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Who owns a mortgaged house? the "owner" or the bank?
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Itismehonest wrote: »Numpty I may be but obviously while I may lack complete understanding of the subject I have at least retained some manners.
I can see the point made about responsibility for repairing damage & am happy to apologise for being wrong. Maybe you'd consider apologising for unwarranted personal name-calling?
I own my own property & cars so you'll have to forgive me for mistakenly believing that in some way that gives a little more entitlement to the phrase "ownership" than if I were having to pay someone else to enjoy their use.
@ abankerbutnotafatcat. Thank you. That does make things clearer.
Ignore Phill, he's blinded by "home ownership" and his "simple" understanding of what a loan is :rotfl:553780080 -
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Most applications for credit etc ask if you are a 'home owner'. For these purposes, you are a home owner. You own the home. You take a loan out on the home but you have a financial percentage stake in it (the deposit you put down) which increases as you pay off the loan.If I had a pound for every pound I'd lost, I'd be confused0
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And replace "Lender" with "Landlord" in your post TimmyT, resembles 99.9% of tenancy agreements i've seen
553780080 -
A mortgage granted over a house does not mean the lender is the owner. That's the beauty of mortgages. They allow people the chance of home ownership without requiring £200,000 etc up front which Average Joe doesn't have.
The lender has some controls over what you do with the house but in fact this is only true if you default. The lender does not 'own' the house at all. If they did they could turn up and boot you out for no reason. This is why it is not like renting! The lender can only enforce his/her rights if certain things happen, and they are not as broad as sticking some blue tack on a wall and accidentally damaging the woodchip.
It may be satisfying to be able to say 'I don't have a mortgage so I own the house outright' but legally you are no different to someone who has just taken out a brand new mortgage as regards your status as a homeowner."A lie gets halfway around the world before the truth has a chance to get its pants on" - Winston Churchill0 -
worryingly none of you have read your own mortgage conditions which I guess is why repossessions are so high.
a mortgage house/flat - the borrower owns it as their name will be on the registered deeds (or unregistered conveyance) but a separate document called a mortgage/charge has been entered into with the Lender on the basis that the owner/borrower (nothing changes there) will forfeit the house (the proceeds in other words) to the extent of the amount of the mortgage if the borrower/owner does not keep to the terms of the mortgage.
The terms are not just payment, so it is wrong to say you can do anything to your property. Obviously and logically you cannot.
When you have a mortgage, you are essentially a tenant of your own home, by analogy with the nearest equivalent.
by this I mean that the big brother/lender/'landlord' has imposed terms on you to ensure that you keep the house up to its maximum value at all times, by complying with certain additional terms (over and above repaying the monthly amounts of interest and/or capital). These are:
- to keep the property insured if the Lender has allowed you to
- not to do anything that would invalidate the insurance, and with a payout, reinstate (rather than go on a holiday with the payout)
- to keep the property in a good state of repair and condition
- if you plan major build works, you must tell the Lender usually, and you must comply with planning law
- not to abandon the property for longer than a certain period of time
- allow the Lender to visit and inspect (rarely if ever do they)
- not to sell part of the property
- usually not to let the property (unless it is a buy-to-let)
there are more, but I am tired, so just read your mortgage conditions
You get the point.
Be careful in a mortgaged property, as the last thing you want to happen in this climate is for the Lender to find an excuse to repossess.
Where exactly are these mortgage conditions to be found? I have never ever seen anything like that.0 -
It seems there has been in insufferable smart-@rse posting on this thread who's just got a kicking for being wrong, and rude. Most entertaining.Your TV may be 'totally yours' but you still have to pay for a TV licence. Your bikini may be 'totally yours' but you can't wear it in Tescos. There are limits of all sorts on things you 'own'.
Well, you have obviously never visited my nearest branch in the height of summer! Or seen ladies in their PJs any day of the week, either. There should be a law against that.0 -
MonkeySaving? wrote: »LOL, no he can't
Yes he can. You don't have to pay it if you don't want to but he doesn't have to sell it either. So if you're determined to buy *that* property the person who owns it can set his own price. But you'll have to have an endless pot of money to fund it- to keep the property insured if the Lender has allowed you to
- not to do anything that would invalidate the insurance, and with a payout, reinstate (rather than go on a holiday with the payout)
- to keep the property in a good state of repair and condition
- if you plan major build works, you must tell the Lender usually, and you must comply with planning law
- not to abandon the property for longer than a certain period of time
- allow the Lender to visit and inspect (rarely if ever do they)
- not to sell part of the property
- usually not to let the property (unless it is a buy-to-let)MonkeySaving? wrote: »And replace "Lender" with "Landlord" in your post TimmyT, resembles 99.9% of tenancy agreements i've seen
The landlord usually insures the property.
Painting & decorating is rarely classed as "major building work".
Some minor but pretty significant differences between tenancies and mortgage conditions.0 -
oops. every Lender has them. ask them for a copy of the set attached to yours. usually in the glossary brochures. we read them to visiting clients on a weekly basis.
NatWest makes us download them, RBS too. Halifax has a booklet. etc
Attached to what exactly? This must be something I have signed for?
Nothing in any paperwork I have.0 -
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