How to find out if landlord has a mortgage?

mrmagoo38

Hi guys and gals,

Just a bit concerned about the hike in inflation and wondering how i can find out if our landlord has a mortgage. Its a new build, nobody has lived here before us. I dont want to ask the landlord or the lettings agent, if i dont have to. Is there a way to find out without doing so?
Ive checked the land registry and its not been registered, no info.
Kind regards

sammyjammy

To be fair they would probably tell you to do one even if you did ask, can't see anyway of finding out other than waiting until its registered, this can take up to nine months at this moment in time I believe.

mrmagoo38

Ah ok, i just wondered. Tenancy will expire in 3 months and just bracing myself for a potential rent increase.

Mstty

I expect if it's a new build the possibility is higher than it has some By To Let mortgage on it.

Mr.Generous

Have you checcked your tenancy agreement, the templates I've used all include the phrase "The property is (or is not) secured by a mortgage".

I always presumed its so the tenant would be aware that if they didn't pay the rent the property might be reposessed if mortgaged. Even if it is motgaged they probably fixed for 3 - 5 years when rates were low.

Mstty

I may be wrong but you don't need to own a property to be able.to download the title deeds (for a fee).

Any charges should.be shown

Gavin83

mrmagoo38 said:

Hi guys and gals,

Just a bit concerned about the hike in inflation and wondering how i can find out if our landlord has a mortgage. Its a new build, nobody has lived here before us. I dont want to ask the landlord or the lettings agent, if i dont have to. Is there a way to find out without doing so?
Ive checked the land registry and its not been registered, no info.
Kind regards

What difference does it make whether the landlord has a mortgage or not?

mrmagoo38

Ive noticed that merely asking sincere questions on here seems to strike up the ire of some people. I dont know why. Im not knowledgeable in all areas of life like the moralisers and know it all's. All i know is, rents might increase because of inflation and i heard someone on LBC say that landlords will be forced to increase their rents. Landlords with a mortgage might be more likely to raise rent if their own costs increase due to inflation. Mortgages typically have fixed interest rates, but if the landlord has variable interest rates or other costs related to property ownership that increase with inflation, they might consider adjusting rent to cover these higher costs.
I sense passive aggressiveness from some people every time i post here and i suffer with high levels of anxiety. Please just be respectful and polite.

johnhenstock

You download a copy of the deeds from the land registry and it will say if it’s mortgaged or not. This requires the deeds to be up to date, it can take up to a year to have the records updated.

CSI_Yorkshire

mrmagoo38 said:

 All i know is, rents might increase because of inflation 

Rent will almost always increase - but only as allowed by your contract and legislation.

Prothet_of_Doom

Gavin83 said:

mrmagoo38 said:

Hi guys and gals,

Just a bit concerned about the hike in inflation and wondering how i can find out if our landlord has a mortgage. Its a new build, nobody has lived here before us. I dont want to ask the landlord or the lettings agent, if i dont have to. Is there a way to find out without doing so?
Ive checked the land registry and its not been registered, no info.
Kind regards

What difference does it make whether the landlord has a mortgage or not?

We've just come to the end of a 5 year fixed rate on our buy to let. The mortgage interest was £218, and we were charging £675. The rate wee were looking at seemed to bring the interest to £600 plus. 
Add that to the other costs we have, the rent would need to go up or we'd have to evict and sell up. If we were to rent it out tomorrow, we'd ask £900. (That's how rents have gone up in the area.) 
My wife had enough cash from her mothers estate, to pay off the mortgage, and we've asked the tenant to start paying £750..
Tenants have a right to know that if the landlord gets into financial difficulties, that they may be evicted by the lender when they repossess