant.
A LL whose finances are so tight that he can't afford to alternatively seek CTL on his res mortgage would sound alarm bells for many Ts, especially if the Ts are perhaps paying a higher amount of rent upfront
Think too of another message being received by the T: LL has a mortgage contract with the Lender but sees fit to ignore some of its contents. Will LL be happy when T thinks that this perhaps means there won't be too much of an issue if s/he in turn breaches that tenancy agreement?
Correspondence relating to the LLs residential mortgage would of course continue to be sent to the property occupied by the T. Some Ts may feel they wish to give the Lender a quick call to enlighten them, especially if the LL has been less than reliable in fulfilling general LL obligations.
Perhaps your mate's LL basically wishes to let under the radar and not declare his rental earnings to HMRC?
Perhaps he doesn't have appropriate LL insurances?
It's likely that there will be more cross-checking of databases over the next couple of years.
We all know that mortgages are becoming harder to obtain - those who blatantly breach their current mortgage Ts and Cs are likely to find it works against them in the future.0 -
GoodTenant wrote: »Spot on Wings, I guess this makes the whole checking that your landlord has a buy to let mortgage a bit of a waste of time, money and effort! I spent ages trying to find out if my landlord had a buy to let mortgage.
A friend of mine has rented an excellent property (with an excellent landlord who communicates and responds very quickly to problems) for 4 years, when they checked if the landlord had a buy to let mortgage he said he hadn't mainly because the BTL terms and conditions are much more onerous than a residential mortgage or something along those lines. It seem to make any direct difference as a tenant.
Everyone of your posts to date, has been about trying to stop people checking that the landlord has permission to let the property and even asking for a warning about this to be removed. Are you a landlord who hasn't got permission from his mortgage lender?
Tenants should keep checking to make sure landlords have received permission to let from their mortgage lender: a lender won't recognise an illegal contract: the landlord will most likely have money problems if hasn't got permission from his mortgage lender.
I noticed on another site a few months ago, that a landlord was moaning about posters on this site warning tenants to check that the landlord had permission to rent. Well done everyone, I'm proud of you:DRENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0
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