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consent to lease
Comments
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It is a matter between the lender and borrower it is not a criminal matter.
Plus the tenant could sue the landlord.RENTING? 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 -
MissMoneypenny wrote: »Plus the tenant could sue the landlord.
If the tenant lost their home because the landlord had the wrong sort of mortgage and the lender repossessed. You have to have incurred a loss to go to court for redress. I would hope that repossession would be a last resort and that would mean the landlord has no cash, so sueing would at best mean the tenant could put a charging order on the landlord's home and get paid out when the landlord sells his own home. If this was the landlord's only property and it was repossessed with no equity, there is little point in sueing if there is no money to be gained.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Rainbow, nobody ever got rich without taking a few risks - it is not illegal to ignore your lender's conditions, but you do risk losing all your money.
You have heard all you need to hear from the geeks on here with their fingerless gloves, but if you wanna have fun, just turn the music up loud...
MMM0 -
Loads of people rent out properties without asking permission from their lenders. I've done it before with no problem. As long as you make sure you cover the morgage payments even if the property is empty they wont even care.0
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If the tenant lost their home because the landlord had the wrong sort of mortgage and the lender repossessed. You have to have incurred a loss to go to court for redress. I would hope that repossession would be a last resort and that would mean the landlord has no cash, so sueing would at best mean the tenant could put a charging order on the landlord's home and get paid out when the landlord sells his own home. If this was the landlord's only property and it was repossessed with no equity, there is little point in sueing if there is no money to be gained.
I thought that law came in April (last year?) that stated that if a charging order was over 1k, the sale of the house could be forced through? NDG? (Nice to see you back here btw, NDG).
Moving house is expensive, so that could be claimed (depending on the circumstances). What about the tenants right to quiet enjoyment? Surely a landlord without Consent to Let, cannot guarantee quiet enjoyment? NDG?
If a letting agent says a house is available for let (but it isn't because the lender never gave their consent) could the letting agent be sued?
Thank goodness for the optional extra Legal Cover, that House Contents insurers offer. Providing the policy exclusions don't exclude action against a landlord, the tenant should have their legal fees covered.RENTING? 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 -
Loads of people rent out properties without asking permission from their lenders. I've done it before with no problem. As long as you make sure you cover the morgage payments even if the property is empty they wont even care.
Times are a changing Dan. Or I should say, Terms and Conditions are a changing. In the days when lenders gave money to anyone and when there was a fast rising market, lenders didn't care. Now, they do.
I wonder if we will ever see on the "Up your income" board, a thread about lenders giving a reward for information about those letting without consent?RENTING? 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 -
MissMoneypenny wrote: »I thought that law came in April (last year?) that stated that if a charging order was over 1k, the sale of the house could be forced through? NDG? (Nice to see you back here btw, NDG).
If a letting agent says a house is available for let (but it isn't because the lender never gave their consent) could the letting agent be sued?
Both landlord and agent (if they knew, or were reckless as to the possibility) of there being no consent could be at risk of being sued, or of obtaining by deception.
Charging orders are now easier to enforce, yes....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
The FSA is sharpening its teeth in protecting consumers in the mortgage field. See here:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/140.shtml
This will mean that lenders have to take a more cautious approach in repossessing. I very much doubt a court would allow a home to be repossessed for the sake of a 1k debt! I also doubt that a court would allow a home to be repossessed where the borrower had kept up with repayments, even if it was let without consent.
The irony is that the FSA does not cover BTL mortgages, so the tenant whose landlord doesn't have consent may find themselves better protected against a landlord being repo'd than one who does.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
The FSA is sharpening its teeth in protecting consumers in the mortgage field.
Consumers (those living in their mortgaged houses) and investors (renting out their mortgaged houses) are two different things.
Anyway, I thought the FSA had been abolished?
Published: June 16 2010
George Osborne moved to redress what he described as the spectacular regulatory failure of the City, announcing the abolition of the Financial Services Authority
http://www.ft.com/cms/s/0/0203b99e-797f-11df-b063-00144feabdc0.htmlRENTING? 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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